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<br />MRR~19-2002 13:38 <br /> <br />COMMUNITY DEU <br /> <br />6129242663 <br /> <br />P.21 <br /> <br />:>> 8vi8sfls8 status of retail leasing BBFRIlIitHleRts lll18 the status of and the office . <br />component.eVTdencin!! feasibility of the development. - <br />:>> final phasing plan <br />~ final financing approach <br />)> final comprehensive Contract <br /> <br />~ By Jaflllary I February 15, 2000, Developer has completed design development <br />and pricing exercise for the first Dhase, and has initiated final planning approvals <br />Oncludinl! final PUn) for the first phase. <br /> <br />+1 bv Mav, <br />&t- <br />9) 6)' .'\]3ril I, 200 I, Developer has completed construction documents and pricing <br />exercise for the first phase of the development; final planning approvals have <br />been obtained; and Developer has submitted utility and building permit <br />applications for the first phase. <br /> <br />8) by ~ June I, 2001, construction of utilities and earthwork for the first phase <br />commences. <br /> <br />9) Fer the ln~FfJ8sas of this :\greemeRt, Ei8HlfA8neel1~~nt Qf 6f;lnstl1iGtisR Meane <br />[bale':' grounEl ej'ls~J;'atieR? P81,Miag sf faGtings Ifr:n:melatisRs?) Bv AU2:ust 1. 2001~ <br />belowl!round excavation of construction for buildin~ in the first Dhase <br />commences. <br /> <br />. <br /> <br />Section 4. Administrative Costs. Upon execution of this Agreement, the Developer has <br />deposited with the Authority;, funds in the amount of $25Q,QQQ 525.000, receipt of which the <br />Authority hereby acknowledges. ~lIBh funds; and an irrevocable bank letter of credit in the <br />amount of $225.000. in II form acceptable to the Authority and havinl! a duration at least as <br />lon2 as the term of this Al!reement. Such funds and letter of credit will be applied as <br />follows: <br /> <br />(a) The $25,000 eash deposit is nonrefundable. <br /> <br />(b) frsftl aRe after AvgllE:t la, 2QQQ, an adtlitiaHw' 1:15,999 is taereafter RsnreRuulaele <br />el(eetlt IlRaer SeetisR 1(e) On or before September 15. 2000. the Develo\)er must <br />deposit with the Authoritv additional cash in the amount of$25.000. tOl!ether with a <br />substitute iuevocable bank letter of credit in the amount of $200.000 in a form <br />acceptable to the Authority. <br /> <br />(c) From and after Neyemeer December 15, 2000, an aElElitisRil!. $100,000 (whether <br />cash or letter of credit) becomes nonrefundable except under Section 4(e): Drovided <br />that if the Authority board of commissioners fails to llPDrove the Contract as <br />presented to the board after ne20tiation bv Authority staff and the Developer. this <br />llara2raph has no force or effect unless or until approval of the Contract bv the <br />Authoritv board of commissioners, <br /> <br />5!B.182172, I <br />SA2R:'i--40 <br /> <br />. <br /> <br />5 <br />