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• Prepared February 23, 1999 AMENDMENT TO LAND DEVELOPMENT AND PURCHASE AGREEMENT DATED MARCH 24, 1998 This Amendment is entered into between the CHARLOTTESVILLE INDUSTRIAL DEVELOPMENT AUTHORITY ("Authority"), and PIEDMONT BUILDING & DEVELOPMENT CORPORATION ("Piedmont'), on this 1 s` day of March, 1999. As evidenced by their signatures below, for and in consideration of the mutual premises herein contained, the parties agree as follows: 1. The original LAND PURCHASE AND DEVELOPMENT AGREEMENT, dated March 24, 1998 (hereinafter "Purchase Agreement'), between the parties is related to the purchase and development of two parcels designated as CSX Parcels A-2.1.1 and A-2.1.2 on East Market Street. 2. Closing was to have occurred on January 6, 1999, according to provisions of the Purchase Agreement; but did not take place on that date because Piedmont had not arranged satisfactory financing. 3. Negotiations between the parties initially failed to save the transaction and by letter of the • Authority's counsel dated January 21, 1999, the Authority offered Piedmont a new closing date of March 15, 1999, along with a deposit deadline expiring 10 days after the January 21" letter. 4. In lieu of finalizing the last described offer, the parties hereby agree to and do amend the the Purchase Agreement in the following manner: (a) With the signing of this Amendment, Piedmont agrees to deposit with Authority $10,000 and, on or before April 1, 1999, Piedmont agrees to make a second deposit with Authority of another $90,000. A deposit of $15,000 has previously been made with the Authority. (b) Piedmont also agrees that it will pay interest to the Authority on the balance of the "Net Purchase Price" - $285,000 at the rate of 8% per annum compounded annually with such interest being due and payable at closing or on March 1, 2001, whichever first occurs. Such interest shall begin to accrue March 1, 1999. "Net Purchase Price" has been computed solely for purposes of this subparagraph by deducting from the contract purchase price of $425,000, the above described deposits and the real estate commission which will be owed by the Authority at closing. (c) In exchange for the new deposits aggregating $100,000 and the other promises contained herein, the Authority agrees to a new closing date of March 1, 2001. Both parties agree that with regard to this new closing date, time is of the essence. (d) The Authority also agrees that Piedmont has the right to exercise an option at any time • on or before the March 1, 2001, closing date of either: