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(12) The foregoing covenants shall expire thirty (30) years after the date of the
Deed.
(ec) The Deed shall also set forth the EDA’s Right of Repurchase, as set forth in Section
2.5 of the Development Agreement (the “Right of Repurchase”), which Right of Repurchase shall
be terminated automatically (and the EDA shall execute and record a termination of such right)
upon Developer’s commencement of construction on the Property afier Closing hereunder.
() It is intended and agreed hereby that the Restrictive Covenants under Section 2.2
shall be covenants running with the land (until expiration of such covenants, as provided above)
and that they shall in any event, and without regard to technical classification or designation, legal
or otherwise be binding upon EDA and Developer, respectively, as the case may be.
ARTICLE I
CLOSING AND PURCHASE PRICE
Section 3.1. Time and Place of Closing.
Subject to satisfaction of the conditions set forth in Sections 3.3 and 3.4 below, the closing
of the Purchase of the Property (“Closing”) shall take place by escrow delivery of documents and
funds to the Title Company, on September 29, 2026, or such other date agreed to by the Parties
(which shall be a date mutually satisfactory to Developer and EDA), but in no event later than the
Outside Closing Date. The date on which Closing occurs is the “Closing Date”. The Parties
acknowledge that they intend for Closing to occur on the same day as the Government's closing
with the Developer for Phase Il of the Developer’s privatized unaccompanied military housing
project.
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4924-8886-8988, v. 12
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