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recorded against the Southern Property for the Segments 8-10 Balance, once the Segments 8-10 Balance has been paid in full, County shall record a Notice of Reconveyance as to the deed of trust on the Southern Property. 1.7 Deposit of Security for City's Purchase of the Northern Propert~Segments 8-10. At the first Closing Date, City shall deposit into an escrow account One Million Dollars. If condition (a) of Section 1.4 has been satisfied and the City, for whatever reason, elects not to purchase the Northern Property, the City (a) will forfeit the One Million Dollars to the County in lieu of all other remedies available to the County and (b) will initiate an amendment to the land use designations applicable to the Northern Property such that their designations are compatible with land use designations of adjacent properties to allow the highest and best use of the Northern Property. If condition (a) of Section 1.4 has not been satisfied but one of condition (b) has been satisfied and the City, for whatever reason, elects not to purchase the Northern Property, the City (a) will forfeit $843,625 (of its One Million Dollars in escrow) to the County in lieu of all other remedies available to the County (with the remainder of the escrow account returned to City) and (b) will initiate an amendment to the land use designations applicable to the Northern Property such that their designations are compatible with the land use designations of adjacent properties to allow the highest and best use of the Northern Property. THE PARTIES AGREE THAT THE AMOUNTS FORFEITED BY CITY AND PAID TO COUNTY UNDER THIS SECTION_1.7 CONSTITUTE LIQUIDATED DAMAGES PURSUANT TO SECTIONS 1671, 1676 AND 1677 OF THE CALIFORNIA CIVIL CODE. THE PARTIES AGREE THAT IT WOULD BE IMPRACTICAL OR EXTREMELY DIFFICULT TO FIX THE ACTUAL DAMAGES AND THAT THE FOREGOING AMOUNTS ARE REASONABLE ESTIMATES OF THESE DAMAGES, AND THAT COUNTY SHALL RETAIN THE AMOUNTS AS COUNTY'S SOLE AND EXCLUSIVE REMEDY. THE PARTIES WITNESS THEIR AGREEMENT TO THIS LIQUIDATED DAMAGES PROVISION BY INITIALING BELOW. CITY'S INITIALS: COUNTY'S INITIALS: 1.8 Extension of Time. The County may, at its discretion, extend the date of the Second Closing Date for two additional years beyond the five years provided in Section 1.4 if progress is being made towards satisfying the conditions identified in Section 1.4. The parties must agree to extensions of time to satisfy the conditions identified in Section 1.4 beyond the two additional years. 1.9 Creation of New Easements/License. County will reserve an easement for fiber optics purposes and telecommunications purposes for the purpose of a fiber optics license agreement with Time Warner, and/or its successors or assigns with County permission. This reservation shall be in the Grant Deed whereby the Properties are conveyed. The language of the easement reservation and the legal description thereof are attached hereto as Exhibit C. If County grants an easement and/or license to third parties in connection with the remediation or clean up activities on Segment 7, City shall review and approve the form of this easement/license. 4