08-14-12 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 «cork 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 obtain a certificate of occupancy from City to occupy and use the Property for the Required Use. ":Property" shall mean 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 La Porte, a subdivision according to the mal) 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 Dile 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. "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 or incurred by LDDC pursuant to the Purchase and Sale Agreement and pursuant to the exercise of the Option. "Property" shall collectively mean the Property and any Improvements follo-vying 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. Article III Option 3.1 Gi�aut of Com. In consideration of TEN AND N0/100 DOLLARS ($10.00), in ]rand paid by City to Developer and other good and valuable consideration, (lie receipt and sufficiency of which is acknowledged by Developer, Developer hereby grants to City during the Option Period an option to repurchase the Property (tile "Option"). ATTACHMENT I TO 912 PURCI1ASE A\D SALE AGREE n N CIT!' OI LA PORTS TO LA PORTS DEVELOPMENT CORPORATION - PAGE 14