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Article III –Status of Development Property: Existing <br />Encumbrances and Conditions; Conditions of Conveyance <br />•Master Developer acquires property in 5 phases @ min. <br />strike price of $62.7M <br />•Master Developer & County share in land sales (32/68) <br />•If above strike price, Master Developer & County (40/60) <br />•Master developer (or vertical developer) must: <br />•Obtain building permit within 9 mos. of land purchase <br />•Begin vertical construction within 11 months of land purchase <br />•Parcels after Phase 1 will be sold based on: <br />•Predetermined schedule <br />•Market demand <br />•Developer performance <br />8