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TABLE OF CONTENTS Page ARTICLE I PURCHASE AND SALE............................................................................................3 Section 1.1 Purchase and Sale........................................................................................3 Section 1.2 Acquisition Price..........................................................................................4 Section 1.3 Initial Acquisition Price Payment and Balance Payment Schedule.............4 Section 1.4 Limitation of Liability; No Pledge of City Taxing Power or General Fund Revenues...............................................................................5 ARTICLE II COMPLETION OF SALE.........................................................................................5 Section2.1 Place and Date..............................................................................................5 ARTICLE III TITLE TO THE LEVEE ASSETS...........................................................................5 Section3.1 Levee Assets................................................................................................5 ARTICLE IV REVIEW OF THE LEVEE ASSETS.......................................................................6 Section 4.1 Delivery of Documents................................................................................6 Section 4.2 City Inspection Rights..................................................................................6 ARTICLE V REPRESENTATIONS AND WARRANTIES..........................................................7 Section5.1 Seller............................................................................................................7 Section5.2 City...............................................................................................................8 Section 5.3 Discovery of Inaccuracy..............................................................................9 ARTICLE VI COVENANTS AND REPRESENTATIONS REGARDING LEVEE ASSETS..............................................................................................................9 Section6.1 SCOA Covenants.........................................................................................9 Section 6.2 Seller Covenants........................................................................................11 Section 6.3 Levee Improvements Operations...............................................................I1 ARTICLE VII DISCLAIMERS....................................................................................................12 Section 7.1 Limited Reliance on Due Diligence Documents.......................................12 Section 7.2 As -is Sale; Disclaimers..............................................................................12 ARTICLE VIII CONDITIONS PRECEDENT.............................................................................13 Section8.1 Seller..........................................................................................................13 Section8.2 City.............................................................................................................13 ARTICLEIX CLOSING...............................................................................................................15 Section9.1 Procedure...................................................................................................15 4846-4218-3288 06 2025.276 - SEAPORT PURCHASE AGREEMENT REV: 10-15-25 VR