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a. A written request for extension of the Contract term must be received prior to <br /> the expiration date of the Contract. <br /> b. Completion of all required roads and compliance with all Contract and <br /> regulatory requirements. <br /> c. For the first extension,not to exceed one (1)year, payment of at least twenty- <br /> five percent(25%) of the total Contract Price. <br /> For the second extension,not to exceed one(1)year,payment of at least ninety <br /> percent(90%)of the total Contract Price. <br /> The payments shall not include the initial deposit. <br /> d. Payment of an amount based on twelve percent (12%) interest per annum on <br /> the unpaid portion of the total Contract Price. <br /> All payments, except the initial deposit, will be deducted from the total <br /> Contract Price to determine the unpaid portion of the Contract. <br /> e. Payment of One Hundred Ten Dollars ($110.00) per acre per annum for the <br /> acres on which an operating release has not been issued. In no event will this <br /> portion of the extension charge be less than Fifty Dollars ($50.00)per annum <br /> per acre. <br /> f. Extension payments are non-refundable. <br /> G-53 Surveys - Sensitive, Threatened, Endangered Species <br /> Whenever the City determines that a survey for sensitive, threatened, or endangered <br /> species is prudent, or when Purchaser determines a survey is prudent and the City <br /> agrees, Purchaser shall perform such surveys at Purchaser's expense and to the <br /> standards required by the City. The survey information shall be supplied to the City. <br /> G-60 No Warranties by City <br /> THE PARTIES AGREE THAT THE IMPLIED WARRANTIES OF <br /> MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND ALL <br /> OTHER WARRANTIES EXPRESSED OR IMPLIED ARE EXCLUDED FROM <br /> THIS TRANSACTION AND SHALL NOT APPLY TO THE GOODS SOLD. FOR <br /> EXAMPLE, THE FOLLOWING SPECIFIC MATTERS ARE NOT WARRANTED, <br /> AND ARE EXCLUDED FROM THIS TRANSACTION: <br /> a. The MERCHANTABILITY of the Forest Products. The use of the term <br /> "merchantable" elsewhere in this Contract is not intended to vary the <br /> foregoing. <br /> b. The CONDITION of the Forest Products. The Forest Products are conveyed <br /> "as is." <br /> Page 4 of 34 <br /> 4/15/21 Agreement No.2021-01 <br />