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18 <br /> <br />Exhibit B <br /> <br />Permitted Encumbrances1. The Development Agreement contemplated by this Purchase <br />Agreement containing, among other things:1. A restrictive covenant that Buyer shall have <br />completed construction of an approved development, public and private infrastructure and <br />buildings pursuant to City approvals not later than December 31, 2022 for Phase 1. <br /> <br />2. In the event that Buyer has not substantially completed the Phase 1 improvements per plans <br />and development agreement approved by the City Council by December 31, 2022, then the City, <br />at its option, may no later than March 1, 2023 pay the Buyer an amount equal to 100% or actual <br />construction cost of all improvements actually constructed on the Phase 1Real Property for <br />development of the Real Property (“Repurchase Price”). <br /> <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 Phase 1Real Property to the City free and clear of liens and <br />encumbrances. <br /> <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 eighteen (18) months after the Second Phase Closing Date for Phase 2.. <br /> <br />5. In the event that Buyer has not substantially completed the improvements per plans and <br />development agreement approved by the City Council by eighteen (18) months after the Second <br />Phase Closing Date, then the City, at its option, may no later than twenty (20) months after the <br />Second Phase Closing Date pay the Buyer an amount equal 100% construction cost of all <br />improvements actually constructed on the Phase 2 Real Property (“the Phase 2 Repurchase <br />Price”). <br /> <br />6. Upon payment from the City to the Buyer of the Phase 2 Repurchase Price, the Buyer shall <br />deliver to City a Warranty Deed conveying the Phase 2Real Property to the City free and clear of <br />encumbrances. <br /> <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 as to the applicable Phase which may be <br />recorded as evidence that these restrictions are fully satisfied and of no further force and effect. <br /> <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 /> <br />9. Easements and encumbrances of record, except those to be relocated according to section 11 <br />of the Purchase Agreement. <br /> <br />10..Zoning approvals and regulations. <br /> <br /> <br />