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DEVELOPMENT AGREEMENT <br />THIS AGREEMENT is made by and between Mayfield Village, a municipal <br />corporation and a political subdivision of the State of Ohio, having an address at 6622 <br />Wilson Mills Road, Mayfield Village, Ohio 44143 ("Village") and Weston Inc. having an <br />address at 29300 Aurora Road, Solon, Ohio, 44139 ("Weston "). <br />WHEREAS, Weston and the Village enter into this development agreement with <br />the purpose of facilitating the purchase of the property whose street address is 600 <br />Beta Drive, permanent parcel number 831-15-002, ("Property"), and <br />WHEREAS, Weston intends to renovate and lease the facilities located at 600 <br />Beta Drive and construct other improvements on the Property (collectively the <br />"Development"), and <br />WHEREAS, the Village wishes to facilitate the purchase, renovation and leasing <br />of the property and facilities at 600 Beta Drive; and <br />WHEREAS, the Village is eligible to apply for a loan from the Commercial <br />Redevelopment Fund ("CRF") from the Cuyahoga County Commissioners through the <br />Cuyahoga County Department of Development, <br />WHEREAS, the terms of the loan are favorable with an interest rate below <br />current market rates. <br />NOW, THEREFORE, Weston and the Village hereby agree as follows: <br />1. PURCHASE OF PROPERTY <br />Promptly following execution of this Agreement, Weston will make a good faith <br />effort to purchase the property at 600 Beta Drive. In the event that Weston <br />makes a good faith effort and is unable to purchase the property, this <br />development agreement will be null and void. <br />EXHIBIT "A" <br />Page 1 of 13 <br />