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"; M Bosra Et eters Lata. mig psy oe Tei agi tys |