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accordance with local and State regulations and the right to reimbursement for the <br />Reimbursable costs for the Improvements, as provided herein. <br />Section 4. Benefited Area. <br />The Benefited Properties include the San Francisco Water Department property <br />and the area to be benefited by the Improvements is depicted on the map attached hereto <br />as Exhibit B and incorporated herein by this reference ("Benefited Area"). <br />Section 5. Reimbursement. <br />When an owner of one of the Benefited Properties ("Property Owner") is issued a <br />building permit for a development project within the area bounded in the west by I-680, <br />by Bernal Avenue in the north, and by the railroad tracks in the east, the Property Owner <br />shall pay the full pro-rata share of Reimbursable Costs pursuant to this Agreement. The <br />Benefited Properties' pro-rata share of the Improvements is fifty percent (50%), and the <br />first Property Owner in the Central Area to obtain a building permit shall pay the entire <br />sum due to Developer. <br />Section 6. Developer's and Owner's Shares. <br />Developer's and Owner's shares of the cost of the Improvements shall be deemed <br />contributed upon the completion of construction of the Improvements and acceptance <br />thereof by the City, subject to the receipt of Reimbursable Costs as herein provided. <br />Section 7. Interest. <br />Simple interest at the rate of six percent (6%) shall be added to the Reimbursable <br />Cost described in Sections 2 and 5 herein each calendar year on January 1st, beginning <br />with the year following acceptance of the Improvements. <br />Section 8. Distribution of Fees. <br />The Reimbursable Cost collected by the City pursuant to this Agreement shall be <br />distributed in a ratio of one hundred percent (100%) to Developer, and zero percent (0%) <br />to Owner. The City shall not charge any administration costs and expenses in connection <br />with this Agreement. <br />Section 9. Time and Manner of Disbursement. <br />(a) Disbursement of Reimbursable Costs collected by the City pursuant to this <br />Agreement shall be made to Developer within sixty (60) days of collection thereof. <br />(b) The right to the Reimbursable Costs shall be personal to Developer and shall <br />continue notwithstanding the subsequent sale or transfer of the Property. Developer shall <br />have the right, in its sole discretion, to assign its interest to the Reimbursable Costs to <br />