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(1) "Exhibit A" - Legal Description of the Development Property <br /> (2) "Exhibit B" - Permitted Encumbrances <br /> ARTICLE 2 <br /> LEASE AND TERM <br /> 2.1 Grant. Upon the terms and conditions of this Lease, Landlord demises and <br /> leases the Development Property to Tenant and Tenant leases and accepts the Development <br /> Property from Landlord subject to the Permitted Encumbrances. <br /> 2.2 Covenants. Landlord covenants to observe and perform all of the covenants <br /> and conditions to be observed and performed by Landlord under this Lease. Tenant <br /> covenants to pay the Rent when due under this Lease and to observe and perform all of the <br /> terms and conditions and covenants to be observed and performed by Tenant under this <br /> Lease. <br /> 2.3 Quiet Enjoyment. Landlord covenants that Tenant, on paying the Rent, shall <br /> peacefully have, hold and enjoy the Development Property subject to the terms of this Lease, <br /> subject only to the Permitted Encumbrances. <br /> 2.4 Term. The term of this Lease commences on the Commencement Date and <br /> expires at 11:59 p.m. on the Termination Date, unless terminated earlier as provided in this <br /> Lease. <br /> 2.5 Purchase of Development Property. On the Termination Date, if there is no <br /> uncured Event of Default by Tenant under this Lease at the time of exercise, Tenant may <br /> purchase the Landlord's entire interest in the Development Property on the following <br /> conditions: <br /> (1) Tenant shall give Landlord not less than thirty (30) days prior written <br /> notice exercising its right to purchase the Development Property, <br /> (2) the closing shall take place on a mutually convenient date at the <br /> principal office of Landlord or such other location as the parties agree, <br /> (3) the purchase price for the Landlord's entire interest in the Development <br /> Property shall be One Dollar ($1.00), <br /> (4) at closing, Landlord shall convey fee title in the Development Proper ty <br /> to Tenant by quit claim deed, assignments and other appropriate instruments of <br /> conveyance, such conveyance to be subject only to (i) the Permitted <br /> Encumbrances, (ii) at Landlord's option, a restriction running with the land for <br /> -5- <br />