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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 Exercising the 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 terms. <br />{THE REMAINDER OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY} <br />US.106153450.02 <br />