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<br />Taylor, P A. in Raleigh, North Carolina. In the event Buyer, despite diligent efforts, is unable by November 1,
<br />2005, to satisfy one or more of the conditions for Closing set forth in Section 7(a)(v), relating to the LGC Approval
<br />(as hereinafter defined) and financing, Section 7(a)(vii), relating to the Expansion Zoning Approvals (as hereinafter
<br />defined), or Section 7(a)(viii), relating to a regulatory moratorium, and Buyer reasonably believes drat such
<br />condition or conditions may be satisfied by December 1, 2005, Buyer may extend the date for Closing tluough and
<br />including December 1, 2005, by giving a written notice to Setter on or before October 25, 2005. At Closing, title to
<br />the Property shall be delivered to Buyer. Buyer and Seller agree to work diligently in good faith to close as early as
<br />possible following the satisfaction of the financing and land use contingencies referred to in Sections 6(Ir), 6(j),
<br />7(a)(v), 7(a)(vii) and 7(a)(viii) below.
<br />4. DELIVERY OF DOCUMENTATION: Seller shall provide to Buyer as soon as reasonably possible,
<br />and in any event within twenty (20) days of execution by Buyer and Seller of this Agreement, copies of the
<br />following (tire "Due Diligence Information"):
<br />a) A list of all tangibte personal property owned by Seller and used in connection with dre operation
<br />of the Property;
<br />b) A list of all contracts, leases, and commtments beriveen Seller and third parties entered into in
<br />connection with the operation of the Property, and a list of employees and independent contractors, their
<br />compensation levels, and their benefits, if any;
<br />c) A list of all amounts received from users of the Property with respect to use of the Property after
<br />the date hereof; including amounts paid for memberships, for activities or programs, for events or leagues, and for
<br />any other activities, pro-rated by month to indicate the amounts applicable to future months (the "Advance Payment
<br />Amounts"); and
<br />d) Copies of such infornration as Buyer may reasonably request in writing in connection with
<br />Buyer's obtaining of title insurance commitments or otherwise with respect to the Property.
<br />5 ACTIONS PENDING CLOSING:
<br />a) InvestigYtion Period: As of the date hereof' through the date which is sixty (60) days after
<br />execution by Buyer and Seller of this Agreement ("Investigation Period") and nevertheless subject to the terms and
<br />conditions of this Agreement, Buyer and Buyer's authorized representatives shall be entitled to make such
<br />investigations and other inquiries, tests and evaluations regarding this Property (collectively, the "Investigations") as
<br />Buyer deems reasonably necessary. If the results of any such Investigations are unacceptable to Buyer, in Buyer's
<br />sole and absolute discretion, then Buyer shall have the right, exercised not later than the expiration of the
<br />Investigation Period, to terminate this Agreement by giving written notice thereof to Seller, in which event the
<br />parties hereto shall have no Further rights, obligations or liabilities with respect to each other under this Agreement.
<br />b) Access to Pronerty: Seller shall give Buyer and its agents, engineers and other representatives,
<br />access to the Property from the date hereof tluough Closing, at reasonable times after reasonable notice to Seller, for
<br />the purpose of conducting inspections and examinations of the Property and of monitoring activities at the Property.
<br />Buyer shall also have the right to review and inspect all leases, contracts or other agreements related directly to the
<br />Property and shalt be entitled to review such books and records of Seller as relate directly to the ownership,
<br />operation, and development of the Property- Buyer assumes all responsibility for the acts of itself; its agents and
<br />representatives in exercising its rights under dris paragraph and Buyer furthermore, to the extent permitted 6y law,
<br />indemnifies and agrees to defend and hold Seller harmless from and against any and all claims, causes, suits, losses,
<br />damages, liabilities, expenses and costs (including reasonable attorney fees and expenses) arising out of or caused
<br />by Buyer's activities at, on or in connection with the Property.
<br />c) Review and Status of Title: At least five (5) business days prior to the expiration of the
<br />Investigation Period, Buyer may obtain at Buyer's sole cost and expense, commitments for title insurance showing
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