The consummation of the purchase and sale of the Property (the “ Closing ”) shall take place on or before September 15, 2016 or at earlier date as mutually agreed to in writing by the parties (the “ Closing Date ”). The Closing shall be conducted through an escrow with the Escrow Holder, with escrow fees to be paid equally by Seller and Buyer. IT IS AGREED THAT TIME IS OF THE ESSENCE OF THIS AGREEMENT. Notwithstanding the foregoing, solely in order to allow Buyer an additional period of time to meet or otherwise satisfy any deadlines, obligations or requirements imposed by the lender providing financing to Buyer for its acquisition of the Property hereunder, as and to the extent applicable, Buyer shall have the one (1) time option to extend the Closing Date by up to twenty (20) days, provided that at least three (3) business days prior to the then-scheduled Closing Date: (i) the option is exercised by delivery of a written extension notice to Seller, and (ii) an additional Two Hundred Thousand and 00/100 Dollars ($200,000.00) (the “ Extension Deposit ”) is tendered to the Escrow Agent no later than 5:00 pm (Eastern) in which case such additional $200,000 shall be deemed part of the Deposit as defined above.    Notwithstanding anything to the contrary contained herein, Buyer shall submit a loan application within fifteen (15) days of the Effective Date.