08-14-12 Meeting of the La Porte Development Corporation Board of Directors

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3.2 Time foi' Exemising Optioil. Subject to Section 3.3, below, the Option may be exercised by City in its sole discretion by providing written Notice to Developer upon the occurrence of the following: (a) any time after 24 months, if Developer has failed to cause Commencement of Construction of the Improvements to occur on the Property on or before that (late, provided Co mi>,encem.ent of Construction has in fact still not occurred oil the date of fire exercise of the Option; or (b) an), time after GO months, but before the end of the Option Period, if COm[11enCelllent of Construction has occurred, but Developer has failed to cause Completion of Construction by that date, provided Completion of Construction has in fact still not occurred oil the date of the exercise of the Option. 3.3 Force: fvlaiem,e. In the evert of Force Majetire, Developer shall have such additional time to cause Commencement Of Construction oi' COMpletion of COnstRICtioll, as the case may be, so long as Developer is diligently and faithfully pursuing the same. The termination of the Option Period shall be extended for the same number days that the performance of Developer 'with respect to Commencement Of C,OIIMRICti011 or Completion of Construction is extendcd by Force M&Ilre. 3.4 -Sole Remedy. The City's sole and exclusive remedy for violation of the obligation of Developer for the Commencement of Construction of Construction and Completion of Construction shall be the exercise of the Option. Ailicle IV Tei -ms of Sale Upon Exercise of Option 4.1 Effect of Exercise of the QI3tigi . Upon any timely exercise of the Option by City in accordance with the foregoing provisions, the conveyance of the Property to be conveyed to City shall be in accordance with the provisions in this Article IV. 4.2. Title, Sili` N,, and Environmental Resorts. (a) Not later than the fifteenth (15th) business day after the exercise of the Option, Developer shall, at Developer' expense, delivcr to City: (i) a current commitment for in Owner's Policy of Title Insurance from the Title Company for the portion of the Property to be conveyed to City, setting forth the state of title to the Property together with any easements Or restrictiolls (existing or created purstialit hereto) benefiting or burdening the Property, together with all exceptions or conditions to such title; (ii) legible copies of all documents referenced in the Title Commitment: (iii) any environmental studies or reports that Developer may have ill its possession with respect to the Property: an([, AITACIINIEN I T0912 PURCHASE AND SALT AGREEMENT: CITY OF LA FORTE TO LA PORTE DEX'I?I_,ON\I1;> I' CORI'Oi2A'I'IO\ -- PAGE I;i