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(1) Initial Acquisition Price Payment. Prior to or in connection with the CFD Formation Proceedings and at least ninety (90) days prior to July 1 of each five fiscal year period thereafter, commencing with the period July 1, 2021, the City shall prepare (or cause to have prepared) a Repair and Replacement Plan for Wet Utilities (as defined in the RMA) for the Seaport Centre Wet Utilities to substantiate the adequacy of the Maintenance Reserve for capital repairs and replacement costs for the Seaport Centre Wet Utilities for the next five -fiscal year period. In connection with acceptance of the Levee Improvements, and at least ninety (90) days prior to each five -fiscal year period thereafter, the City shall prepare (or cause to have prepared) a Repair and Replacement Plan for the New Levee to substantiate the adequacy of a maintenance reserve account for capital repairs and replacement costs for the New Levee for each next five - fiscal year Period. Within 30 days of acceptance of the Levee Improvements by the City, the City shall provide Owners with an accounting of Maintenance Reserve account starting with the Maintenance District's account balance of $2,413,811.00 on July 1, 2020 including unspent budget line items and accumulated reserves. In connection with the City's acceptance of the Levee Improvements, unless otherwise waived or reduced by the Owners, City, after consultation with the Owners, shall disburse to the Owners the difference between the balance in the CFD Maintenance Reserve account and the greater of (i) the projected capital repairs for the next two years for Seaport Centre Wet Utilities, or (ii) three times the average annual projected capital repairs over the five year period for the Seaport Centre Wet Utilities (the "Initial Acquisition Price Payment") in accordance with the terms of the Purchase Contract. The balance remaining in the CFD Maintenance Reserve account shall then be used for capital repairs and costs for only the Seaport Centre Wet Utilities. A separate maintenance reserve account for the New Levee shall be funded in accordance with Section 8 of the RMA. (m) In the event the City or the Port of Redwood City transfers fee title or leases one or more of the City Property parcels to a private entity for development, City covenants and agrees, to the extent consistent with applicable law and following written request of the Owners or their successors, to require as a condition of approval of any proposed development project that the owner(s)/developer(s) of such City Property parcel(s), at no expense to City, annex such parcel(s) into the CFD and agree to pay special taxes consistent with the methodology in the RMA. 5. Conditions Precedent to Commencement of Levee Improvements Work. The Parties agree that construction and installation of the Levee Improvements and City's acquisition thereof pursuant to the terms of this Agreement shall be conditioned upon the satisfaction of each of the following conditions (collectively, the "Conditions Precedent"): (a) The City Council has adopted a resolution declaring its intention to establish the CFD, in the form specified by Government Code Section 53321, (i) to levy special taxes on all nonexempt real property within the boundaries of the CFD pursuant to the RMA for the purpose of financing the City's acquisition of the Levee Improvements from Owners, and (ii) to preliminarily approve the RMA and schedule a public hearing for hearing possible protests to the proposed formation of the CFD and the levying of the Special Tax; (b) SCOA has prepared and provided to the Designated City Official the proposed Final Bid Package Documents pursuant to Subsection 12(a), the final pre-bid design and OAK #4819-4834-1908 v20 12