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use, height, density, set back and parking requirements and Buyer's ability to obtain all approvals and permits desired by Buyer or required by governmental authorities for Buyer's proposed development. The obligation of Buyer to purchase the Properly is conditioned upon Buyer's acceptance, in its sole discretion, of all conditions of approval and other requirements imposed in connection with any such permit or approval Buyer agrees to use diligent efforts to timely obtain such approvals and permits. Seller shall in good faith cooperate with Buyer in satisfying this condition,including the execution of any and all documents required to be executed by governmental authorities; provided, however, that Buyer shall pay all costs or applications and Seller shall not be required to, nor shall Seller, incur any debts, costs or liens upon the Property. (v) Condemnation: Satisfactory confirmation that no condemnation proceeding is threatened or commenced with respect to the Property. (vj) Litigation List: Buyer's review and approval of all actions, suits and legal or administrative proceedings the Property. (vh) Documents and Materials: Buyer's receipt,review and approval of all Documents and Materials (as defined in Section 12 hereof) and Buyer's review and approval of all matters reflected in or referred to in the Documents and Materials, in Buyer's sole discretion. (vin) Acquisition of Adjacent Prooerty. Buyer's ability to concurrently acquire the real property commonly known as Assessor's Parcel Number 173-040-35 pursuant to terns and conditions acceptable to Buyer. (ix) Tenant Lease. Buyer shall have entered into a lease with Buyer's proposed principal tenant on the Property on terms and conditions acceptable to Buyer. (b) Extension of Contingency Period: Buyer may extend the Contingency Period for twelve (12) additional ninety (30) day extension periods ("Extension Peri d " written notifi and depositing with fie Escrow Holder the sum of �� or each thirty(30)day extension period. Said addition deposrt(s)sh e non-re me a e to the Buyer and shall be applied to the Purchase Price. In the event of Seller's default, however,the entire deposit,included the additional deposits,shall be refunded to Buyer. (c) On or before to the expiration of the Contingency Period,as extended if applicable,Buyer shall deliver to Seller and Escrow Holder written notice of its approval or disapproval of the contingencies detailed in Section 6(a),which shall be made in Buyer's sole and absolute discretion, of the Property and the conditions set forth herein. The failure of Buyer to deliver such notice prior to the expiration of the Contingency Period, as extended if applicable,shall be deemed to constitute Buyer's approval of said condition(s). In the event Buyer disapproves of all or any of the conditions prior to the expiration of the Contingency Period or extension thereof,this Agreement shall automatically terminate, in which case,except as otherwise provided in this Agreement,the parties shall have no further obligations under this Agreement,and the Deposit and all other monies delivered to Escrow Holder by Buyer,excluding any amounts that have as of that date become non-refundable under this Agreement, shall be immediately returned to Buyer without offset or deduction,and Buyer shall deliver copies to Seller of all tests,studies and inspections it caused to be prepared pursuant to this Section without representation or warranty. Buyer agrees that it will not disclose the contents of any environmental test of the Property to any third party,excepting Seller,unless otherwise required pursuant to applicable laws, statutes,and ordinances. 7. Conditions. Buyer's obligation to consummate the acquisition of the Property shall be further subject to the satisfaction of the following conditions: -4- PSA Stockton-Farmington Sanchez Final 05.30.07