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not conducted an independent audit of these amounts. Nevertheless <br />the parties agree that the reimbursement amount stated in this <br />paragraph represents the fair and reasonable value of the <br />Improvements as a whole, irrespective of the various specific costs <br />set forth in Exhibit A. <br /> <br /> 4. Payment of the reimbursement amount stated in <br />paragraph 3 shall be made by the City to the Owner within one <br />business day after all of the following events shall have occurred: <br /> <br /> a. The levy of special assessments in Assessment <br />District No. 1988-1, and the sale and delivery of improvement bonds <br />representing the assessments, in the total amount of THREE MILLION <br />THREE HUNDRED THIRTY SIX THOUSAND TWO HUNDRED DOLLARS <br />($3,336,200.00) or such lesser or greater amount as the Owner may <br />agree to in writing and the City Council of the City approve by <br />resolution. <br /> <br /> b. The delivery to the City by the Owner of all <br />deeds and other documents as the City Attorney of the City may <br />reasonably require in order to complete the transfer of title to the <br />Improvements and the land or interests in land on which the <br />Improvements have been constructed. <br /> <br /> c. Certification of the Director of Public Works <br />of the City that the Improvements are ready for acceptance by the <br />City Council. <br /> <br /> 5. The Owner acknowledges that the conduct of special <br />assessment proceedings is a discretionary legislative act of the <br />City Council of the City and is subject to a public hearing process, <br />and that this agreement does not affect or limit the discretion <br />granted by law to the City Council in matters of special <br />assessments. If the condition stated in paragraph 4a. shall not <br />have been met by December 31, 1988, this agreement shall be void. <br /> <br /> 6. The Owner makes the following warranties: <br /> <br /> a. The Improvements are free of mechanics' and <br />materialmen's liens and other claims of any kind, and the Owner has <br />the legal authority to transfer to the City clear title to the <br />Improvements. <br /> <br /> b. The Owner has no knowledge of any claim or <br /> proceeding challenging the Owner's right to transfer title to the <br /> Improvements. <br /> <br /> 7. The Owner agrees that the City shall have no <br /> liability for payment of any amount under this agreement except from <br /> <br /> <br />