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• deems appropriate. All such tests, insl •:ctions and evaluations shall be done in a manner as to try not to damage any grog. ing crops. g.) Environmental Report Buyer shall h= re the option to obtain, at its sole cost, an environmental report concerning hazan~•~us materiai on the Property. Buyer shall have forty-five (45) days from MEC wi0 ~n which to give Seller written notice of any objection to the condition of the Propery as disclosed by such environmental report. h.) Permits and Approvals Contingency. The closing of this contract is contingent upon Buyer, at Buyer's sole cost and expense, obtaining all necessary governmental permits and approval as ,r mining of sand and gravel within six (6) months from MEC. i.) Earnest Money Deposit Redemption. The earnest money check hereunder shall be non-refundable after forty-five (45) c ~endar days from MEC. In the event Buyer does notify Seller of intent to terminate this contract before 45 days from MEC all monies plus interest are to be returned r ~ buyer. j.) Earnest Money Nonrefundable. The earnest money check receipted for herein shall apply against the purchase price, shall be nonrefundable after 45 days, and shall become the sole and exclusive p •,perty of the Seller except in the event of Seller's failure to pertorm under this ce~ +ract or deliver good and merchantable title pursuant to Sections 7 and 8 hereof. k.) Earnest Money Deposit/lnterest-Bea, ,g Account. Upon deposit of the earnest money check, said deposit shall be ,laced in an interest-bearing account or Certificate of Deposit by the Seller's A~ ant which shall mature prior to closing. in a federal or state chartered bank or savin: ;and loan institution. The accrued interest on said earnest money deposit shall be ",e sole and exclusive property of the Buyer, provided, however, (in addition to the ,~ ~nedies set forth in Section 20 in the event this contract fails to close as a result of ,~ act of the Buyer, all accrued interest shall become the sole and exclusive property ~>f the Seller. I.) "As Is" Condition. Buyer is acquirirn: the Property in an "as is" condition and is relying upon the results of Buyer's • ~vn investigation concerning the physical condition of the Property pursuant to S coon 10. Seller makes no representations either express or implied concerning U, • physical condition of the Property. Buyer acknowledges that the Seller and Phill Foster and Cbmpany have advised the Buyer to undertake an inspection of the Property relative to the matters set forth in this paragraph. m.)Like-kind Exchange. Seller shall have the right, at Seller's option, to dispose of the Property through a transaction that is structured to qualify as a like-kind exchange of property within the meaning of Section 1031'of the Internal Revenue Code of 1966. Buyer agrees to cooperate with Seller in effecting a qualifying like- kind exchange through a trust, escrow or other means as determined by Seller. Seller shall bear the additional transaction costs and all reasonable costs and expenses incurred by Buyer attributable to the closing of a qualifying exchange requested by Seller. In no event shall any like-kind exchange contemplated by this provision cause an extension of the date of closing set forth herein nor shall Buyer be required to take title to any real property other than the Property. n.) Acreage Adjustrnent The purchase price is computed upon the Properly containing 200 net acres, ~. In the event the Survey as called for herein reflects a greater or lesser amount than 200 net acres, the purchase price shall be adjusted accordingly rounded to the nearest dollar. Any increase or decrease in the purchase price shall be reflected in the cash required at closing. Net acreage shall be defined as the total acreage less existing or dedicated roadways as of the date of mutual execution of this contract; provided, however, that private roadways within the Property or easements, rights-or-way, streams and minor encroachment of fences or other improvements on the Property shall not be deducted from total acreage.