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AMENDMENT No. 1 • To Land Purchase and Development Agreement dated December 10, 1996 This Agreement Amendment is entered into between the CITY OF CHARLOTTESVILLE, VIRGINIA ("City"), and WRENSON CORPORATION ("Wrenson"), this day of June, 1997. As evidenced by their signatures below, for and in consideration of the mutual premises herein contained, the parties agree as follows: 1. The original agreement, dated December 10, 1996, between the parties is related to the purchase and development of a 25.6 acre site near Pen Park Lane. 2. The parties mutually agree that certain changes need to be made in the original agreement. 3. Those changes hereby accepted by both parties are as follows: (a) The second sentence of Section 4.1(a) is amended to change the anticipated closing date from February 1, 1998, to February 1, 1999. (b) Section 4.3(d) entitled "Suitability of Property" and Section 4.3(e) entitled "Financial Feasibility" are deleted and the following paragraphs substituted: • d. Suitability of Property. Buyer's obligation to Close is contingent upon Buyer being satisfied by June 15, 1998 that all aspects of the property are suitable for the residential development contemplated by Buyer, including, but not limited to, soil conditions, environmental conditions, topographic conditions, availability to the property of all utilities in sufficient capacity with appropriate recorded easements therefor, and access for ingress and egress to and from the Property and the public road system of the Commonwealth of Virginia. Unless Buyer notifies Seller in writing prior to June 15, 1998 that the Property is not suitable, Seller with justification may assume for purposes of this provision that the Property is "suitable" to Buyer and that Buyer is obligated to close. Buyer's obligation to Close is further contingent upon there being no adverse change in all such aspects of the property prior to Closing. In the event that there is such adverse change(s), then Buyer shall notify Seller in writing of such adverse change(s) and Seller shall have fifteen (15) days after receipt of such notice to inform Buyer, in writing, whether it will attempt to remedy such adverse change(s) prior to Closing. If Seller fails to remedy such adverse change(s) to Buyer's satisfaction, Buyer shall have the right to either waive such adverse change(s) or to terminate this Agreement. e. Financial Feasibility. Buyer's obligation to Close is contingent upon Buyer being satisfied by June 15, 1998 that the residential development contemplated by Buyer is economically viable and financially feasible from Buyer's standpoint. Unless Buyer notifies Seller in writing prior to June 15, 1998, that development of the • Property is not economically viable and financially feasible, Seller with justification