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rLCA <br />current conditions and circumstances and the further planning and decisions of the <br />parties following execution of the DDA. <br />Section 2 . Developer's Advance <br />The last paragraph of Section 305 of the DDA is hereby amended in full to read <br />as follows: <br />"Notwithstanding anything to the contrary contained in this Agreement, in the <br />event the Agency draws on the Developer's Share of the Acquisition Budget prior to the <br />Close of Escrow for conveyance of the first Agency or Acquisition Parcel to Developer, <br />then the Agency shall pay interest on such funds, from the date on which they are <br />drawn down by the Agency to the date of such Close of Escrow, at a rate equal to the <br />rate of interest or other carrying cost that Developer is required to pay on such funds." <br />Section 3. Site Clearina Agreement <br />Pursuant to the DDA, the parties have entered into the Site Clearing Agreement <br />pursuant to which Developer shall be responsible for, among other things, the <br />abatement of asbestos and other hazardous materials on the Project Site (the <br />"Abatement ") and for the demolition of the existing structures and facilities on the Site <br />(the "Demolition "). The City and /or Agency have agreed to loan to Developer <br />approximately Four Hundred Twenty -Five Thousand Five Hundred Dollars ($425,500) <br />(the "Abatement/Demolition Loan ") for the actual costs of Abatement and Demolition on <br />the Site. Developer is required to repay the Abatement/Demolition Loan prior to the <br />close of escrow for the conveyance of any property or air rights parcel to Developer <br />under the DDA. <br />The parties hereto hereby agree that Section 402A. of the DDA is amended to <br />add as conditions to the close of escrow, the following condition: <br />"8. Developer shall have repaid City or Agency, whichever is applicable, in <br />full, the amount of the Abatement/Demolition Costs, as defined in the Site Clearing <br />Agreement, loaned to Developer. <br />9. Developer shall have provided to City and Agency evidence that it has <br />obtained firm commitments for financing or other evidence of sufficient funding to <br />construct the Project and all infrastructure improvements therefor." <br />Section 4. Aaencv's Riaht to Terminate <br />Section 808A. is hereby amended to add as an event of Developer Default, the <br />following: <br />F:Atty /Agr /Agr.158 <br />091703 <br />Yang: RDW /2nd ImpAgt 091103 2 <br />