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Attachment A 360 361 REDEVELOPMENT ASSISTANCE 362 363 Section 5.1. Issuance of the Letter of Credit. (a)Developer acknowledges that 364 although it is purchasing the Property at its fair market value as raw land, the Authority has 365 incurred significant costs in acquiring and preparing the Property for development by Developer. 366 At Closing, Developer will deliver to the Authority a Letter of Credit in the principal amount of 367 $10,000 (the “Letter of Credit”). The Letter of Credit will be in a form, contain provisions and be 368 issued by a banking institution acceptable to the Authority. The obligation to pay the $10,000 369 will be forgiven, and the Letter of Credit will be released if: (i) the Developer receives a 370 Certificate of Completion; and (ii) the Developer is not otherwise in default of any of its 371 obligations hereunder. If such have not occurred, an Event of Default shall be deemed to have 372 occurred and the Authority may exercise its remedies under Section 8.2. 373 374 (b) In the alternative to a Letter of Credit, if mutually agreed by the parties to this 375 Agreement, Developer will deliver to the Authority $10,000 to be placed in a non-interest 376 bearing escrow account pursuant to an Escrow Agreement, dated as of the date hereof, between 377 Developer and Authority. The obligation to pay the $10,000 to the Authority will be forgiven, 378 and the cash in the escrow account will be returned to Developer if: (i) the Developer receives a 379 Certificate of Completion; and (ii) the Developer is not otherwise in default of any of its 380 obligations hereunder. If such have not occurred, an Event of Default shall be deemed to have 381 occurred and the Authority may exercise its remedies under Section 8.2. 382 383 ARTICLE VI. 384 385 FINANCING 386 387 Section 6.1. Financing . Authority acknowledges that Developer has submitted evidence 388 of financing for the Improvements in compliance with the provisions of Section 2.1(b) of this 389 Agreement. Developer must notify Authority immediately of any changes to or withdrawal of 390 the approved financing, Authority shall have 10 days to approve or disapprove changes in 391 financing. If the Authority rejects a change in the approved financing or if the approved 392 financing is withdrawn, the Developer shall have 30 days or such additional period of time as the 393 Developer may reasonably require from the date of the Authority’s notification to submit 394 evidence of financing satisfactory to the Authority. If the Developer fails to submit such 395 evidence or fails to use due diligence in pursuing financing, the Authority may terminate this 396 Agreement and both parties shall be released from any further obligation or liability hereunder. 397 Closing shall not take place until Developer has provided Authority with acceptable evidence of 398 financing for construction of the Improvements. 399 400 Section 6.2. Copy of Notice of Default to Lender . Whenever the Authority shall 401 deliver any notice or demand to the Developer with respect to any Event of Default by the 402 Developer in its obligations or covenants under this Agreement, the Authority shall at the same 403 time forward a copy of such notice or demand to each holder of any Mortgage authorized by the 404 Agreement at the last address of such holder shown in the records of the Authority. 405 8 498768v2 MNI RS275-12