RecDoc 2015-093310 REDWOOD CITY JEFFERSON LLC_IA_08172015_103 Wilson

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and the Work and shall be allowed to examine the Work and all materials used and to be used in the Work. 10. City Costs; Deposit. Developer shall pay to City the actual cost for all engineering, inspection, administration, plan check, laboratory and field testing, construction, and other services furnished by City in connection with this Agreement, including those performed by consultants under contract with City ("City Costs"). Developer shall deposit with City the sum of Fifty-Three Thousand and No/100 Dollars ($53,000.00) ("Deposit") to compensate City for all City Costs. Developer understands that the Deposit is an estimate and further agrees to pay to City the actual cost of providing such services, in accordance with the City's current fees. Developer agrees to complete payment of such additional sum or sums for the services provided by City, if any, within ten (10) days after billing by City of the additional sum to be paid. Developer acknowledges that late payment by Developer to City of any additional sums owed will cause City to incur costs not contemplated by this Agreement, the exact amount of such costs being extremely difficult and impracticable to fix. Such costs include processing and accounting charges. Therefore, if any delinquent sum due from Developer is not received by City when due, Developer shall pay to City an additional sum equal to 10% of such overdue amount as a late charge. The parties agree that this late charge represents a fair and reasonable estimate of the administrative and other costs that City will incur by reason of late payment by Developer. Acceptance of any late charge shall not constitute a waiver of Developer's default with respect to the overdue amount, nor prevent City from exercising any of the other rights and remedies available to City. Any part of the Deposit or such additional sum or sums not utilized by City shall be returned promptly to Developer. 11 . Completion of Work. After Developer (a) completes the Work in accordance with the Improvement Plans and the terms and conditions of this Agreement, (b) repairs any private or public property damaged as a result of the Work or pays the full cost of such repair to the owner whose property was damaged and (c) obtains the written acceptance of such repair or payment from any owner whose private property was repaired by Developer or to whom Developer paid the full cost of such repair, Developer will provide City with a written notice of completion, together with copies of all written acceptances. 12. Transportation Impact Fee Credit. 12. 1 Pursuant to Redwood City Code section 18.248, Developer is required to pay Transportation Impact Fees to mitigate the Project's impact on traffic conditions in the City. Redwood City Code section 18.249 describes the calculation of the Transportation Impact Fee. 12.2 Developer, as a condition of approval for the Project, is required to construct and install the TIF Eligible Improvements. In consideration for Developer's agreement to construct and install such TIF Eligible Improvements, Developer, subject to the terms of this Section 12, will be entitled to a partial credit against the Transportation Impact Fees otherwise due in connection with the Project. 12.3 Developer shall receive a provisional transportation impact fee credit of thirty- five percent (35%) of the Estimated Cost of the TIF Work ("Provisional TIP Credit") at the time the Transportation Impact Fee is due under Redwood City Code Section 18.248(B) 12.4 Promptly following the substantial completion of the TIF Eligible Improvements, Developer shall submit to City's Director of Community Development a post-completion accounting report for purposes of calculating the final transportation impact fee credit ("Actual TIF Credit") in accordance with Redwood City Code Section 18.253(B). The post-completion accounting report, including supporting documentation, must be received by City prior to the date ATTY/AGR/2015.107/GREYSTAR - 103 WILSON - IA WITH TIF CREDIT Page 4 of 27 REV: 05-28-15 VR