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7.A. - Page 219 <br /> which to cure, or commence to cure, the default(s) set forth in subsections (a) and <br /> (b) above, as applicable. <br /> This Option to Purchase shall be subordinate and subject to and be limited by and <br /> shall not defeat, render invalid or limit: <br /> Any mortgage, deed of trust or other security instrument permitted by <br /> this Agreement; or <br /> Any rights or interests provided in this Agreement for the protection of <br /> the holder of such mortgages, deeds of trust or other security instruments. <br /> 7.9.2 Notices. The power reserved in this Section 7.9 shall be exercisable by <br /> delivering a written Initial Option to Purchase Notice and Second Option to <br /> Purchase Notice specifying the event of Default attributable to the Developer and <br /> the lapse of the applicable cure periods as specified in Section 7.9.1 of this <br /> Agreement triggering the City's exercise of its Option to Purchase. <br /> 7.9.3 To exercise its Option to Purchase the Site, the City shall, within sixty <br /> (60) days following the expiration of the cure period, as established by the Second <br /> Option to Purchase Notice, pay to the Developer in cash an amount equal to: <br /> (a) The actual costs (including purchase price and escrow closing <br /> costs) incurred by the Developer to acquire the Developer Property; plus <br /> (b) The cash Purchase Price for the City Property paid by the <br /> Developer; plus <br /> (c) The costs actually incurred by the Developer for on-site labor <br /> and materials for the construction of the Project, at the time of the purchase, <br /> exclusive of amounts financed; plus <br /> (d) The costs actually incurred by the Developer for the <br /> preparation of Project-related architectural and engineering plans, environmental <br /> studies or other Project-related materials, but if and only to the extent that City <br /> uses any such materials; plus <br /> (e) Any amounts disbursed by the holder of any mortgage, deed of <br /> trust or other security instrument permitted by this Agreement to the extent not <br /> already included in Sections 7.92(a)-(d), above; less <br /> (f) Any gains or income withdrawn or made by the Developer <br /> from the Site or the improvements thereon; and less <br /> (g) The amount of liens on the Site and any unpaid assessments <br /> against the Site, or applicable portion thereof, assumed by the City. <br /> E�ibit "F" <br /> Form Of Notice Of Agreement <br /> Page 7 <br /> 82483.00009\7571312.11 <br /> ATTY/AGR/2013.118/BLOCK 2 HUNTER STORM <br /> REV: 07-19-13 PT <br />