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Dollars ($100,000 00) (the "Deposit") by depositing into escrow with the Title Company the additional amount of Ninety Eight Thousand Five Hundred Dollars ($98,500 00) The Initial Deposit and Deposit shall be held in an interest-bearing account, and all interest thereon shall be deemed a part of the Deposit At the Closing (as defined below) the Deposit shall be paid to City and credited against the Purchase Price (b) Buyer shall pay the balance of the Purchase Price, which is Four Million One Hundred Thousand Dollars ($4,100,000 00), to City at the consummation of the purchase and sale contemplated by this Agreement (the "Closing") All sums payable pursuant to this Agreement including, without limitation, the Deposit, shall be paid in immediately available funds of lawful money of the United States of America 2.2 Independent Consideration Concurrently with the execution of this Agreement, Buyer shall pay and deliver to City the sum of One Hundred Dollars ($100 00) as separate and independent consideration ("Independent Consideration") for Seller's execution of this Agreement and agreement to sell the Property to Buyer on and subject to the terms and conditions of this Agreement, including, without limitation, the grant to Buyer of the right to conduct its due diligence investigation of the Property and the grant to Buyer of the right to terminate this Agreement prior to the Contingency Period in connection with such due diligence investigation The Independent Consideration is not applicable to the Purchase Pnce and is non-refundable to Buyer in the event this Agreement terminates prior to the Closing 3. TITLE 3.1 Conditions of Title At the Closing City shall quitclaim its interest in and to the Property to Buyer by quitclaim deed in substantially the form of the attached Exhibit B (the "Deed") Title to the Property shall be subject to (a) liens of local real estate taxes and assessments, (b) all existing exceptions and encumbrances, whether or not disclosed by a current preliminary title report or the public records or any other documents reviewed by Buyer pursuant to Section 5 1 below, and any other exceptions to title that would be disclosed by an accurate and thorough investigation, survey, or inspection of the Property, and (c) all items of which Buyer has actual or constructive notice or knowledge All of the foregoing exceptions to title shall be referred to collectively as the "Conditions of Title " Without limiting the foregoing, Buyer acknowledges receipt of a preliminary report issued by the Title Company under Order No FWAC-TO16001017-JM, dated September 26, 2016 covering the Property and approves all of the exceptions contained in such preliminary report 3.2 Buyer's Responsibility for Title Insurance Buyer understands and agrees that at and after Closing, the right, title and interest in the Property shall not exceed that vested in City, and City is under no obligation to furnish any policy of title insurance in connection with this transaction Buyer recognizes that any fences or other physical monument of the Property's boundary lines may not correspond to the legal description of the Property City shall not be responsible for any discrepancies in the parcel area or location of the property lines or any other matters that an accurate survey or inspection might reveal It is Buyer's sole responsibility to obtain a survey from an independent surveyor and a policy of title insurance from a title company, if desired 2