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13 <br /> 5.2.2 Buyer has the power and authority to enter into this Contract and to consummate <br /> the purchase of the Property in accordance with the terms of this Contract. <br /> 5.2.3 This Contract has been, and all of the documents to be delivered by Buyer at <br /> Closing will be, executed by an individual authorized to do so on behalf of Buyer; and this Contract <br /> constitutes,and those documents will constitute,the valid and binding obligations of Buyer,enforceable in <br /> accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or <br /> reorganization laws or applicable principles of equity. <br /> 5.2.4 There is no agreement,nor any judicial or administrative order or decree,to which <br /> Buyer is a party or that is binding on Buyer which is in conflict with this Contract, or which challenges or <br /> impairs Buyer's ability to perform its obligations under this Contract. <br /> Buyer's representations and warranties set forth in this Agreement shall survive Closing for a <br /> period of three(3)years. <br /> ARTICLE VI <br /> Covenants of Buyer& Seller <br /> 6.1 Site Development. <br /> 6.1.1 As part of Buyer's development of the Property for the Intended Use it shall <br /> complete: (i)site work and road construction necessary to provide direct vehicular access from Waterstone <br /> Drive to and from the Property to include the median cut in Waterstone Drive to allow a full access <br /> intersection from the east or the west and extending the roadway to the northern border of the Roger Dale <br /> Stephens lot and making a payment in lieu, as required by the Town of Hillsborough for the approval of <br /> Buyer's site plan ("Site Plan") in the amount of one-half(1/2) the costs of the future construction of the <br /> roadway from the northern border of the Roger Dale Stephens lot to the northern edge of the right-of-way <br /> of Worth Street not to exceed Thirty-Five Thousand Dollars ($35,000.00) as generally shown on Exhibit <br /> A with the amount of the payment in lieu established and agreed upon prior to the end of the Inspection <br /> Period; (ii)the connection of water and sewer services; and(iii) all storm water control facilities required <br /> by the Town of Hillsborough for Buyer's development include the required detention/ retention facility <br /> shown on Exhibit A being sized to accommodate the impervious surface generated on the Seller's lot to <br /> the north of the Buyer's lot. Seller shall be responsible for all storm water piping to convey the stormwater <br /> from the Seller's lot to the pond shown on Exhibit A, and Buyer shall agree to provide the necessary <br /> easement to accomplish the installation of the necessary pipes. The calculated impervious surface on the <br /> Seller's lot and the location of the necessary easements will be agreed upon prior to the end of the Inspection <br /> Period as provided in Section 6.1.2 and Section 6.3. All site development work for Buyer's development <br /> will comply with the Town of Hillsborough Standards and shall be inspected, approved by the Town of <br /> Hillsborough, and accepted into the perpetual maintenance program of the Town of Hillsborough as <br /> applicable. <br /> 6.1.2 On or before 14 days prior to the end of the Inspection Period,Buyer will provide <br /> Seller a copy of its preliminary Site Plan for review and approval. Seller shall have seven (7) days to <br /> review,approve,and otherwise provide comments on the preliminary Site Plan after it is submitted to Seller <br /> for review (the "Plan Approval Period"). Seller's approval of the Site Plan shall not be unreasonably <br /> withheld,conditioned or delayed.If Seller fails to approve or provide comments on the Site Plan within the <br /> Plan Approval Period,it shall be deemed to have been approved by Seller. If Buyer revises the preliminary <br /> Site Plan based on Seller's comments, it shall resubmit the preliminary Site Plan to Seller and the Plan <br /> Approval Period shall restart. In addition, Buyer shall resubmit the Site Plan to Seller for further review if <br /> 8 <br />