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the Texas Department of Licensing and Regulations, Architectural Barriers Division, P.O. Box 12157, Austin, Texas 78711. 15. If this contract and/or project involves the construction of a new building or the alteration or enlargement of an existing building, Company shall provide to City certification by a duly registered Texas architect that the plans and specifications have been sealed, signed, and dated, unless the Architects' Registration Law (Article 249a of Vernon's Texas Civil Statutes) specificaily provides that the project's plans and specifications may be prepared by a non-architect. Company shall not send City copies of the actual plans and specifications. Company shall direct questions about the applicability of the Architects' Registration Law to the Texas Board of Architectural Examiners located at 333 Guadalupe, Suite 2-350, Austin, Texas 78701. 16. Company shall provide City with a copy of an owner's title insurance policy in the amount of at least $250,000.00 on the project site that reflects City as the insured owner. 17. Company has provided City with a copy of a Phase 1 Environmental Site Assessment prepared by an Environmental Engineer dated October 2, 2002, reflecting no hazardous substances on the project site. 18. Company shall convey to City by warranty deed a fee simple interest in the project site, more fully described below, and submit to City a copy ot the recorded warranty deed for the project site. The legal description for the project site follows: 10.0 acres of land, more or less, out of the CHARLES HENDERSON SURVEY NO. 55, Abstract No. 226, Hays County, Texas and being more particularly described by metes in bounds in Exhibit "E" attached hereto. 19. Company shall ensure that City is provided with a copy of an appraisal, completed by a State Certified General Appraiser, of the project site, based on building plans and specifications, and reflecting a value of at least $250,000.00. If the appraisal is less than this value, City may elect to exercise its rights as described in Sections 17 and 18 of this contract. 20. Company shall submit an executed Real Estate Lease Agreement with City for City's lease to Company of the project site. The lease agreement shall detail the terms and conditions, including the following: a. The total amount of the lease payments shall not exceed $250,000.00. The payment schedule, the date that lease payments will begin (which may be the first day of the first month foil owing the construction completion date, or the date of actual occupancy by the Company, whichever comes first), and the minimum lease payment per month shail be based on an amortization schedule of no more than 120 months; b. A provision stating that lease payments received 15 calendar days or more past the due date will be assessed a late charge/fee of 5% of the payment amount; c. The details of the lease servicing provisions, including to whom the payments are to be made and the address where lease payments are to be made; d. At a minimum, the lease agreement shall be with Company for a three year period, or until this contract has been satisfactorily closed (whichever is longer); e. The lease agreement or future lease agreements may contain a lease purchase option, if the option is effective beginning a minimum of five years after contract closeout, and if the purchase RLF Contract Page 13