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unless Buyer closes on the purchase of the Option Property. In the event <br /> an option payment is not received prior to or on the anniversary date of the <br /> Closing, and Buyer has not closed on the Option Property, this Option to <br /> Purchase shall be deemed null and void without notice or action by either <br /> party. <br /> 17.2.4 Exercisingthe Option. In the event Buyer chooses to exercise its option to <br /> purchase the Option Property, and the Option Period has not terminated <br /> and all option payments are current,the parties shall enter into a separate <br /> purchase agreement reflecting the purchase price set forth in this Section. <br /> Buyer will be subject to all City Codes in existence at the time the new <br /> purchase agreement is executed. A Development Agreement will be <br /> required for development of the Option Property and will be subject to the <br /> terms of Section 16, above. The Development Agreement will include <br /> deadlines for construction of improvements on the Option Property. <br /> 17.3 Survival. This Section 17 shall survive the Closing and continue to be fully <br /> enforceable by its terns. <br /> {THE REMAINDER OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY.} <br /> US.106153450.02 <br />