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Steve and Bobby Jensen have provided the City written notice, dated MarCh 23, <br />1999, that they elect to receive their Payment, as provided in Section l(b) of the MOU, in <br />the following forms: <br /> <br />1. Credit against designated improvements to the Lot on which their residence is located. <br />These designated improvements are: <br /> <br />(a) installation of infrastructure for a residential water line to serve their <br /> residence; and <br />Co) installation of a residential sewer line to serve their residence. <br /> <br /> 2. After deducting the cost of such designated improvements, any remaining <br />Payment due to the Jensens shall be paid in cash at the close of escrow for the Golf <br />Course Property. <br /> <br /> <br />