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0 OPTION AND PURCHASE AGREEMENT THIS PURCHASE AGREEMENT is made as of the _ day of 2007 ("Effective Date"), by and between THE CITY OF CHARLOTTESVILLE, VIRGINIA ("Seller"), and JEFFERSON SCHOOL COMMUNITY PARTNERSHIP, L.L.L.P. ("L.L.L.P."), a Virginia limited liability limited partnership, and its permitted assigns as set forth herein (the "Purchaser"). WITNESSETH: In consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 1. Definitions. The capitalized terms contained in this Agreement shall have the meanings set forth below unless the context otherwise requires: "Agreement" means this Purchase Agreement between Seller and Purchaser. "Closing" means the consummation of the sale of the Property to Purchaser as set forth in Paragraph 5 by delivery of a deed to the property to Purchaser and the payment of the Purchase Price to Seller in accordance with the terms of this Purchase Agreement. • "Effective Date " means the date on which this Agreement, having been executed by Purchaser, is executed by Seller and delivered to Purchaser, which date shall be inserted in the first paragraph hereof. "Property" means the real property and all improvements located thereon located in the City of Charlottesville, Virginia, known as the Jefferson School site, identified on City Real Property Tax Map 32 as Parcel 89. "L.L.L.P." means Jefferson School Community Partnership, L.L.L.P., a Virginia limited liability limited partnership. "Project" means the rehabilitation of the Property in accordance with the terms of this Agreement. "Purchase Price" shall mean the amount set forth in Paragraph 3 of this Agreement. "Purchaser" means L.L.L.P. "Seller" means the City of Charlottesville, Virginia. "Termination Date" means a date twelve months from the Effective Date. 2. Option for Sale and Purchase of Property. Seller hereby grants to . Purchaser an option to purchase the Property, "AS IS" and "WHERE IS". The Purchaser 0