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<br />.' <br /> <br />8. At the conclusion of the Due Diligence Period, Purchaser shall advise the City whether <br /> <br />it wishes to proceed with the transaction. If Purchaser chooses to proceed, then the parties shall <br /> <br />without delay finalize and then execute the Sale and Development Agreement. <br /> <br />9. Closing shall occur on the portion of the Property on which Phase 1 of the <br /> <br />development will be constructed within sixty days after obtaining all required City approvals for <br /> <br />the demolition of Cradock High school and the construction and development of Phase 1. <br /> <br /> <br />Purchaser shall be diligent in seeking the approval. <br /> <br /> <br />WITNESS the following signatures this day of September, 2010. <br /> <br />THE CITY OF PORTSMOUTH, VIRGINIA <br />By <br /> <br />Kenneth L. Chandler, City Manager <br /> <br />Approved as to form and legality: <br /> <br />G. Timothy Oksman, City Atorney <br /> <br />CRADOCK PROPERTIES, LLC <br />By <br /> <br />Robert Arnette, Managing Member <br /> <br />-4- <br />