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below $7,500, then Owner shall remit an additional amount of not less than <br />$15,000. <br />(d) In the event the balance for City Expenses is exhausted, upon notice, Owner <br />shall pay the balance owed in full within fifteen (15) days in addition to the <br />remittance of the additional funds as provided above. <br />(e) In the instance that deposits of additional funds are not timely made, the City <br />has no obligation to incur any additional costs and expenses in connection <br />with the PID. <br />(f) Failure of Owner to meet its obligations above may result in the suspension <br />or revocation of any active development permits. <br />(g) Upon request, the City shall provide to Owner a statement identifying all <br />disbursements from the account for City Expenses for any City Consultant <br />fees that are consistent with Exhibit B. <br />2. NoW Obli a ✓ tion to Establish PID. The Owner acknowledges that the City has no <br />obligation to establish the PID or to issue any bonds or other indebtedness with respect thereto, <br />and nothing contained within this Agreement shall create any such obligation. The Owners <br />obligation to pay the City Expenses shall exist and continue independent of whether the PID or <br />bonds or other indebtedness are approved. This Agreement shall confer no vested rights or <br />development rights on the Property or to the Owner. Further, this Agreement shall provide no <br />assurances, promises, or covenants to approve any development in the Property. <br />3. Termination. Either Party may terminate this Agreement for any reason or for no <br />reason by providing at least five (5) days' written notice of termination. Termination of this <br />Agreement shall be the sole and exclusive remedy of the City and the Owner, as the case may be, <br />for any claim by either Party of any breach of this Agreement by the other Party. The City shall <br />be entitled to pay Consultants for all Professional Services incurred through the date of <br />termination; however, any excess funds remaining after such payments have been made shall be <br />promptly refunded to the Owner. Notwithstanding any other provision of this Agreement to the <br />contrary, the obligation to repay such excess funds to the Owner in the event of a termination <br />shall survive any termination of this Agreement, and the Owner does not release or discharge its <br />right to such excess funds. <br />4. Entire Ali¢ eement. This Agreement contains the entire agreement between the <br />Parties with respect to the transactions contemplated herein. <br />5. Amendment. This Agreement may only be amended, altered or revoked by <br />written instrument approved by the City Council. <br />6. Successors and Assi ris. Neither City nor Owner may assign or transfer their <br />interest in the Agreement without prior written consent of the other Party. <br />4871-0204-2326.v1 <br />