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SECTION 1. COMPLETION AND TRANSFER OF BELMONT FACILITIES. When <br />thc Belmont Facilities arc completed in a manner acceptable to Redwood City and to Belmont, as <br />determined by Redwood City and Belmont in accordance with their respective policies and procedures, <br />Redwood City shall transfer thc ownership and/or operation, as applicable, of thc Belmont Facilities to <br />Belmont, and Belmont agrees to accept such transfer from Redwood City. Upon such transfer of thc <br />ownership and/or operation of the Belmont Facilities to Belmont, Belmont shall thereafter own and/or <br />operate, as applicable, the Belmont Facilities in accordance with its applicable policies and procedures. <br />Redwood City and Belmont agree that completion of the Belmont Facilities and the transfer of the <br />ownership and/or operation thereof, as applicable, to Belmont shall be financed solely from the <br />proceeds of special taxes levied by the District and bonds issued by the District secured by such special <br />taxes or by such other funds as Redwood City may determine to make available for such purposes, and <br />unless otherwise agreed Belmont shall be under no obligation to expend its own funds for such <br />completion and transfer. <br /> <br /> SECTION2. EXECUTION IN COUNTERPARTS. This Agreement may be <br />simultaneously executed in several counterparts, each of which shall be an original and all of which <br />shall constitute but one and thc same instrument. <br /> <br /> SECTION 3. GOVERNING LAW. This Agreement shall be governed exclusively by and <br />construed in accordance with the applicable laws oftbe State of California. <br /> <br /> 13611 <br />15287.5~22931.0003 B-2 <br /> <br /> <br />