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WHEREAS, the Developer has purchased certain parcels of property in the TIF District, which parcels are more particularly described on Exhibit "A" which is attached hereto and made a part hereof (hereinafter collectively referred as the "Property"), and Developer intends to develop said Property in accordance with the Plan and this Agreement; and WHEREAS, the City and the Commission feel that the construction of a shopping center on the Property in accordance with the Proposal would be in the best interests of the City; and WHEREAS, the City and the Commission desire to assist in the development of the Property'and'in connection therewith, the City has agreed to issue a Tax Increment Anticipation Note and the Commission has agreed to purchase property adjacent to the Property from Developer, which portion Developers owns but does not need to use as part of the shopping center to be constructed by Developer in order to effectuate the Plan and the public purposes served thereby, which adjacent property is legally described on Exhibit B hereto; and WHEREAS, the Commission believes that the development of the Property as a commercial shopping center and the acquisition of certain property adjacent thereto, and the,agreement by Developer to maintain the property so acquired pursuant to this Agreement, and the fulfillment generally of the Agreement, are in the vital and best interests of the City, and the health, safety and welfare of its residents, and in accord with the public purposes specified in the Plan; NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, including, without limitation, the Developer's obligations to construct the shopping center and to maintain the property acquired hereunder in accordance herewith, each of them does hereby covenant and agree with the other as follows: Sectional. AGreement to Purchase Acquired Property. Subject to the terms and conditions of this Agreement, Developer agrees to sell and Commission agrees to purchase all of Developer's right, title and interest in and to the real property legally described on Exhibit B, together with any and all buildings, attachments, improvements, easements and hereditaments and appurtenances thereto (hereinafter sometimes called the "Acquired Property"). The "Closing Date" shall be on or before December 31, 1990 and shall take place in the offices of a title insurance company selected by Commission (the "Title Company") or such other place and time upon which the parties may mutually agree (the "Closing.). The total purchase price for the Acquired Property shall be One Hundred Sixty-Five Thousand Dollars ($165,000.00) plus all expenses of the City and the Commission as STL-6313 - 2 -