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"The Agency may acquire but is not required to acquire, any real property located in the Project Area, by gift, devise, exchange, purchase, eminent domain or any other lawful method. "It is in the public interest and is necessary in order to eliminate the conditions requiring redevelopment and in order to execute this Plan, for the power of eminent domain to be employed by the Agency to acquire real property in the Project Area. "No eminent domain proceeding to acquire property within the Project Area shall be commenced after twelve (12) years following the effective date of the ordinance approving and adopting the First Amendment to this Plan. The Agency acknowledges it has exempted certain properties in the Project Area from eminent domain by adoption of Resolutions No. 84-2, 82-73, 82-74, 82-75, 82-76, 82-77, 82-78, and 82- 87. [As amended by Ord. No. NS-2256 on 7/17/95.] "To the extent permitted and in the manner required by law, the Agency may declare specific property within the Project Area to be exempt from acquisition by eminent domain under this Plan. The Agency shall have no power of eminent domain as to property so designated, unless this Plan is thereafter amended to expressly make the property subject to acquisition by eminent domain. "The Agency shall not acquire interests in oil, gas, or other mineral or hydrocarbon substances of any kind or character within the Project Area, except to preclude the right to explore for, produce or extract such substances through any opening or penetration for any purpose connected therewith within 500 feet from the surface of any property in the Project Area. "The Agency shall not acquire real property to be retained by an owner pursuant to a participation agreement if the owner fully performs under the agreement. The Agency is authorized to acquire structures without acquiring the land upon which those structures are located. The Agency is also authorized to acquire any other interest in real property less than a fee. "The Agency shall not acquire real property on which an existing building is to be continued on its present site and in its present form and use without the consent of the owner, unless (1) such building requires structural alterations, improvement, modernization, or rehabilitation, or (2) the site or lot on which the building is situated requires modification in size, shape, or use, or (3) it is necessary to impose upon such property any of the standards, restrictions and controls of this Plan and the owner fails or refuses to participate in the Plan by executing a participation agreement." By Resolution No. 84-2, adopted on February 27, 1984, the Agency exempted the following property from acquisition by eminent domain for the duration of the South Main Redevelopment Plan or any amendment or extension thereof: (a) the properties of Gerald Peebler located at 203-205 So. Main, 112, 114, 116, 118 and 120 E. Walnut, and 202-206 So. Cypress; (b) the property of John Ralph Albert located at 917,919 and 919-1/2 So. Sycamore, 1024, 1026, 1026-1/2 and 1026A South Main Street; and (c) all Ordinance No. NS-2749 Page 2 of 4