Laserfiche WebLink
Article III <br />Option <br />Grant of Option <br />3.1. In consideration of TEN AND NO/100 DOLLARS ($10.00), in hand <br />paid by City to Developer and other good and valuable consideration, the receipt and sufficiency <br />of which is acknowledged by Developer, Developer hereby grants to City during the Option <br />Period an option to repurchase the Property (the “Option”). <br />Time for Exercising Option <br />3.2. Subject to Section 3.3, below, the Option may be <br />exercised by City in its sole discretion by providing written notice to Developer upon the <br />occurrence of the following: <br />(a)any time after24 months, if Developer has failed to cause Commencement of <br />Construction of the Improvements to occur on the Property on or before that date, provided <br />Commencement of Construction has in fact still not occurred on the date of the exercise of the <br />Option; or <br />(b)any time after60 months, but before the end of the Option Period, if <br />Commencement of Construction has occurred, but Developer has failed to cause Completion of <br />Construction by that date, provided Completion of Construction has in fact still not occurred on <br />the date of the exercise of the Option. <br />Force Majeure <br />3.3. In the event of Force Majeure, Developer shall have such additional <br />time to cause Commencement of Construction or Completion of Construction, as the case may <br />be, so long as Developer is diligently and faithfully pursuing the same. The termination of the <br />Option Period shall be extended for the same number days that the performance of Developer <br />with respect to Commencement of Construction or Completion of Construction is extended by <br />Force Majeure. <br />Sole Remedy. <br />3.4The City’s sole and exclusive remedy for violation of the obligation of <br />Developer for the Commencement of Construction of Construction and Completion of <br />Construction shall be the exercise of the Option. <br />Article IV <br />Terms of Sale Upon Exercise of Option <br />Effect of Exercise of the Option. <br />4.1 Upon any timely exercise of the Option by City in <br />accordance with the foregoing provisions, the conveyance of the Property to be conveyed to City <br />shall be in accordance with the provisions in this Article IV. <br />ATTACHMENT I TO 908PURCHASE AND SALE AGREEMENT: CITY OF LA PORTE TO <br />LA PORTE DEVELOPMENTCORPORATION – PAGE 4 <br /> <br />