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8A Page 14 following year. Said costs estimates may be further revised quarterly if necessary, by mutual agreement of the parties, and shall thereupon be revisions of Exhibit B and, as such, shall become part of this Agreement. (1) All contracts for extra work and change orders totaling more than Ten Percent (10%) over the project contract award amount must be approved by mutual consent of the parties. 8. Commitment to Construct: Ouarterly Review. (a) It is understood and agreed by the parties hereto that development will depend upon timely construction of the Facilities. The parties also understand and agree that the Fund may not always contain sufficient monies to cover the construction costs of desired projects. Therefore, the parties agree that Keech, in its sole and absolute discretion and without any obligation to do so, may, subject to reimbursement as hereinafter described, elect to either advance funds to the District to construct, or cause to be constructed with its own funds, certain Facilities upon the mutual agreement of the parties. In either of such cases, the District shall then as more fuBy described in paragraph 8(c) below, reimburse Keech for such expenses out of monies accumulated or to be accumulated in the Fund. (b) On a quarterly basis in March, June, September and December, throughout the term of this Agreement, the parties hereto shall meet to review the time schedule for construction of the facilities described in Exhibit A. At such meeting the parties shall make an accounting of the monies in the Fund, and the amount of money each party has expended for construction of the Facilities. Based upon such accounting, and current cost estimates for the proposed construction, the parties will determine whether to adjust the Rate Schedule subject to the quarterly and annual capped amounts as set forth in paragraph 6( c} above. At such meeting, the parties shall also determine which of the Facilities should be scheduled for construction. It is agreed that no general funds of the City shall be obligated for the construction of public facilities subject to this Agreement. If no money is available in the Fund for construction, and Keech acting in its sole and absolute discretion does not elect to advance funds for construction or to construct such Facilities with its own funds subject to reimbursement, the parties will defer further scheduling of construction until a later quarterly review meeting. (c) As money accumulates in the Fund, the parties, at their quarterly review meetings, shall determine whether or not to commit such money to further construction or to reimburse Keech for its previous construction expenses. It is agreed that Keech may, at its sole option, elect to be reimbursed for all prior expenditures before any new construction is scheduled to be funded by the Fund. Any and all reimbursement to Keech shall include interest as described in paragraph 5(b) above. (d) The precise timing and procedure for reimbursement of any advances or costs of construction shall be determined by mutual consent of the parties at the time the commitment for such funding is made. (e) The quarterly meetings of the parties hereto shall be held in the office of the City Manager at 9:00 a.m. on the second Wednesday of each designated month, or at such KP A TTON:mds:RSP.4345\Agreernent.DOC F:A ttyl Agrl AmendGfD64.8 071003 6 -