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

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guarantees, statements or information, express or implied, pertaining to the Property or improvements conveyed, their condition, or any other platters 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 5.1 Use of Property,_ built ing . No portion of the Property shall be 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 hnpr0Venlents or other• structures that Will be used in conformance with the Required Use. 5.2 Term of Restrictions. 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 I iseellancorls 6.1 Enforcement. City shall have the right, but not the obligation, to enforce this Restriction Agreement and any covenants and restrictions contained herein, as the same lnay 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 lav or in equity, against any person or persons violating or attempting to violate any Covenants Or restrictions, to I•CStralll violation or to recover damages, and failure to ellfOrCC 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, Developer, for itself, its successors, and assigns agrees that the City may withhold building hermits, development approvals, certificates of occupancy and/or Ideal inspection Necessary for the lawful use of any portion of the Lance not thele in compliance with this Agreement. The City's right to repurchase the Lance 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 pUrSUallt to an amendment or termination approved in accordance with the provisions hereof, except by expiration of the Term. 6.2 Amendment, No amendment or any termination of this Restriction Agreement shall be effective unless and lentil 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 ATTACHME\T I TO 912 PURCHASE AND SALE AGRI::EME.N' I CHW OF LA PORTS TO LA PORTG DEVELOPME\T CORPORATION --- PAGE 18