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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 Property <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 />such period as the Landlord may specify to the effect that the Development <br />may be used only for residential housing purposes available for occupancy by <br />persons 62 years of age and older, and (iii) any liens and encumbrances created <br />511 <br />