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AGREEMENT • Section 1. Grant of Option. 1.1 Authority, for the non-refundable option price of Two Thousand Five Hundred Dollars ($2,500.00) (the "Option Payment"), receipt of which is 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, and the Option Payment(s) will be applied to the purchase price. Section 2. Option Period; Exercise of Option. 2.1 This option shall begin ten (10) days after 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. The first ten (10) days shall be considered a "study period" and the Option Payment will be refunded if Optionee notifies the Authority within the study period that it does not wish to pursue the option to purchase. This option shall expire thirty (30) days after the end of the study period. At Optionee's request, this option shall be extended for an additional thirty (30) days upon receipt of a non-refundable second option payment of Two Thousand Five Hundred Dollars ($2,500.00) to the Authority. Option payments will be credited against the purchase price. • 2.2 This option may be exercised at any time during either of the option periods by delivering to Authority the Purchase Agreement, duly executed on behalf of Optionee, together with payment of the Two Thousand Five Hundred Dollars ($2,500.00) 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 during either of the 30 -day option periods, 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 • Page 2