Agreement Termination—18 Months. In the event that Developer shall not have acquired 5.00 buildable acres (exclusive of detention areas or areas to be improved with public roadways) of the Village Property within the first 18 months after the date of this Agreement, and has not become obligated under this Agreement to construct the PEMA Facility, this Agreement shall terminate as of the date which is 18 months after the date of this Agreement, but Developer shall, notwithstanding such termination or any contrary provision of this Agreement, and not later than 60 days after the date of such termination, be obligated to compensate the Village at a price of $1.37 per square foot for each square foot or fraction thereof of the Village Property so acquired for any portion of the Village Property acquired prior to such termination, which obligation shall be deemed to survive any termination of this Agreement. Notwithstanding the foregoing, the parties acknowledge that the Developer shall have the right, upon written notice to the Village not less than 60 days prior to the date which is 18 months from the date of the Agreement, to request an extension of the initial term of this Agreement for another 18 months from the date of this Agreement, all upon the same terms and conditions of this Agreement as were applicable to the initial 18 month term of this Agreement. The corporate authorities of the Village shall retain the right to approve or deny the request for such an extension at their discretion.
