ORD 1732 - Laserfiche WebLink

thereafter incurs costs in connection with the completion of any Traffic Mitigation Improvements; such payment may be made in installments, as necessary, in order to satisfy the foregoing, and any such accrued payment obligation shall continue as an obligation of Developer (or its successor) to the extent the same remains unpaid at the termination of this Agreement. (Notwithstanding the foregoing, Developer (or its successors) may elect not to defer payment of Developer's Estimated Required Payment as referred in ~he preceding sentence, but rather may pay same to the City upon issuance of the aforesaid building permit.) The foregoing reference to "allocable portion" shall be understood to refer to that circumstance where Developer (or its successor) completes only a portion of the Project as referred to on ~; by way of example, if Developer (or its successor) were to construct an additional 100,000 sq. ft. of Floor Area within the Shopping Center, then Developer's allocable portion of its Estimated Required Payment would be 17.9% (100,000 sq. ft. divided by the total Project size of 558,000 sq. ft. as shown on Exhibit F) of the total Estimated Required Payment for Developer (i.e., 0.179 x $482,149 = approximately $86,305). (ii) Increase in Net Estimated Traffic Mitiqation Improvements Costs. Any portion of the Net Estimated Traffic Mitigation Improvements Costs not paid to the City by Developer by January 1, 1998 shall increase by an interest factor equal to the Prime Rate from such date to the date of payment. The term "Prime Rate" shall mean the rate of interest which Wells Fargo Bank, N.A. ("WFB") announces publicly at its main office in San Francisco, California, as its "prime rate" for unsecured commercial loans. If WFB no longer announces .a prime rate, the term "Prime Rate" shall mean the "reference rate", "base rate"' or other comparable rate which WFB announces in lieu of the prime rate. Changes in the Prime Rate shall be effective as of the date announced by WFB. (d) Liability of Contributing Pro~ects. In addition to Developer's proper~y, other properties will benefit from the Traffic Mitigation Improvements. The boundaries of such benefitted properties are depicted on Exhibit G attached hereto. As of October 1, 1997, the City has identified five "Contributing Projects" which will benefit from completion of the Traffic Mitigation Improvements, as shown on Exhibit F. The City has assigned each Contributing Project (including Developer's) a percentage share of the responsibility for participating in the costs to complete the Traffic Mitigation Improvements. That percentage share of the Traffic Mitigation Improvements Costs of each of the currently identified Contributing Projects and their required payments are also shown on Exhibit F. Each -5-