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of-way for the improvements referred to herein from persons other than City, the golf course <br />developer, or any of the Funding Developers, except for incidental costs thereof as specifically <br />provided in Section 3(a), below, and shall exclude all costs (inclusive of incidental costs) of <br />acquiring such right-of-way from the City, the golf course developer, or any of the Funding <br />Developers. Reimbursable Costs shall include sums escrowed by the Proceeding Developer <br />pursuant to Section 4, below, for the benefit of homeowners in the HVSPA. <br /> <br /> (c) Management Fee: The Funding Developer (or the City) who actually <br />constructs an improvement pursuant to this Finance Plan each shall be entitled to a management fee <br />("Management Fee") equal to 10% of the actual hard costs of construction (exclusive of design and <br />engineering costs and approvals, bond premiums, construction interest, permits and inspections) for <br />the respective improvement constructed by it. <br /> <br /> (d) Allocations: The Funding Developers (and City or Happy Valley <br />Homeowners, if applicable) (collectively the "Payment Participants") shall be responsible for the <br />following shares of the Reimbursable Costs and Management Fees payable to the Proceeding <br />Developer and/or the City pursuant to Paragraphs 2(b) and 2(c), above, as follows: <br /> <br /> Payment Participant Density Percent of <br /> Total <br /> <br /> New Cities 48 34.533% <br /> Black Mountain 34 56.833% <br /> T1X 12 8.633% <br /> City N/A N/A <br /> HV Homeowners N/A N/A <br /> <br /> 100% <br /> <br />Irrespective of the number of new residential units and density applicable to each development <br />project, Black Mountain specifically agrees to be responsible for 56.833% of the total cost. <br /> <br />(In addition, irrespective of the foregoing allocation, City shall be responsible to reimburse the <br />Proceeding Developer for the sums referred to in Section 2(a)(i)(A), above.) <br /> <br /> (e) Actual Cost: The aggregate cost estimate for the water and sewer <br />main extensions to be paid for by the Funding Developers is $1,200,000.00, more or less, calculated <br />as the total of such costs to be incurred by the Proceeding Developer under Section 2(a)(i) less City <br />reimbursements under Section 2(a)(i)(A) plus costs to be reimbursed to City under Section <br />2(a)(ii)(A). However, the estimated costs shall not limit the responsibility of the Funding <br /> <br /> -3- 10/21/99 <br /> <br /> <br />