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• <br /> 161 <br /> . 5. Subject to the provisions of paragraph 6 the <br /> sellers and buyer agree that closing shall occur on or before <br /> July 5 , 1988. Sellers and buyer further agree that payment may <br /> be made in two separate payments, one to be made on or before <br /> June 30, 1988 and the other on or after July 1, 1988 but before <br /> July 5, 1988. Sellers agree to transfer title to said property <br /> upon receipt of the first payment to be made on or before June <br /> 30, 1988 and to accept from the buyer a promissory note secured <br /> ry by a purchase money deed of trust for the balance of said <br /> purchase price, said note to be due in full on or before July 5, <br /> 1988. <br /> D ' <br /> 6. The sellers and the buyer acknowledge and agree <br /> that this agreement for the purchase and sale of land is subject <br /> to approval by the Orange County Board of Commissioners and do <br /> further acknowledge that failure of the Orange County Board of <br /> Commissioners to approve this agreement and appropriate the <br /> necessary funds for the execution of the provisions and <br /> conditions of this agreement shall void this agreement and that <br /> neither party shall have any further obligations under this <br /> w , <br /> agreement. <br /> 9 t. <br /> 7. There must be no restrictions, easements, zoning or <br /> other governmental regulations which would prevent the reasonable <br /> use of the above-described tract or parcel of land for the <br /> purpose of construction of a public school. The sellers warrant <br /> that there are no encumbrances or special assessments either <br /> pending or confirmed for sidewalk paving, water, sewer or other <br /> improvements on or adjoining the property. <br /> 4 <br />