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

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Developer, for itself, its successors, and assigns agrees that the City may withhold building permits, development approvals, certificates of occupancy and/or final inspection necessary for the lawful use of any portion of the Land not then in compliance with this Agreement. The City’s right to repurchase the Land pursuant to the exercise of the Option as set forth in Articles III and IV of this Restriction Agreement constitutes the City’s sole and exclusive remedy for any failure by Developer to Commence Construction or Complete Construction of the Improvements on the Land. The rights of City under this Restriction Agreement may not be waived or released except pursuant to an amendment or termination approved in accordance with the provisions hereof, except by expiration of the Term. Amendment 6.2. No amendment or any termination of this Restriction Agreement shall be effective unless and until approved by Developer and the City (as evidenced by a resolution of the City Council executed by the Mayor and recorded in the Official Public Records in the office of the Harris County Clerk); provided, however, the City may, without the consent of Developer, terminate and release the restrictions set forth in Section 5.1. In the event Developer, or subsequent owner of the Property desires to change, amend or alter the covenants, conditions or restrictions as set forth herein, Developer, or subsequent owner, as the case may be, shall file a written application for such change or amendment with City, which shall approve or deny such application in whole or in part within thirty (30) days after receipt of such application. Any change or amendment approved by the City shall not be effective unless and until an instrument executed by the Mayor is recorded in the Official Public Records in the office of the Harris County Clerk in accordance with this Section. Notices 6.3. All notices, requests, demandsor other communications required or permitted hereunder shall be in writing and shall be deemed to have been fully and completely made when given by hand, by confirmed facsimile transmission by overnight delivery by Federal Express or other reliable courier or the mailing of such by registered or certified mail, addressed as follows: If intended for City, to:With a copy to: City of La PorteAskins & Askins, P.C. Attn: City ManagerAttn: Clark T. Askins 604 W. Fairmont Parkway P.O. Box 1218 La Porte, Texas 77571La Porte, Texas 77572-1218 If intended for Developer: ___________________________ ___________________________ ___________________________ La Porte, Texas 77571 Any party may at any time and from time to time by notice in writing to the other party hereto change the name or address of the person to who notice is to be given as hereinbefore provided. Successors and Assigns. 6.4 This Restriction Agreement shall bind, and inure to the benefit of, the parties and their respective successors and assigns. ATTACHMENT I TO 908PURCHASE AND SALE AGREEMENT: CITY OF LA PORTE TO LA PORTE DEVELOPMENTCORPORATION – PAGE 8