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City Draft <br /> &/28/13 <br /> (i} Any mortgage, deed of trust or other security instrument permitted <br /> by this Agreement; or <br /> {ii) Any rights or interests provided in this Agreement for the <br /> protection of the hal�er of such mortgages, deeds of trust or other security <br /> instruments. <br /> 7.9.2 Notices. The power reserved in this Section 7,9 shall be exercisable by <br /> delivering a written Notice (the "First Option Notice") specifying the event of Default <br /> attributable to the Developer triggering the First Option Notice. The City shall have up to <br /> six (6) months to determine if it wishes to exercise its 4ption to Purchase, and if it does, <br /> shall issue a Notice (the "Second Option Notice") stating it intends to exercise the <br /> Option to Purchase. <br /> 7.9.3 To exercise its Option to Purchase the Site, the City shall pay ta the <br /> 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, ar applicable portion <br /> thereof; plus <br /> (b) The cash Purchase Price for the City Property, or applicable <br /> portion thereof,paid by the Developer; plus <br /> (c) The casts 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 af <br /> amounts financed; plus <br /> (d) The costs actually incurred by the Developer for the <br /> preparation of Project-re�ated architectural and engineering plans, environmental studies <br /> or other Project-related materials, but if and only to the extent that City uses any such <br /> materials; plus <br /> (e) Any axnounts disbursed by the holder of any mortgage, d.eed of <br /> trust or other security instrument pernutted by this Agreement to the extent not already <br /> included in Sections 7.9.2(a)-(c}, above; less <br /> (fl Any gains or incame withdrawn or made by the Developer <br /> from the Site or the irnprovements thereon; and less <br /> (g) The amount of liens on the Site and any unpaid assessrnents <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 <br /> reasonably requested by a lender to modify or clarify the provisions of this option to <br /> re�urchase. <br /> E�ibit"F" <br /> Form OfNatice Of Agreement <br /> Page 7 <br /> 82483.00OD9175 7 1 3 1 2.10 <br />