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7.9.2 Notices. The power reserved in this Section 7.9 shall be exercisable <br /> by delivering a written Lnitial Option to Purchase Notice and Second Option to Purchase Notice <br /> specifying the event of Default attributable to the Developer and the lapse of the applicable cure <br /> periods as specified in Section 7.9.1 of this Agreement triggering the City's exercise of its <br /> Option to Purchase. <br /> 7.9.3 To exercise its Option to Purchase the Site, the City shail, within sixty <br /> (60) days following the expiration of the cure period, as established by the Second Option to <br /> Purchase Notice, pay to the Developer in cash an amount equai 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, exclusive of <br /> amounts financed; plus <br /> ', (d) The costs actually incurred by the Developer for the <br /> preparation of Project-related architectural and engineering plans, environmental studies or other <br /> ' Project-related materials,but if and only to the extent that City 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 already included <br /> in Sections 7.9.2(a)-(d), above; less <br /> (fl Any gains or income withdrawn or made by the Developer 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 /> City agrees that it shall consider and execute any documents as may be reasonably <br /> requested by a lender to modify or clarify the provisions of this Option to Purchase. <br /> 7.9.4 Grant Deed. Upon the City's exercise of its Option to Purchase <br /> pursuant to this Section 7.9 (including the payment and delivery of all amounts due to Developer <br /> as set forth in Section 7.9.2), the Developer or its successors or assigns shall convey fee title to <br /> the Site, or applicable portion thereof, and all improvements on or to the Site, or applicable <br /> portion thereof, to the City by grant deed, in accordance with Civil Code Section 1109, as such <br /> code section may hereafter, from time to time,be amended, renumbered, replaced or substituted. <br /> Such conveyance shall be duly acknowledged by the Developer and a notary in a manner <br /> suitable for recordation. The City may enforce its rights pursuant to this Section 7.9 by means of <br /> an injunctive relief or forfeiture of title action filed in any court of competent jurisdiction. <br /> 5� <br /> 2013.118/BLOCK 2 HUNTER STORM <br /> REV:07�26-13 PT <br />