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3.7 Optional Relinquishment of TIRZ Revenue for Forestbrook Blvd Eastern Segment and
<br />Forestbrook Blvd Western Segment.
<br />(a) Notwithstanding any other provision of this Agreement, Developer shall have the
<br />right, exercisable at any time during the twelve (12) month period following the Effective Date (the
<br />"Forestbrook Blvd Relinquishment Period"), to irrevocably relinquish all rights to receive the Forestbrook
<br />Blvd TIRZ Revenues for both the Forestbrook Blvd Eastern Segment and the Forestbrook Blvd Western
<br />Segment under this Agreement, as shown on Exhibit A, by delivering written notice thereof to the City.
<br />Upon relinquishment, Developer shall be relieved of any and all obligations under this Agreement to
<br />construct the Forestbrook Blvd Project.
<br />(b) Upon Developer's relinquishment of Forestbrook Blvd Project TIRZ Revenues, the
<br />City may, in its sole discretion, dissolve the TIRZ. In such event, any Forestbrook Blvd TIRZ Revenues
<br />for both the Eastern Segment and Western Segment that would otherwise be payable to Developer shall
<br />not be owed or payable to Developer. If the City elects not to dissolve the TIRZ, any such revenues shall
<br />thereafter be retained by the City and may be used by the City for any lawful purpose, including, without
<br />limitation, the design, construction, and completion of the Forestbrook Blvd Project.
<br />3.8 Optional Relinquishment of TIRZ Revenue for Forestbrook Blvd Western Segment.
<br />(a) Notwithstanding any other provision of this Agreement, Developer shall have the
<br />right, exercisable at any time during the thirty-six (36) month period following the completion of the
<br />Forestbrook Blvd Eastern Segment (the "Forestbrook Blvd Western Segment Relinquishment Period"), to
<br />irrevocably relinquish all rights to receive Forestbrook Blvd Western Segment TIRZ Revenues under this
<br />Agreement by delivering written notice thereof to the City. Upon relinquishment, Developer shall be
<br />relieved of any and all obligations under this Agreement to construct the Forestbrook Blvd Western
<br />Segment, including any and all obligations concerning the preparation of the construction thereof,
<br />provided that Developer shall remain responsible for all costs incurred by Developer in preparing the
<br />Eastern Segment Approved Plans and Western Segment Approved Plans for the Forestbrook Blvd Western
<br />Segment, for which no reimbursement shall be owed to Developer. In the event Developer elects to
<br />relinquish the Forestbrook Blvd Western Segment TIRZ Revenues pursuant to this Section, Developer
<br />shall dedicate and/or convey to the City, at no cost, Developer's interest in the portions of the 80 foot wide
<br />right of way depicted in Exhibit B for the Forestbrook Blvd Western Segment that is within the TIRZ and
<br />owned by Developer. Said dedication or conveyance shall be made at the time that Developer exercises
<br />this option. In the event Developer elects to relinquish the Forestbrook Blvd Western Segment TIRZ
<br />Revenues pursuant to this Section, Developer shall, within thirty (30) days following delivery of the
<br />written notice of relinquishment, provide engineering plans for the Forestbrook Blvd Western Segment.
<br />Furthermore, the construction by Developer of any portion of the Forestbrook Blvd Project beyond 3,400
<br />linear feet during the construction of the Forestbrook Blvd Eastern Segment shall not, by itself, constitute
<br />commencement or construction of the Forestbrook Blvd Western Segment or impair Developer's right to
<br />relinquish the Forestbrook Blvd Western Segment TIRZ Revenues pursuant to this Agreement.
<br />(b) Upon Developer's relinquishment of the Forestbrook Blvd Western Segment TIRZ
<br />Revenues, any Forestbrook Blvd Western Segment TIRZ Revenues, including the accrued revenues of the
<br />Forestbrook Blvd Western Segment, shall thereafter be retained by the City and may be used by the City, in
<br />the City's sole discretion, for any lawful purpose, including, without limitation, the design, construction, and
<br />completion of the Forestbrook Blvd Project. In such event, any Forestbrook Blvd TIRZ Revenues for the
<br />Western Segment that would otherwise be payable to Developer shall not be owed or payable to Developer
<br />Notwithstanding the foregoing, nothing herein shall be deemed to affect, limit, or impair Developer's rights
<br />4899-7656-8688:02
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