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Exhibit C <br />Permitted Encumbrances <br />1. A restrictive covenant that Buyer shall have completed construction of an approved <br />development, public and private infrastructure and buildings pursuant to City approvals not later <br />than December 31, 2020 for Phase 1. <br />2. In the event that Buyer has not completed the improvement s by December 31, 2020, then the <br />City, at its option, may pay the Buyer the sum of $1.00 ("Repurchase Price"). <br />3. Upon payment from the City to the Buyer of the Repurchase Price, the Buyer shall deliver to <br />City a Warranty Deed conveying the Real Property to the City free and clear of encumbrances. <br />4. A restrictive covenant that Buyer shall have completed construction of an approved <br />development, public and private infrastructure and buildings pursuant to City approvals not later <br />than December 31, 2021 for Phase 2. <br />5. In the event that Buyer has not completed the improvement s by December 31, 2021, then the <br />City, at its option, may pay the Buyer the sum of $1.00 ("Repurchase Price"). <br />6. Upon payment from the City to the Buyer of the Repurchase Price, the Buyer shall deliver to <br />City a Warranty Deed conveying the Real Property to the City free and clear of encumbrances. <br />7.Upon final approval from the City of the completion of the improvements, City shall execute <br />and deliver to Buyer a waiver of these deed restrictions which may be recorded as evidence that <br />these restrictions are fully satisfied and of no further force and effect. <br />8. The Real Property and the rights and liabilities created under these deed restrictions may not <br />be assigned by Buyer without express written approval of City. Any assignment which is not so <br />approved before these restrictions are removed or without City approval shall be void and of no <br />effect. <br />9. Buyer agrees to pay all costs and disbursements including reasonable attorney's fees incurred <br />by the City in any litigation arising out of or relating to these deed restrictions. <br />10. Easements and encumbrances of record. Zoning approvals and regulations. <br />