M&P Land LLC purchasing 6.5 acres land

M&P Land LLC will be purchasing a 6.5 acre area with multiple parcels for $2,000,000. There will be 3 separate phases of this agreement with the first payment of earnest money being in the sum of $2,000.00. The Second Payment of Earnest Money in the sum of TwentyFive Thousand and No/100 Dollars ($25,000.00) will be payable to the Land Bank within ten (10) business days after full execution of the Purchase and Sale Agreement and is non-refundable. The Third Payment of Earnest Money in the of sum of Twenty Five Thousand and No/100 Dollars ($25,000.00) will be payable to the Land Bank within ten (10) business days after the site Plan has been approved by the City of Oak Ridge and is non-refundable.