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<br />circumstances. Ultimately, if the development proposal is deemed acceptable to the City Entities <br /> <br />in their sole discretion, the parties shall then negotiate and enter into a legally binding <br /> <br />development agreement that will provide for development of the Property by Lincoln pursuant to <br /> <br />the development proposal. <br /> <br />7. Period of this agreement. This agreement shall be effective immediately, and it shall <br /> <br />remain in effect until either (a) the development proposal has been accepted by the City Entities <br /> <br />and the parties have entered into a legally binding development agreement; or (b) the <br /> <br />development proposal has been rejected by the City Entities. Notwithstanding the foregoing, if <br /> <br />Lincoln does not present a detailed development proposal on or before January 31,2012, then the <br /> <br />City Entities shall have the right to terminate this agreement at any time. Once this agreement is <br /> <br />terminated, all rights and duties created hereunder shall be extinguished and shall be of no further <br /> <br />force or effect. <br /> <br />WITNESS the following signatures: <br /> <br />[Signatures appear on next page] <br /> <br />LINCOLN PROPERTY COMPANY SOUTHWEST, <br />INC. <br /> <br />By <br />Name: <br />Title: <br /> <br />PORTSMOUTH REDEVELOPMENT AND <br />HOUSING AUTHORITY <br /> <br />By <br />Name: <br />Title: <br /> <br />GREATER PORTSMOUTH DEVELOPMENT <br />CORPORATION <br /> <br />-4- <br />