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City Draft <br /> 6/28/13 <br /> Reirnbursement Agreement Fnay be carried over and considered a portion of the Deposit required <br /> under this Agreement. <br /> a. Upon termination of this Agreement by the City or the Developer, as provided in <br /> Section 7.2, to the extent provided herein, a portion of the Deposit in the amount of Twenty Five <br /> Thousand Dollars ($25,000) ("Pre-Closin� Liquidated Dama�es Amount"} may be retained b}� <br /> the City as liquidated damages as provided in Section 7.4, and such liquidated damages shall be <br /> the sole remedy priar ta conveyance of the City Property to the Developer. Following payment <br /> of all costs to be paid for with the Deposit, any remaining balance of the Deposit then held by the <br /> City(including all interest paid thereon) shall be returned to the Developer. <br /> Upon termination of this Agreement by the Developer under subparagraph (i) of <br /> Section 7.3.2 hereof due to a Default by the City, then any remaining balance of tlze Deposit <br /> remaining af�er payment of all costs to be paid for with the Deposit (inc�uding all interest paid <br /> thereon) to the date of such Default sha11 be returned to the Developer by tY�e City. <br /> If the Developer is in default with respect to any provision of this Agreement after <br /> Notice to the Developer and the expiration of the applicable cure period set forth in this <br /> Agreement, the City may, but shall have no obZigation to, use the Deposit or any portion of the <br /> Deposit to cure such defa�lt or to compensate the City for any expense incurred by the City to <br /> cure such default. If this Agreement has not been terminated as a resuZt of such default, the <br /> Developer, on demand from the Ciry, shall promp�ly restore such Deposit to the fixll arnount <br /> required by this Section 1.2. <br /> b. If this Agreement shall not have been theretofore cancelled or tertninated, ar the <br /> Deposit shalI not have been returned to the Developer, the Deposit shall be used, disbursed and <br /> credited as follows: <br /> i. The Deposit sha11 be used by the City to pay for costs incurred by the City <br /> after the date of this Agreement ar�d from time ta time, in accordance with the City's Budget, in <br /> connection with tne City's implementation of this Agreeraent and De�eloper's proposed <br /> development of the Project on the Site, including without limitation all costs incurred by the City <br /> for planning, design review and Approvals reyuired for the Developer's construction of the <br /> Project on the Site, and all legal, architectural and project management services through <br /> Completion (as defined in Section 4.13.1) of constxuction of the Project; provided, howevex, in <br /> no evenit shall the Deposit or Developer be required ta pay any costs related to an actual or <br /> alleged default under this Agreement by City. <br /> 2. On a monthly basis, or more frequently if required based on the amount or <br /> number of expenses, the City shall provide Developer with (i) an accounting of each cost item <br /> incurred by the City and paid for with the Deposit funds, together with copies of paid invoices or <br /> other docurnentation or description reasonably satisfactory to the Developer to evidence such <br /> costs, excluding any confidential information; and (ii) a reconciliation o� the costs incurred <br /> against the budgeted costs. <br /> 3. Subject to the second grarnmatical paragraph of this Section 1.2, on or <br /> before the last day of each month, the Developer shall replenish the Deposit amount by <br /> 82483.D0 009175 7 1 3 1 2.10 �9 <br />