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7.3.B. - Page 15 <br /> If the Developer is in default with respect to any provision of this <br /> Agreement after Notice to the Developer and the expiration of the applicable cure period set <br /> forth in this Agreement, the City may, but shall have no obligation to, use the Deposit or any <br /> portion of the Deposit to cure such default or to compensate the City for any expense incurred by <br /> the City to cure such default. <br /> b. If this Agreement shall not have been theretofore cancelled or terminated, <br /> or the Deposit shall not have been returned to the Developer, the Deposit shall be used, disbursed <br /> and credited as follows: <br /> 1. The Deposit shall be used by the City to pay for costs incurred by <br /> the City after the date of this Agreement and from time to time prior to the Close of Escrow, in <br /> connection with the City's implementation of this Agreement, including, but not limited to, <br /> compliance with requests made under the Public Records Act (Gov. Code §6250 et seq.), <br /> provided, however, in no event shall the Deposit or Developer be required to pay any costs <br /> related to an actual or alleged default under this Agreement by City. <br /> 2. On a monthly basis, or more frequently if required based on the <br /> amount or number of expenses, the City shall provide Developer with an accounting of each cost <br /> item incurred by the City and paid for with the Deposit funds, together with copies of paid <br /> invoices or other documentation or description reasonably satisfactory to the Developer to <br /> evidence such costs. <br /> 200. DISPOSITION OF THE CITY PROPERTY <br /> 201. Sale and Purchase; Community Benefit Payment <br /> In accordance with and subject to all the terms, covenants and conditions of this <br /> Agreement, the City agrees to sell, and the Developer agrees to purchase for development, the <br /> City Property for the purchase price of THREE MILLION FIVE HUNDRED NINETY <br /> THOUSAND DOLLARS ($3,590,000.00) (the "Purchase Price ") which the parties acknowledge <br /> and agree is equal to or exceeds the fair market value of the City Property, as established prior to <br /> the Effective Date, by an appraisal of such fair market value prepared by a licensed MAI <br /> appraiser selected and retained by the City. <br /> The Developer shall, prior to or concurrently with the execution of this <br /> Agreement by the City, pay to the City the nonrefundable sum of ONE THOUSAND DOLLARS <br /> ($1,000.00) (the "Independent Consideration ") as separate and independent consideration for the <br /> City's execution of this Agreement, which shall not be applied against the Purchase Price. In <br /> addition, the Developer shall, not later than five (5) business days following the execution of this <br /> Agreement by the City, deposit into the Escrow (as defined in Section 202) the sum of THREE <br /> HUNDRED FIFTY -NINE THOUSAND DOLLARS ($359,000.00) (the "Down Payment ") as a <br /> deposit and down payment toward the Purchase Price. The Down Payment shall be applied <br /> against the Purchase Price at the Close of Escrow. In the event of termination by the City under <br /> Section 406.2, pursuant to which the City is entitled to Liquidated Damages, the Independent <br /> Consideration and any applicable portion of the Down Payment, as specified in Section 406.2, <br /> ATTY /AGR /2014.197/RDW GREYSTAR PDA <br /> REV: 10 -01 -14 PT & VR <br /> 82483.00017\9102745.13 4 <br />