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• During the period between the execution of this Amendment and March 1, <br />2005 Purchaser may use the Property as a paid hourly/monthly parking lot. <br />The parties agree that the continued use of the property as a parking lot is <br />intended to be temporary in nature, and does not relieve Purchaser from <br />his development obligations as set forth in the agreement of January 3, <br />2001, as amended herein. Use of the property for paid hourly or monthly <br />parking after the date of March 1, 2005 shall require the prior approval of <br />the Charlottesville City Council. <br />At the conclusion of each six (6) month period following the execution of <br />this Contract Amendment Purchaser shall submit a progress, report. stating <br />whether the development is on schedule, and stating the reasons for any <br />anticipated delays. <br />(2) All other terms and conditions of the Contract dated January 3, 2001 <br />shall remain in full force and effect. For purposes of clarification, the parties <br />agree that Paragraph VII. (E) of the Contract, prohibiting the transfer or <br />assignment of any rights or obligations under the Contract by anyone having an <br />interest therein, without the advance written consent of all other persons or entities <br />having an interest in the Contract, shall include the sale, transfer or assignment of <br />• any ownership interest in Water Street, LLC. <br />WITNESS the following authorized signatures: <br />PURCHASER: <br />WATER STREET, LLC <br />Title: <br />Date: <br />SELLER: <br />CITY OF CAHRLOTTESVILLE, VIRGINIA <br />Title: <br />0 <br />Date: <br />