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THIS ADDENDUM TO LAND PURCHASE AND DEVELOPMENT AGREEMENT is made as of May , 2001, by and between the CITY OF • CHARLOTTESVILLE, VIRGINIA ("City"), and BELMONT COMMONS, L.L.C., a Virginia limited liability company ("Buyer"). RECITALS A. City and Buyer entered into a Land Purchase and Development Agreement dated December 10, 2000 (the "Agreement"), for the sale and development of certain property (the "Property") more fully described in the Agreement. B. Pursuant to the provisions of Section 7.5 of the Agreement, Buyer's obligations under the Agreement were contingent for 60 days upon its satisfaction with the results of its feasibility studies for the development of the Property; Buyer had the option to extend such study period for an additional 30 -day period, which option Buyer exercised by payment of its non- refundable $2,000 option payment on February 9, 2001. Buyer notified City by letter dated March 13, 2001, that the environmental component of the feasibility studies disclosed conditions which render development of the Property as outlined in the Agreement unacceptable to Buyer, and Buyer notified City of its election to terminate the Agreement unless certain modifications are made to the Agreement. C. The parties desire to modify the Agreement in order to address Buyer's concerns about the environmental conditions on the Property, and to reinstate the Agreement as modified by this Addendum. • AGREEMENT Now, therefore, in consideration of the mutual agreements of the parties contained in this Addendum, the parties agree as follows: 1. The Property as defined in the Agreement shall be deemed to exclude the eastern 1.168 acre parcel (the "Retained Parcel") identified as "1.168 Acres to be retained by the Seller" on the survey dated March 29, 2001, prepared by WW Associates, Inc., attached hereto as Exhibit A. The parties acknowledge and agree that the Purchase Price described in the Agreement shall remain unchanged even though the total acreage to be conveyed is hereby diminished. 2. The Agreement is hereby modified by inserting the following new Sections 7.6, 7.7, and 7.8: 7.6.1 Within 45 days following final execution of this Addendum, (a) the City shall enroll the Property and the Retained Parcel in the Voluntary Remediation Program ("VRP") administered by the Virginia Department of Environmental Quality, in order to determine the extent of the remediation required with respect to the conditions identified in Section 7.6.2 (a) and (b); and (b) Buyer shall enter into Page 1 of 4