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5. The Commission shall have a Phase I environmental study performed on the Property. Should that Phase I recommend additional testing the Commission have shall have a Phase II environmental performed on the Property. If it is determined that the Property has levels of contamination the Developer finds unacceptable the Developer may cancel this Contract for Sale. SECTION III. NATURE OF IMPROVEMENTS; TIME FOR COMMENCEMENT; AND COMPLETION; PHASING OF PROJECT AND LIQUIDATED DAMAGES. A. Nature of Improvements. The construction of improvements on the Property (the "Project ") shall be substantially of the same size, scope and nature as that specified in the Development Plan and as proposed by the Developer to the Commission for disposition and development of the Property. The Commission has relied upon all representations, descriptions, discussions, drawings and other representations by the Developer of the Project. Those matters are incorporated into this Contract by reference as well as the Final Site Plan and Development Specifications of the Project, as approved by the Commission pursuant to Section IV(A). B. Time for Commencement and Construction. This Project shall begin as soon as possible following closing as defined in Section II and shall qualify for the award of a certificate of occupancy of all units contemplated in the Development Plan from the Building Commissioner of the City of South Bend, Indiana, within thirty -six (36) months after execution of this Contract. C. Value of Property. Developer understands and acknowledges that in offering the Property for sale, the Commission obtained two (2) independent appraisals as required by I.C. 36 -7- 14 and determined that the fair market value for the Property is Three Hundred Thirty Nine Thousand Five Hundred Dollars ($339,500) (the "Market Value "). Notwithstanding the foregoing, the Parties understand and agree that in the event that Developer (i) fails to complete construction of the Project, excluding the northern most building labeled "commercial building" on the site plan and the future commercial building designated on the southern end of the site plan, on or before thirty -six (36) months from the date of execution of this Agreement, or (ii) Developer defaults in its obligations under this Contract and fails to cure such default as provided in this Contract before the issuance of a Certificate of Completion as described in SECTION V, below, then Developer shall pay as liquidated damages to the Commission the Market Value described above without any reduction, offset, or recoupment. The payment of liquidated damages under this Subsection C shall be in addition to any other remedies and shall not waive any other right or remedy under this Contract or other laws. SECTION IV. TIME FOR CERTAIN OTHER ACTIONS. A. Time for Submitting Plans for Design Development Review. The Developer shall submit for approval by the Department of Redevelopment a Final Site Plan and Development