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and any "change in ownership" as that term is used from time to time in <br /> California real property taxation law. <br /> Following the expiration of the Initial Option to Purchase Notice, and prior to <br /> City exercising the Option to Purchase, the City shall provide a second written <br /> Notice of City's intent to exercise the Option to Purchase ("Second Option to <br /> Purchase Notice") and provide Developer with a final thirty (30) day period in <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) incuzred 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 /> Exhibit"F" <br /> Form Of Notice Of Agreement <br /> Page 7 <br /> 2013.118/BLOCK 2 HUNTER STORM <br /> REV:07-26-13 PT <br />