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~1 ` ~. <br />with City the sum of Eighty-Eight Thousand Eight Hundred Dollars <br />($88,800.00), representing the balance of the seventy-two (72) <br />off-street parking spaces the Hopyard Center is lacking. Owner <br />shall deliver the above sum, in the form of cash or one (1) or <br />more letters of credit, to the City for deposit in the In Lieu <br />Fund. Any such letter of credit shall be drafted in accordance <br />with Section 2(c) herein and shall be payable on the same date as <br />the LC referred to in Section 2(c). Owner shall not be required <br />to deposit this payment in the event Owner has constructed, or <br />has begun construction on, off-street parking spaces to meet the <br />then-required City parking requirements for Hopyard Center. <br />(2) One year from the execution of this Agreement, <br />Owner shall deposit with the City the sum of Ninety-Seven <br />Thousand Two Hundred Dollars ($97,200), which City shall deposit <br />in the In Lieu Fund. Owner shall not be required to deposit this <br />payment in the event Owner has constructed, or has begun <br />construction on, parking spaces to meet the then-required City <br />parking requirements for Hopyard Center, or has otherwise <br />satisfied City parking requirements. <br />(3) If Owner deposits the future payment pursuant <br />to subsection 2(d)(1) above, or if Owner has begun construction <br />on off-street parking facilities sufficient to meet the <br />requirements of Hopyard Center, City shall credit the Property <br />with containing the additional seventy-two (72) off-street <br />parking spaces and shall allow leasing of Unleased Space to <br />continue until the seventy-two spaces have been allocated to <br />tenants in Hopyard Center in accordance with the Code <br />requirements for provision of off-street parking. <br />- 5 - <br />