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

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other approvals, government or de facto governmental action (unless caused by acts of omissions of the party), pending referendum, fires,explosions or floods, strikes, slowdowns or work stoppages. Such extension shall be for a period equal to the actual length of such delay, together with any time reasonably required by Developer to re-mobilize for construction as a result of such delay. “Improvements” shall mean the structures located on the Property, inclusive of any materials, equipment, and fixtures incorporated into said structures by Developer as necessary to be able to use obtain a certificate of occupancy from City to occupy and use the Property for the Required Use. “Property” shall mean Tract 1: Lots 9, 20 and 21, in Block 52, of TOWN OF LA PORTE, an addition in Harris County, Texas, according to the map or plat thereof recorded in Volume 57, Page 320 of the Deed Records of Harris County, Texas, SAVE LESS AND EXCEPT that portion of the above said lots (if any) and the interest therein, deeded to or condemned by governmental entities for the widening of West Main Street or for right of way purposes, and further described in instrument recorded in Volume 4569, Page 499 of the Deed Records of Harris County, Texas; and Tract 2: Being a 0.241 acre tract or parcel of land situated in the Johnson Hunter Survey, Abstract No. 35, Harris County, Texas, and being all of Lots 7, 8 and 9 in Block 52 of the Resubdivision of Blocks 37 to 60 of the Town of La Porte, a subdivision according to the map or plat thereof recorded in Volume 67, Page 196 of the Deed Records of Harris County, Texas. “Option Period” shall mean that period of time commencing on closing of the purchase of the Land by Developer and ending on the earlier of (a) Completion of Construction or (b) (72 months. “Option Price” shall mean the Purchase Price stated in the Purchase Agreement less all closing costs and expenses paid orincurred by LPDC pursuant to the Purchase and Sale Agreement and pursuant to the exercise of the Option. “Property” shall collectively mean the Property and any Improvements following construction thereof on the Property. “Purchase Agreement” shall mean that certain Purchase and Sale Agreement, as amended or assigned, by and between LPDC and Developer, effective May 15, 2012. “Required Use” shall mean the development and use of the Property for the purpose of operating a business enterprise that meets the City’s economic development goals and is a permitted use under the zoning regulations applicable to the Property. ATTACHMENT I TO 908PURCHASE AND SALE AGREEMENT: CITY OF LA PORTE TO LA PORTE DEVELOPMENTCORPORATION – PAGE 3