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JAH:djm 03/06/90R (REDEV) JAH:djm 03/19/90R JAH:djm 04/04/90R separate written agreement with the Developer, including the cost of preparation of plans and specifications and other costs necessary to competitively bid such work. §304 Method of Developer's Advance of Agency's Acquisition Costs To assure the Developer's ability to advance the Acquisition Costs promptly when due, the Developer shall deliver to the Agency on or before the date set forth in the Schedule of Performance, an unconditional, irrevocable letter of credit, (the "Letter of Credit") in the amount of FOUR MILLION THREE HUNDRED THOUSAND DOLLARS ($4,300,000.00) issued by a financial institution acceptable to the Agency and bearing an expiration date of not less than one year from issuance, in a form approved by the Agency and its counsel. The Letter of Credit shall, if necessary, be renewed or a new Letter of Credit delivered to the Agency at least thirty (30) days prior to its expiration, or the Agency shall have the right to draw the entire balance of the Letter of Credit and hold and use the funds for the purposes specified herein. In lieu of the Letter of Credit, the Developer may deposit cash in the same amount as required for the Letter of Credit (the "Cash Deposit") for the account of the Agency in a bank or trust company mutually acceptable to the Developer and the Agency and upon terms and conditions consistent with the provisions of this section and mutually acceptable to the Developer and the Agency. If the total Acquisition Costs exceed the amount of the Letter of Credit (or Cash Deposit), the Developer may at its option advance to the Agency the funds for such excess costs ("Excess Acquisition Costs"). The amount of any advances for such Excess Acquisition Costs shall be added to the principal of the Promissory Note. Within thirty (30) days of receipt of notice from the Agency of such insufficiency, the Developer shall supplement the Letter of Credit (or Cash Deposit) with such additional funds, or security therefor, as the Agency certifies are necessary to complete its obligations hereunder and required to be advanced by the Developer. Prior to such supplement, the Agency shall submit a detailed cost breakdown to the Developer itemizing the costs and expenses which require such supplement. In the event that the Developer fails to advance Excess Acquisition Costs to the Agency or supplement the Letter of Credit (or Cash Deposit) as set forth herein, this Agreement may be terminated by either party and in such event, the further rights, remedies and obligations of the parties shall be as set forth in Section 1009C. of this Agreement. The Agency and the Developer agree that, no later than sixty (60) days following the execution of this Agreement, they will develop with the Agency's eminent domain attorney a procedure to jointly monitor the acquisition of the Acquisition Parcels and the Acquisition Costs associated with each such parcel. Such procedure will include an acquisition budget which assigns a proportional share of the total Acquisition Costs to each 7