Agmt01 Western Innisfree Ventures LLC

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Cash Deposit, Developer shall follow the procedures set forth more particularly in Section 305(A)(1) and (2) hereof. Notwithstanding anything to the contrary contained in this Agreement, in the event the Agency draws on the Developer's Share of the Acquisition Budget prior to the date on which eighty percent (80%) of the construction of the Parking Facility is completed (the "Substantial Completion Date"), then the Agency shall pay interest on such funds, from the date on which they are drawn down by the Agency to the Substantial Completion Date, at a rate equal to the rate of interest or other carrying cost that Developer is required to pay on such funds. §306 Reserved §307 Acquisition by Agency A. Agency's Acquisition by Negotiation. In accordance with the Schedule of Performance, the Agency shall select an appraiser, obtain Appraisals of the Acquisition Parcels and submit written offers accompanied by a statement of the basis for the amount that the Agency has established as just compensation to acquire the Acquisition Parcels.. At the time the Agency's written offers are accepted by the property owners of the Acquisition Parcels, the Agency shall determine, in its discretion, how to make the required deposit. If the Agency does not elect to advance the deposit from its own funds, the Agency may draw upon funds to be advanced by Developer for the Developer's share of the Acquisition Budget, pursuant to Section 305. If the Agency elects to draw upon the Developer's Share of the Acquisition Budget, the Executive Director shall accompany his calls upon the Letters of Credit (or Cash Deposit or other form of credit instrument or guarantee, as provided in Section 305) with his certification to the issuer(s) of the Letters of Credit (or to the depository of the Cash Deposit or other form of credit instrument or guarantee, as provided in Section 305), with a copy to Developer, to the effect that the Executive Director has complied with the requirements of this Section 307(A). The issuer(s) of the Letters of Credit (or depository of the Cash Deposit or other form of credit instrument or guarantee, as provided in Section 305) shall honor all calls upon the Letters of Credit (or Cash Deposits or other form of credit instrument or guarantee, as provided in Section 305 within five (5) business days of presentment by the Executive Director. B. Revolving Fund. Developer shall, at Agency's request, deposit in an interest- bearing bank account or trust company mutually acceptable to Developer and Agency, held in the name of Agency, a Cash Deposit in the amount of Twenty Thousand Dollars ($20,000) which shall be available to the Agency to fund Acquisition Budget expenses not exceeding Twenty Thousand Dollars each ($20,000) (the "Revolving Fund"). In lieu of calling upon the Letters of Credit or using the Cash Substitution, Agency may withdraw amounts from the Revolving Fund up to Twenty Thousand Dollars ($20,000) each, solely for payment of expenses related to activities undertaken in accordance with the Acquisition Budget as authorized by Developer pursuant to Section 304 (but not including the land acquisition costs of Acquisition Parcels or to satisfy written offers for the Acquisition Parcels). Agency shall notify Developer, in writing, within three (3) business days after any such withdrawal of all amounts paid by Agency from the Revolving Fund, and shall provide Developer with appropriate backup information upon request. Agency shall further notify Developer when the Revolving Fund requires 10 DOCSSF1:648942.4 9975'5 C14 120502