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(b) The City will pay City Expenses out of the amount deposited with the City <br />and keep accounting of all charges for City Expenses incurred for the TIRZ <br />and any unused contributions shall be returned to the Owner. <br />(c) Owner agrees that in the event the balance of funds for City Expenses falls <br />below $7,500, the City shall notify Owner in writing and provide Owner <br />with an estimate of cost overruns to the PSA Deposit if the City predicts the <br />remaining services will exceed the remaining $7,500 balance, and Owner, <br />within fifteen (15) business days, shall either (i) object in writing and <br />thereby terminate this Agreement; or (ii) remit an additional amount of not <br />less than $10,000. <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 TIRZ. <br />(f) Failure of Owner to meet its obligations above may result in the suspension <br />or revocation of any active development permits for the Street, if any. <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. No Obligation to Issue Bonds. The Owner acknowledges that neither the TIRZ <br />nor the City have any obligation to issue any bonds or other indebtedness with respect to the Street <br />or for any other purpose, and nothing contained within this Agreement shall create any such <br />obligation. The Owner's obligation to pay the City Expenses shall exist and continue independent <br />of whether any bonds or other indebtedness are approved. This Agreement shall confer no vested <br />rights or development rights on the Property or to the Owner. Further, this Agreement shall <br />provide no assurances, promises, or covenants to approve any development in the Property. <br />3. Dissolution of the TIRZ. Owner acknowledges that the Ordinance provides that <br />City may, by separate ordinance, dissolve the TIRZ in the event that the Parties are unable to <br />come to terms on a Development Agreement relating to the construction of the Street, and that <br />City has no intention of constructing the Street absent participation by Owner. Nothing in this <br />Agreement obligates City or the TIRZ to undertake any construction or to finance any <br />construction absent a Development Agreement approved by the City Council. Should the Parties <br />fail to come to terms on a Development Agreement within a reasonable period as determined by <br />City, the City shall dissolve the TIRZ and return any funds provided by Owner under this <br />Agreement. <br />4. 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 />4871-0204--2326.v 1 <br />