The Develope* agrees that tt for any reason other than those

specified In Saction 16 hereto the works are not completed
pursuant to Section 2 hereto, by December 31, 1985 the City may
by Its emplayees or contractors complete the Works at the cost of
the Developer and deduct from the letter of credit held by the
City 72.5% of the cost of such completion including
administration costs. tf the cost of completion is higher than

the amount specified in Section 5, then the Developer wil! pay

72.5% of the difference toa the City immed tatel y upon receipt of

notice of the City's costs for completion. It the Warks are
completed as herain provided, then any unexpended balance of the

fetter of credit shall be returned to the Developer.

Within 30 days of the execution of this Agreement, the CIty shal! pay

the Developer tne sum of $6,265.10 as full payment for design costs

expended to date by the Developer for the portion of a water main to.

be Installed by and for the City.
The City shall relmburse the Developer tor its contribution to the
cost of construction of the Water Main System in accordance with the.

following terms:

(a) notwithstanding any other provision herein, the maximum amount |

payable by the City to the Developer toward the cost of the Watar
Matin system shal be the amount contributed by the Developer
pursuant to Sections 5, 7(b), u, without interest thereon;

(b) upon substantial completion of the Water Main System and
acceptance thereot by the City the City shall pay to the
Developer 61.9% of ail montes in the Water Development Cost
Charge Reserve Fund which have been collected from the lands In

Water Speci tied Area 6 as identified tn the "Water Development

Cost Charge Bylaw, 1979, Now 1657";

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