08-14-12 Meeting of the La Porte Development Corporation Board of Directors

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Title Company: American Title Company Attn: Staci Gay Commercial Division 5003 College Park Deer Park, Texas 77536 Phone; (281) 479-1913 Fax: (281).479-8609 E -Mail: staci @ated`p coni Property: A 0.425 acre tract situated in the Johnson Hunter Survey, Abstract No. 35, Harris County, Texas, and being all of Lots 11, 12, 13, 14, 15, 18, and 19 in Block 52 of the Resubdivision of Blocks 37 to 60 of the Town of LaPorte, a subdivision according to the map or plat thereof recorded in Volume 67 Page 196 of the Deed Records of Harris County, Texas, SAVE AND EXCEPT all of that called 2,519 square feet tract as described in deed to the State of Texas recorded in Volume 4569 Page 449 of the Deed Records of Harris County, Texas , all that called 0.002 acre tract as described in deed to the City of La Porte recorded in Harris County Clerks File No. 20070201279 and a 2.50' by 10.25' portion along the south line of said Lot 15 for the existing Gateway Tower structure, inclusive of all improvements thereon and appurtenances thereto Developer Sales Contract: That certain Purchase Agreement by and between Corporation and Developer relating to the sale by Corporation of the Property to Developer substantially in the form attached hereto as Attachment 1 and incorporated herein by reference. Restriction Agreement: That certain Restriction Agreement by and between City and Developer set forth as Exhibit "A" in the Developer Sales Contract. Inspection Period: The period commencing on the Effective Date and ending on the termination of the Inspection Period as defined ur the Developer Sales Contract. Closing Date: Concurrent with Corporation's closing on the sale of the Property pursuant to the Developer Sales Contract. Purchase Price: `Wft;eo@- WHEREAS, Corporation desires to purchase the Property from City for resale to Developer pursuant to the Developer Sales Conti -act for development in accordance with the Restriction Agreement; and PURCHASE ANMD SALE AGREVAIENT. CITY of LA PORTE TO LA PORTE DEVELOPMENT CORPORATION - PAGE 2 (kb1:5/4/12:55288)