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<br />~...,'-. <br /> <br />. <br /> <br />t ORIGINAL <br /> <br />~. <br /> <br />. <br /> <br />~)(m-~-I\ ~ <br /> <br />FORM OF DEPOSITIREIMBURSEMENT AGREEMENT <br /> <br />CITY OF REDWOOD CITY <br />COMMUNITY FACILITIES DISTRICT NO. 2010-1 <br />(ONE MARINA) <br /> <br />THIS DEPOSIT/REIMBURSEMENT AGREEMENT (the "Agreement") is by and <br />between the City of Redwood City (the "City") for and on behalf of the proposed City of <br />Redwood City Community Facilities District No. 2010-1 (One Marina) (the "CFD"), and R.C. <br />Peninsula Park, LLC, a Delaware limited liability company (the "Property Owner"). <br /> <br />RECITALS: <br /> <br />WHEREAS, the Property Owner has requested that the City consider the creation of the <br />CFD and issuance of bonds for the CFD (the "Bonds") under Sections 53311 et seq. of the <br />California Government Code (the "Act"); and <br /> <br />WHEREAS, the Property Owner is willing to deposit funds with the City to ensure <br />payment of the costs of the City in forming the CFD and otherwise in connection with the <br />issuance of bonds for the CFD and the proposed expenditure of the proceeds thereof, provided <br />that such funds so advanced are reimbursed to the Property Owner from the proceeds of the <br />Bonds issued by the City for the CFD to the extent provided herein; and <br /> <br />WHEREAS, the City and the Property Owner now desire to specify the terms of said <br />deposit and reimbursement. <br /> <br />AGREEMENT: <br /> <br />NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set <br />fOlth herein, and for other consideration the receipt and sufficiency of which is hereby <br />acknowledged, the parties hereto agree as follows: <br /> <br />Section 1. The Deposit: Additional Advances. The Property Owner has provided to <br />the City $110,725 (including amounts previously deposited with the City for payment of <br />appraisal fees) (the "Deposit"), to be used by the City to pay the costs in conducting proceedings <br />for the issuance of bonds for the CFD (as more fully described in Section 2(a) below, the "Initial <br />Costs"), said amount having been heretofore delivered by the Property Owner to the Director of <br />Finance (the "Finance Director") of the City, by means of a check or checks made payable to the <br />"City of Redwood City." The City, by its execution hereof, acknowledges receipt of the Deposit. <br />The checks representing the Deposit shall be cashed by the City, and the Deposit may then be <br />commingled with other funds of the of the City for purposes of investment and safekeeping, but <br />the City shall at all times maintain records as to the expenditure of the Deposit. The parties <br />hereto acknowledge that the amount previously deposited by the Property Owner with the City to <br /> <br />300678_1.DOC <br />