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Assessment, if it discloses environmental conditions making the property not profitably developable as intended, then the cost shall be divided equally between the parties. If it does not thus disqualify the property from development, and if the transaction proceeds to closing, then the cost shall be borne by the Purchaser. 4. During the Due Diligence Period, Purchaser will have an engineering firm make a field verification of the property boundary, and prepare a preliminary subdivision plat. The subdivision plat shall be submitted to the Planning Department for Historic Preservation Commission and Planning Commission review and approval. 5. The parties shall negotiate elevations, architectural design, exterior materials, landscaping, open space, and other amenities during the Due Diligence Period. In order to be acceptable to the City, these matters must make a positive contribution to neighborhood quality in the Port Norfolk neighborhood. The Project shall be market rate "For Sale" residential units.. 6. The parties shall negotiate a sales price generally reflecting Fair Market Value during the Due Diligence Period and shall also commence negotiation of a legally binding Sale and Development Agreement that is consistent with this instrument and with all relevant information developed during the Due Diligence Period. The Sale and Development Agreement shall contain a mutually acceptable schedule of development, with commercially reasonable and mutually acceptable enforcement provisions. Initial proposed development schedules for the Douglas A venue parcel and the Hamilton Avenue parcel are attached hereto. 7. At the conclusion of the Due Diligence Period, Purchaser will advise the City whether it wishes to proceed with the transaction. If Purchaser chooses to proceed, then the parties shall without delay finalize and then execute the Sale and Development Agreement.. -3-