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construction of such approved plans, as the same may be modified from time to time by Buyer with the approval of the Director Neighborhood Development and Planning. Any such approvals from the Director shall not be unreasonably withheld is or delayed. It is the intent of both parties that all of the Property, as defined herein, be conveyed by the City to the Buyer. If Parcels D-1, D-2 and E-1 are sold and conveyed by the City to the Buyer pursuant to the provisions of this Section 7.8 and, for any reason, the sale of Parcel C-1 and Parcel B by the City to the Buyer does not occur, the Buyer agrees to pay the City additional compensation in the amount of $6,000 for the three parcels conveyed. The $6,000 additional payment shall be made within thirty (30) days after receipt by the Buyer of City's written request for such payment. follows: 3. The controlling dates set forth in the Agreement are hereby modified as (e) Submission of PUD development plan (Section 4) is hereby changed from May 15, 2001 to September 15, 2001; and (f) Closing (Section 4) shall be held within sixty (60) days after all necessary final site plan, PUD and subdivision approvals have been obtained from the City, the remediation work described in Section 7.6 has been completed and the certification of satisfactory completion of remediation described in Section 7.6 has been received. • 4. Upon execution of this Addendum by both parties, Buyer's right to terminate the Agreement contained in Section 7.5 of the Agreement shall be deemed to have been waived, and the Agreement (as modified by this Addendum) shall remain in full force and effect. 5. The second paragraph of Section 8.1(b) of the Agreement is hereby deleted in its entirety. WITNESS the following duly authorized signatures. Seller: Buyer: CITY OF CHARLOTTESVILLE, BELMONT COMMONS, L.L.C. VIRGINIA By: Stonehaus Development, Manager Lo 0 Gary B. O'Connell, City Manager Page 4 of 4 Robert H. Hauser, President