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This will be payable annually from 75% of the tax increments received from the redevelopment property, and will be cancelled in part for nondevelopment (see below). The City retains the other 25% of tax increments. 5. Required Amount of Development. The Developer is required to develop Part I even if no buyer or tenant is found. Part I will be a building with approximately 119,600 leasable square feet. Parts II and III need only be built if tenants or buyers are found, and each consist of one or more buildings with approximately 120,000 leasable square feet. 6. Required Type of Development. The buildings may be office, including but not limited to medical office or facilities for delivery of medical services, showroom, light industrial and warehouse, laboratory or research uses, constructed in accordance with the City's design standards, but not truck terminal warehousing, retail buildings, or restaurants or hotels. 7. Consequence of Non-Development. The City may buy back all land on which construction of the required development has not commenced by January 2, 2001, at 25¢/square foot. In addition, to the extent it is outstanding, principal of the Reimbursement Note will be cancelled pro rata to the ratio the repurchased land represents to the total of all Part I, Part II and Part IUland, and any remaining payments will only be made from TIF from the parcels developed by the Developer. 8. Park Dedication Fees. For Parts II and III, these will be paid as building permits are granted. For Part I, the Developer has requested its waiver and the City has not made a decision about the request. 9. Indemnities. The Developer will provide the City an indemnity for matters arising from its development and a hazardous substance indemnity. 10. Plan Approval: Completion. The City will approve construction plans, and give a certificate of completion when buildings are complete. 11 . Reports. The Developer wiU report on marketing progress and progress in meeting job and wage goals. City staff and the Developer are negotiating the City's request that the Developer's financial reports be reviewed by the City staff or City representatives. 12. Defaults and Remedies. No default relates to development timing; see the consequence noted above. Remedies on default include all at law and in equity, and suspending City performance. 341972.3