Item A: Beam Development Purchase and Sale Agreement Terms

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has commenced, in which case Seller shall issue a Certificate of Commencement, pursuant to Section 13.5.3, or that construction has not commenced, in which case a certificate shall be not issued. CC;N. 13.5.1.2 Buyer shall OMPLETION OF ONSTRUCTION OTICE diligently pursue, through completion, redevelopment of the Property, which shall be consistent with this Agreement, the Plan and all applicable laws. Buyer shall provide Agency written notice immediately upon achieving Project Completion. CC–B 13.5.1.3 OMMENCEMENT OF ONSTRUCTION INDING CS. Buyer’s obligation to commence construction on or before ONDITION UBSEQUENT May 1, 2009 is a condition subsequent, which shall be binding on Buyer and Buyer’s assigns, successors and heirs and shall be recorded against the Property in the form of the covenants and restrictions included in the Deed. RR-E. 13.5.2 In the event Buyer fails to commence construction IGHT OF ENTRY on or before May 1, 2009 (or a later date if Buyer has requested an extension pursuant to Section 13.5.1), as set forth in this Section 13 and the Schedule of Performance, as evidenced by issuance of a Certificate of Commencement, Seller may pursue all available remedies, at law or in equity, including termination in favor of Seller of the title, and of all the rights and interest in the Property and all the title and rights and interest in the Property conveyed to Buyer and any assigns or successors in interest shall be reconveyed to Seller by Quit Claim Deed, pursuant to Section 14 and the Escrow Instructions for Quit Exhibit C Claim Deed in . CC. 13.5.3 A “Certificate of Commencement” ERTIFICATE OF OMMENCEMENT means a certificate to be issued by Seller to Buyer indicating Seller’s agreement that Buyer has commenced construction of the Project. The Certificate of Commencement shall provide for termination of the construction obligations established under this Agreement and a limitation of remedies of Seller as expressly provided for herein. FCC;S’R 13.5.4 ORM OF ERTIFICATE OF OMMENCEMENT ELLERS EFUSAL TO I. The Certificate of Commencement shall be in a form that can be recorded in the SSUE real property records of Lane County. At Buyer’s request, the Certificate of Commencement shall state that Seller’s right of re-entry is of no further force and effect. If Seller refuses or fails to provide a Certificate of Commencement in accordance with this Section 13, then Seller, within fifteen (15) days after written request by Buyer for such Certificate of Commencement, shall provide Buyer with a written statement indicating in detail how Buyer has failed to commence construction in accordance with the provisions of this Agreement or is otherwise in default and what measures or acts Buyer must take or perform to obtain such Certificate of Commencement. Upon receipt of such detailed statement from Seller, Buyer shall commence construction of the improvements and/or cure the alleged default in a manner responsive to the stated reasons for disapproval. Seller’s failure to furnish Buyer with such detailed written statement within such fifteen (15) day period shall be deemed Seller’s approval of Buyer’s request for the Certificate of Commencement. Page 19 - PURCHASE AND SALE AGREEMENT – DRAFT #3 (20 May 2008)