Agmt06 Keech Properties, LLC - Ninth Amendment GID No. 1-64

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(c) All interest on monies deposited into the Fund shall accrue to the benefit of the Fund. Investment of monies within the Fund shall mature not later than the date or dates at which the monies therein will be needed for the purposes of the Fund and shall be limited to only such investments as are allowed by the laws of the State of California and the Charter of the City of Redwood City. Pooled investments shall be encouraged. The monies in the Fund shall never be loaned or made available to City for General Fund purposes, nor to District for purposes other than as set forth in this Agreement. (d) The parties hereby agree that the District shall promptly reimburse Keech out of the Fund for its reasonable and properly documented attorneys' fees incurred in negotiating and drafting this Amendment upon receipt of detailed invoices for the same. 6. Facilities Charge. (a) Pursuant to, and in furtherance of this Agreement, there is hereby established a Facilities Charge ("Charge") imposed upon the owners of the Redwood Shores Property and payable by each applicant for a building permit for the construction of any residential and any commercial unit within and upon the Redwood Shores Property. Said Charge shall be in the amounts set forth in Exhibit B attached hereto and incorporated herein by this reference (the "Rate Schedule") as applicable to residential units or commercial equivalent dwelling units (both hereinafter referred to as "E.D.U. 's"), as the case may be, provided, however, that the charges contained in the Rate Schedule shall be subject to quarterly review and revisions by mutual consent of the parties hereto, in accordance with the provisions of paragraph 8 below; provided that in no event shall such Charge increase by more than the quarterly and annual capped amounts set forth in paragraph 6( c) below. Said Rate Schedule provides for a commercial equivalent to an individual residential dwelling per unit fee. Subject to the provisions of paragraph 6(b )-6( c), inclusive, hereof, owners of the Redwood Shores Property shall be obligated as a condition to issuance of a building permit for construction within said property to pay the charge with respect to the construction of any new additional residential or commercial unit (exclusive of the repair of existing buildings and structures) on lands developed or to be developed within the Redwood Shores Property. (b) The charge for each E.n.v., as set forth in the Rate Schedule, shall be imposed and paid only at the time at which a building permit is issued for each E.D.U. (new starts and expansion of existing buildings and structures) and shall be collected by City from all applicants for such permits within the above described areas as a condition to the issuance of such building permit. (c) The charge established by the Rate Schedule shall not be adjusted except by mutual consent of the parties hereto, in accordance with the terms of this Agreement, and may be done only at a regular quarterly review meeting as described in paragraph 8. Anything contained in this Agreement to the contrary notwithstanding, under no circumstances shall the Rate be increased more than One and One-Half Percent (1.5%) in any given calendar quarter over the amount at the end of the previous calendar quarter nor more than Five Percent (5%) in any given calendar year over the amount at the end of the previous calendar year. KP A TTON:mds:RSP.4345\AgreementDOC F:Attyl Agrl AmendGID64.8 071003 4