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(1) Tenant shall give Landlord not less than thirty (30) days prior <br />written notice exercising its ri^t to purchase the Development <br />Property. <br />(2) the closing shall take place on a mutually convenient date at the <br />principal ofllcc of Landlord or such other location as the parties agree. <br />(3) the purchase price for the Landlord ’s entire interest in the <br />Development Property shall be One Dollar (S1.00), <br />(4) at closing. Landlord shall convey fee title in the Development <br />Property to Tenant by quit claim deed, assignments and other <br />appropriate instruments of conveyance, such conveyance to be subject <br />only to (i) the Permitted Encumbrances, (ii) at Landlord's option, a <br />restriction auining with the land for such period as the Landlord may <br />specify to the effect that the Development may be used only for <br />residential housing purposes available for occupancy by persons 62 <br />years of age and older, and (iii) any liens and encumbrances created or <br />consented to by Tenant or arising from the failure of Tenant to perform <br />or observ e by its agreements under this Lease, <br />(5) this Lease shall automatically terminate on closing. <br />(6) Tenant shall reimburse Landlord for all reasonable out of pocket <br />costs and expenses incurred by Landlord in connection with the <br />conveyance. <br />2.6 Title to Improvements. Title to the Improvements hereafter erected or <br />located on the Development Property by or on behalf of the Tenant shall remain the <br />property of Tenant, except that if (1) Tenant does not purchase the Development <br />Property pursuant to Section 2.5 of this Lease, all Improvements located on the <br />Development Property on the Termination Date shall become the property of <br />Landlord, or (2) Landlord terminates this Lease pursuant to Section 9.2( I) hereof, <br />then Landlord may repossess the Development, as provided in said Section 9.2( I). <br />ARTICLE 3 <br />RENT <br />3.1 Rent. Tenant shall pay Rent to Landlord on <br />year until the Termination Date in the amount of SI. <br />of each calendar <br />3.2 Net Lease. It is the intention and purpose of Landlord and Tenant that <br />this Lease shall be a "Net Lease” to Landlord. All costs and expenses of whatever <br />character or kind, general and special, ordinary and extraordinary, foreseeable or <br />i