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(ii) The purchase price for the Bell Parcel shall be $54,264.75. Commencing on January 1, 2003 and on the first day of each month thereafter until the month of closing on this parcel, the purchase price shall increase by 1/1 th of 5%. These increases shall be calculated using simple, non- compounded interest. Section 2. Option - Purchase Aareement for Bell Parcel. Subsection 3.7(g) of the Contract is hereby deleted in its entirety and replaced with the following language: If the City has not acquired title to the Bell Parcel prior to the receipt of the Option Notice then, as part of the consideration for this Option and as a condition precedent to closing on the Option Property, the Redeveloper and the City shall execute a purchase agreement for the purchase by the Redeveloper of the Bell Parcel (the "Bell Parcel Purchase Agreement"). The Bell Parcel Purchase Agreement shall: (i) Incorporate the provisions of this Agreement applicable for the closing and conveyance of the Redevelopment property (but shall set forth closing timing provisions consistent with this Section 3.7); and (ii) Incorporate the purchase price provisions of Section 3.7(d) of this Agreement; and (Hi) Include as a condition precedent to closing that the City shall have acquired fee title to the Bell Parcel; and (iv) Provide that closing shall occur no later than sixty (60) days after the City has sent a notice to the Redeveloper that the City has acquired the Bell Parcel; and (v) Automatically expire if the City has not acquired fee title to the Bell Parcel within one hundred twenty (120) months of the date of the closing on the Option Property. Section 3. Aareement SUDercedes Contract. The terms and conditions contained in this First Amendment shall supercede any conflicting provisions contained in the Contract. Any provisions of the Contract not amended or