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Measures 3-3c and 3-3d(1), and shall use the funds paid by Owner pursuant to this Agreement at its sole discretion but for the purpose of implementing Mitigation Measures 3-3c and 3- 3d(1), i.e., for expenses incurred with respect to the conduct of studies to determine which traffic calming or diverting devices should be installed, neighborhood meetings on the topic, and the design and installation of traffic calming or diverting devices (such as stop signs, speed bumps, restriping roadways, and similar measures, and associated landscaping improvements). SECTION 4. REFUND OF EXCESS FUNDS. Section 4.01 Refund. On or before the date that is five (5) years from the Effective Date of this Agreement, City shall provide to Owner a record of expenses and costs incurred or suffered by City in connection with implementing Mitigation Measures 3-3c and 3-3d(1) in the manner set forth in Section 3 (the "Expenses") and, to the extent that the amount of the Expenses is less than Fifty Thousand Dollars and no/100 ($50,000.00) and the amount of the Expenses. In no event shall Owner be required to pay City more than Fifty Thousand Dollars and no/100 ($50,000.00) to satisfy Mitigation Measures 3-3c and 3-3d(1), even if the Expenses exceed Fifty Thousand Dollars and no/100 ($50,000.00). SECTION 5. NOTICES Section 5.01 Notices. All notices, requests, demands and other communications between City or Owner under this Agreement must be in writing, and may be given either personally or by registered or certified mail, remm receipt requested. If given by registered or certified mail, such notice or communication shall be deemed to have been given and received on the first to occur of(i) actual receipt by any of the addressees designated below as the party to whom notices are to be sent; or (ii) five (5) days after a registered or certified letter containing such notice, properly addressed, with postage prepaid, is deposited in the United States mail. If personally delivered, a notice shall be deemed to have been given when delivered to the party to whom it is addressed. Any party hereto may at anytime, by giving ten (10) days written notice to the other party hereto, designate any other address in substitution of the address to which such notice or communication shall be given. Such notices or communications shall be given to the parties at their addresses set forth below: If to City, to: With Courtesy Copies to: Director of Community Development City Attorney City of Redwood City 701 Marshall Street 1020 Middle Road Redwood City, CA 94063 Redwood City, CA 94063 Telephone: (650) 780-7200 Telephone: (650) 780-7234 Facsimile: (650) 365-8901 Facsimile: (650) 780-0128 AGMT-1029 3 10/29/97