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

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(iv) such other incidental costs and fees customarily paid by purchasers of property in Harris County, Texas, for transactions of a similar nature to the transaction contemplated herein. Permitted Exceptions. 4.6.City acknowledges and agrees that the Property and improvements conveyed pursuant to this Article IV will be conveyed by Developer at closing subject only to such easements, conditions and restrictions as have been approved or deemed approved by City, including; (i) utility easements granted by subdivision plat or instrument subsequent to the purchase of the Property by Developer; and (ii) such other matters as City may waive. Conveyance As Is. 4.7City acknowledges and agrees that the Property and/or improvements conveyed pursuant to this Article IV will be conveyed “AS IS” with all faults and defects, whether patent or latent, existing as of the Closing. Except with respect to the quality of the title being conveyed by Developer as set forth in the Special Warranty Deed, City acknowledges and agrees that Developer will be making no representations, warranties, guarantees, statements or information, express or implied, pertaining to the Property or improvements conveyed, their condition, or any other matters whatsoever, made to or furnished to City by Developer or any employee or agent of Developer, except as specifically set forth in this Restriction Agreement. Article V Restrictions Use of Property; Buildings 5.1. No portion of the Property shallbe utilized for any use other than the Required Use. No building shall be constructed, reconstructed, erected, altered, or placed on any portion of the Property other than the Improvements or other structures that will be used in conformance with the Required Use. Term of Restrictions. 5.2 The restrictions set forth in Section 5.1, above, shall commence on the Effective Date and automatically terminate following the Completion of Construction of the Improvements. Article VI Miscellaneous Enforcement 6.1. City shall have the right, but not the obligation, to enforce this Restriction Agreement and any covenants and restrictions contained herein, as the same may be amended as herein provided. Subject to the limitation set forth in Section 5.1, above, enforcement of the provisions set forth in Section 5.1 contained herein may be exercised after failure of any person or persons violating or attempting to violate any covenants or restrictions to cure such violation or breach within two (2) thirty (30) day notice periods after receipt of written notice thereof, by proceeding at law or in equity, against any person or persons violating or attempting to violate any covenants or restrictions, to restrain violation or to recover damages, and failure to enforce any covenant, restriction or condition shall not be deemed a waiver of the right of enforcement either with respect to the violation in question or any other violation. This Restriction Agreement is not intended to restrict the rights of the City Council of the City of La Porte to exercise its legislative duties and powers insofar as the Land is concerned. For further remedy, ATTACHMENT I TO 908PURCHASE AND SALE AGREEMENT: CITY OF LA PORTE TO LA PORTE DEVELOPMENTCORPORATION – PAGE 7