Agmt20 Redwood City Improvement Association-CBID Operating Agreement

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Controller (the "CAC") to make the requested adjustments. Provided, however, that if the CAC does not honor the City's request to recalculate the Assessment the City shall not be liable in any way for any Assessments other than its own, and shall not be obligated to pursue any action against the CAC to obtain any adjustment or recalculation. 5.5 Disbursements. The Assessments will be collected through the County property tax collection procedures and will be received to the City pursuant to agreements between the City and County. Except for the costs defined in Paragraph 5.5.1 and 5.6, below, City shall disburse the entire collected Assessments to RCIA pursuant to the terms and conditions of this Agreement. The City shall not be obligated to disburse Assessments which have not been collected. Upon request by RCIA and with the approval of the City subject to compliance with this Agreement, any Assessments received by the City that are in excess of the annual Assessment (penalties, late -payments, etc.) shall be disbursed to the RCIA upon receipt. 5.5.1 Assessment Disbursement Schedule. Contingent upon receipt of District Assessment funds from the County of San Mateo and contingent upon RCIA's compliance with this Agreement and the District Plan, the City shall disburse to the RCIA the Assessments received from the County on or about the following dates and in accordance with the following percentages. Said disbursements shall include an accounting of the property Assessments paid per parcel. On or about: December 181h Fifty percent (50%) of annual Assessment received from the County, or the full amount transferred by the County to the City in the December installment, whichever is greater. Plus 50% of the annual Assessments received and collected by the City for tax-exempt and publicly owned parcels within the District. April 30 Fifty per cent (50%) of the annual Assessment received from the County, or the full amount transferred by the County to the City in the April installment, whichever is greater. Plus 50% of the annual Assessments received and collected by the City for tax-exempt and publicly owned parcels within the District. June 20th Any additional Assessment amounts transferred to the City that were collected during the fiscal year (terminating on June 30th) and transferred to the City, shall be forwarded to RCIA. Said additional amounts may include any delinquency or penalty amounts from the late or non- payment of Assessments by any property owner in the District. ATTY/AGR/2020.108/RWC CBID OPERATING AGREEMENT REV: 06-25-2020 MI Page 9 of 18