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Prepared May 19, 1997 hereby acknowledged, grants to Optionee, its successors and assigns, the exclusive option to purchase the Property. In the • event Optionee exercises this option to purchase the Property, the purchase shall be on the terms and conditions set forth in the Land Purchase and Development Agreement. Section 2. Option Period• Exercise of Option. 2.1 This option shall begin on the date this Agreement is either (a) approved by the City Council of the City of Charlottesville, Virginia; or (b) accepted by the Authority following waiver of City Council's opportunity to review and approve the Agreement as provided in Section 6 of this Agreement. This option shall expire sixty (60) days after it begins. 2.2 This option may be exercised at any time during the option period by delivering to Authority the Purchase Agreement, duly executed on behalf of Optionee, together with payment of the Twenty -Five Thousand Dollars ($25,000.00) earnest money deposit required pursuant to the provisions of Section 3.2 of the Purchase Agreement. Section 3. Failure to Exercise. 3.1 If Optionee fails to exercise this Option, the Option Payment(s) shall be retained by the Authority and neither party shall have any further rights or claims against the other by reason of this Agreement. 3.2 (Reserved). Section 4. Environmental Matters. 4.1 Upon request, Authority shall provide Optionee with a copy of all available environmental assessment studies and storm water engineering reports. Authority makes no representations or warranties, whether express or implied, concerning the absence of any "hazardous substances" (as define by the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. Section 9601 et sea., as amended) or "hazardous wastes" (as defined by the Resource Conservation Act, 15 U.S.C. Section 2601 et sea., as amended). 4.2 Upon receipt of the Authority's prior written consent, Optionee may, at its own expense, conduct additional environmental testing of the Property. Upon receipt of Authority's prior written consent, Optionee may also, at its own expense, enter upon the Property during the option period to make any test borings, drainage tests, surveys, engineering and architectural studies, and for other purposes, to ascertain the suitability of the Property for Optionee's purpose. Prior to the time Optionee • Page 2