05-15-12 Meeting of the La Porte Development Corporation Board of Directors

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Inspection Period:The period commencing onthe Effective Date and ending fifteen (15) days after the Effective Date Earnest Money:$10,000.00 Option Fee:$100.00 (Paid to Seller at time of execution of this Agreement, non-refundable, and to be credited to Purchase Price at Closing) Closing Date:________ (____) days after the end of the Inspection Period Purchase Price:$275,000cash. City Sales That certain Purchase and Sale Agreementdated and effective May 14, 2012, by Contract: and between City and Seller relating to the sale by City of the Property to Seller. Restriction That certain Restriction Agreement by and between City and Purchaser set forth in AgreementExhibit “A,” attached hereto and incorporated herein by reference. NOW, THEREFORE, in consideration of the sum of Ten and No/100 Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: Sale and Purchase. 1.Seller agrees to sell, and Purchaser agrees to purchase the Property as provided in this Agreement for the Purchase Price. Title, Survey, and Environmental Reports. 2. (a)Not later than ten (10) days after the Effective Date, Seller shall, at Seller’s expense, deliver to Purchaser: (i)a current commitment for an Owner’s Policy of Title Insurance for the Property from the Title Company, setting forth the state of title to the Property together with any easements or restrictions (existing or created pursuant hereto) benefiting or burdening the Property, together with all exceptions or conditions to such title; (ii)legible copies of all documents referenced in the Title Commitment; (iii)any environmental or geotechnical studies or reports that Seller may have in its possession with respect to the Property; and (iv)tax certificate(s) regarding the payment of ad valorem taxes for current and prior years. (b) Purchaser shall, not later than twenty (20) days after the Effective Date, and at Purchaser’s expense, obtain a survey of the Property and deliver same to Seller. “Survey” means an on- the-ground, staked plat of survey and metes-and-bounds description of the Property, prepared by a Texas Registered Property Land Surveyor or another surveyor satisfactoryto Title Company, dated after the Effective Date, and certified to comply with the current standards and specifications as published by the Texas Society of Professional Surveyors required for obtaining deletion of the survey exception in the Title Policy. In lieu of a new survey, Purchaser may provide a previously prepared survey accompanied ATTACHMENT I TO PURCHASE AND SALE AGREEMENT: CITY OF LA PORTE TO LA PORTE DEVELOPMENTCORPORATION – PAGE 13