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3 '3I-, 3535 <br /> thereafter incurs costs in connection with the <br /> completion of any Traffic Mitigation Improvements; such <br /> payment may be made in installments, as necessary, in <br /> order to satisfy the foregoing, and any such accrued <br /> payment obligation shall continue as an obligation of <br /> Developer (or its successor) to the extent the same <br /> remains unpaid at the termination of this Agreement. <br /> (Notwithstanding the foregoing, Developer (or its <br /> successors) may elect not to defer payment of <br /> Developer's Estimated Required Payment as referred in <br /> the preceding sentence, but rather may pay same to the <br /> city upon issuance of the aforesaid building permit. ) <br /> The foregoing reference to "allocable portion" shall be <br /> understood to refer to that circumstance where <br /> Developer (or its successor) completes only a portion <br /> of the Project as referred to on Exhibit F; by way of <br /> example, if Developer (or its successor) were to <br /> construct an additional 100,000 sq. ft. of Floor Area <br /> within the Shopping Center, then Developer's allocable <br /> portion of its Estimated Required Payment would be <br /> 17. 9% (100,000 sq. ft. divided by the total Project <br /> size of 558,000 sq. ft. as shown on exhibit F) of the <br /> total Estimated Required Payment for Developer (i.e. , <br /> 0. 179 x $482, 149 = approximately $86, 305) . <br /> (ii) Increase in Net Estimated Traffic Mitigation <br /> Improvements Costs. Any portion of the Net Estimated <br /> Traffic Mitigation Improvements Costs not paid to the <br /> City by Developer by January 1, 1999 shall increase by <br /> an interest factor equal to the Prime Rate from such <br /> date to the date of payment. The term "Prime Rate" <br /> shall mean the rate of interest which Wells Fargo Bank, <br /> N.A. ("WFB") announces publicly at its main office in <br /> San Francisco, California, as its "prime rate" for <br /> unsecured commercial loans. If WFB no longer announces <br /> a prime rate, the term "Prime Rate" shall mean the <br /> "reference rate" , "base rate" or other comparable rate <br /> which WFB announces in lieu of the prime rate. Changes <br /> in the Prime Rate shall be effective as of the date <br /> announced by WFB. <br /> (d) Liability of Contributing projects. In addition <br /> to Developer's property, other properties will benefit from <br /> the Traffic Mitigation Improvements. The boundaries of such <br /> benefitted properties are depicted on Exhibit G attached <br /> hereto. As of October 1, 1997, the City has identified five <br /> "Contributing Projects" which will benefit from completion <br /> of the Traffic Mitigation Improvements, as shown on <br /> Exhibit F. The City has assigned each Contributing Project <br /> (including Developer's) a percentage share of the <br /> responsibility for participating in the costs to complete <br /> the Traffic Mitigation Improvements. That percentage share <br /> of the Traffic Mitigation Improvements Costs of each of the <br /> currently identified Contributing Projects and their <br /> required payments are also shown on Exhibit F. Each <br /> -5- <br />10163/NYL 374-0753 <br /> Stonendge Mall <br /> Notice Letter to the City of Pleasanton,CA <br /> 28163403v 2/028227-001530 <br />