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.