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AGREEMENT • Section 1. Development Plan. 1.1 Buyer represents that the Property will be developed as residential, office and commercial space. 1.2 Buyer shall submit to Authority for its approval its proposed site plan for the development of the Property within twenty (20) days of execution of this Agreement and before such site plan is submitted to the City of Charlottesville Planning Department. Such proposed development shall contain not less than 25,000 square feet of building space. Authority's approval will not be unreasonably delayed or withheld. Buyer shall, on the second Tuesday of each month, provide Authority with such progress reports as Authority may reasonably require. 1.3 Authority and City Council shall have the right to review any and all working drawings with respect to any improvements (including landscape, site plan, exterior elevations, materials, color scheme, and signage) to be erected on the Property. At least thirty (30) days prior to commencement of construction, such plans and specifications shall be submitted simultaneously to Authority and City Council for review and comment. To assist building plan reviews, the Urban Design Committee will provide each body with an advisory opinion on whether those plans conform to the City's Urban Design Guidelines. No construction shall commence until Authority and City Council shall have approved such plans and specifications, but such approval shall not be • unreasonably delayed or withheld. 1.4 All construction required or permitted to be performed by or on behalf of Buyer hereunder shall be performed in a first-class manner using materials and fixtures of good quality. 1.5 Buyer agrees to commence development of the Property, as soon after the Closing referred to in Section 4 as is commercially feasible unless Authority gives its prior written consent to a delay. 1.6 Nothing contained herein, and no action of Authority in approving or failing to approve any plans or specifications, shall be deemed or construed as making any party a partner or joint venturer with any other party or create a principal -agent relationship or any other relationship except that of seller and buyer. Section 2. Land Purchase. Authority agrees to sell and Buyer agrees to purchase the Property, together with all improvements, easements, and appurtenances thereunto belonging, upon the terms, conditions, and provisions set forth in this Agreement. Section 3. Purchase Price. 3.1 The purchase price ("Purchase Price") for the Property shall be Four Hundred Twenty Five Thousand Dollars ($425,000.00). Page 2