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II :: <br />IDI;�:IIt1f11�B <br />RESTRICTIONS TO BE SET FORTH IN DEED <br />Grantee, on behalf of itself and all future owners and occupants of the Property, hereby waives and <br />releases Grantor's Parties (as hereinafter defined) from any claims for recovery of costs associated <br />with conduct of any voluntary action or any remedial responses, corrective action or closure under <br />any applicable federal, state or local environmental laws ( "Environmental Laws "). For purposes of <br />this provision, the term " Environnental Laws" shall include, without limitation, CERCLA and the <br />Resource Conservation and Recovery Act ( "RCRA "), 42 U.S.C. § 6901 et seq., as amended from <br />time to time; and any similar federal, state and local laws and ordinances and the regulations and <br />rules implementing such statutes, laws and ordinances, and any similar federal, state and local laws <br />and ordinances and the regulations and rules implementing such statutes, laws and ordinances. The <br />foregoing waiver and release shall be binding upon all future owners and occupants of the Property. <br />2. The Property shall not be used as a theatre, supermarket, bowling alley, billiard parlor, night club or <br />any other business serving or selling alcoholic beverages (except that restaurants may serve alcoholic <br />beverages as an ancillary part of their business), funeral parlor, automobile dealership, skating rink, <br />adult bookstore or establishment selling, exhibiting or distributing pornographic or obscene materials, <br />massage parlor, so- called "head shop," unsupervised amusement arcade or game room, body and <br />fender shop or off -track betting parlor. <br />3. Following the demolition of McKinley Elementary School, the initial Improvements to be <br />constructed on the Property (the "Improvements ") shall be primarily a residential development and <br />shall not be subject to any tax abatement or deferral ( "Permitted Use "). <br />4. Prior to the construction of the initial Improvements on the Property, the party or parties constructing <br />the initial Improvements shall submit to Grantor a site plan and building layout in cormection with <br />the initial Improvements to be constructed on the Property for the review and written approval of the <br />Grantor, which review and approval shall not be unreasonably withheld, conditioned or delayed by <br />Grantor. <br />REPURCHASE RIGHT TO BE SET FORTH IN DEED <br />Right to Repurchase. The Property and any and all rights and interests appurtenant thereto are subject <br />to the Right to Repurchase (as defined herein) held by Grantor, its successors and assigns, on the following <br />terms and conditions: <br />(a) Grantor has reserved and does hereby reserve unto itself, its successors and assigns, <br />and Grantee does hereby grant and convey to Grantor, its successors and assigns, the right and option, but not <br />the obligation, to repurchase the Property from Grantee (hereinafter referred to as the "Right to <br />Repurchase "), for the Repurchase Price (as hereinafter defined) and on the other terms and conditions hereof <br />if Grantee fails to transfer the Property to a third -party for the construction of the initial Improvements on or <br />before the expiration of the twenty- fourth (24'x) full calendar month after the date of the Closing (for purposes <br />of the Right to Repurchase set forth in this Deed the date of Closing shall be deemed the date of this Deed) <br />(hereinafter referred to as the "Commencement Deadline "); provided, however, that in the event of Acts of <br />God, strikes, terrorism, war, unavailability of materials or any other cause outside the reasonable control of <br />