Res 2017-167/approving a Lease-Purchase Agreement with the Trust for Public Land providing for the City to lease with an option to purchase approximately 102 acres of land west of the City off of Derby Court, which agreement provides for payment by the C

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PART II 31. LESSEE'S OPTION AND RIGHT TO PURCHASE: Provided that Lessee is not then in default of any of the terms, provisions, covenants and conditions in this Agreement, the Lessee is granted the exclusive and irrevocable right and option to purchase the fee simple title to the Property on or at any time before the 60d' day prior to the 2nd anniversary of the Commencement Date (unless otherwise modified as provided in this Agreement), by giving notice of exercise of the Option to Lessor no later than 60 days prior to each annual anniversary of the term thereafter. The option to purchase granted herein shall expire on 60 days before the end of the Lease Term, unless otherwise extended by agreement among the Parties. The option granted herein is coupled with an interest. The purchase price (the "Purchase Price") for the Property on the Commencement Date shall be One Million Two Hundred Seventy Thousand and 00/100 Dollars ($1,270,000.00) If the Lessee elects to purchase the Property after the Commencement Date but before the first anniversary of the Commencement Date, and provided that the First Base Rent Payment has been made, Lessee shall receive a credit of $423,333 against the Purchase Price at closing. If the Lessee elects to purchase the Property on or after the first anniversary of the Commencement Date, but before the second anniversary of the Commencement Date, and provided that the First and Second Base Rent Payments have then been made, Lessee shall receive a credit of $846,666 against the Purchase Price at closing. 32. OPTION TO PURCHASE CONSIDERATION: (a) Simultaneous with the execution of this Agreement, Lessee shall pay to Lessor the sum of $10.00 in cash as non-refundable consideration for the exclusive right and option to purchase the Property (hereafter, the "Option Money"). (b) All of the Option Money paid shall be credited by Lessor against the Purchase Price if lessee elects to close the Purchase of the Property under this Agreement. 33. CASH TO CLOSE At closing, Lessee shall pay the difference between the Purchase Price and the sum of credits against the Purchase Price as set forth in accordance with the provisions of paragraph 32 of this Agreement, and other credits set forth in this Agreement paid by Lessee to Lessor hereunder. Furthermore, Lessee shall pay to Lessor at closing, the accrued interest on the remaining principal balance from the day of the immediately preceding Base Rent Payment until the day of closing. 34. TITLE: (a) Within 30 days following the exercise of the Option granted under this Agreement, Seller shall deliver to Buyer a commitment, and after closing a title policy, for owner's title insurance, with a qualified title insurance company reasonably acceptable to Buyer, in the amount of the purchase price, reflecting good and marketable fee simple title to the Property in Seller, subject only to such easements and restrictions of record, visible easements not of record disclosed in writing by Seller or Buyer or by the survey, and applicable planning and zoning ordinances. Buyer hereby agrees that the matters shown on Exhibit `B" attached hereto and incorporated herein shall each be permitted title exceptions to which Buyer may not object. Buyer shall have 20 days 12