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• <br /> 5. Term. <br /> a. The EDA shall have the exclusive right to market or purchase the Property for <br /> twenty four(24) months from the date of this Agreement (the"First Term"). If at <br /> the end of the First Term, no Purchase Agreement has been executed or no part of <br /> the Property has been sold to either the EDA or a third party, either party has the <br /> option to terminate this Agreement. If at the end of the First Term, any part of the <br /> Property has been previously sold, then this Agreement shall be automatically <br /> renewed for another twelve(12) month term(the"Second Term"). If at the end of <br /> the Second Term, any additional part of the Property has been sold, this <br /> Agreement shall be automatically renewed for another twelve (12) month term. <br /> This Agreement shall be continually renewed for a term of twelve (12) months <br /> until all of the Property is sold, so long as one lot is sold in each such term. If <br /> more than one lot is sold in any twelve month term, the excess sale(s) may be <br /> carried over to the next term(s)with no limitations (i.e. if two lots are sold within <br /> twelve months, this Agreement shall be automatically extended for two years). <br /> 6. Termination. This Agreement shall terminate automatically if no buyer has begun <br /> construction on the Property, including preparation of the soils, by July 15, 2000. The <br /> parties may agree to extend the term of this Agreement by a writing evidencing such <br /> extension signed by both the EDA and the Owner. <br /> 7. Parties' Rights Upon Termination. Upon termination of this Agreement neither party shall <br /> be liable for damages hereunder to the other and each party shall be responsible for its <br /> own debts and obligations. <br /> 8. Additional Provisions. <br /> a. Brokers. <br /> i. Owner and EDA represent and warrant that no broker brought about this <br /> Agreement. Owner and EDA agree that should any claim be made for <br /> commissions, finder's fees or similar charges as a result of the acts of <br /> Owner with respect to this Agreement or any Purchase Agreement, Owner <br /> will indemnify, defend and hold the EDA free and harmless from any and <br /> all liabilities and expenses in connection therewith. <br /> ii. If a buyer of any part of the Property is represented by a broker, Owner <br /> shall pay a fee charged by buyer's broker up to a maximum of four percent <br /> (4%) of the purchase price. <br /> b. Assignment. Neither party may assign its rights under this Agreement without the <br /> prior written consent of the other. <br /> Phi11A 532765.3 4 <br />