MLA cae

as
y
aud

DEVOS21 MAIN AGREEMENT
Page 11 September 26, 198: 8!

The payments by the City to the Developer are,
subject to this Agreement, to be those sums listed
below as (a) and (b} ‘

(a) Skyline Park
- SCHEDULE MA-L1 $111,200.06

(b) Future Park
- SCHEDULE MA-L2 $318,800.00

The City shall within 30 days of receipt of a demand
for payment from the Developer, in accordance with
this Agreement pay to the Developer 100% of the park
development cost charges or portions thereof which
have: been received in regard to the lands to a
maximum of $111,200 subject to any reduction under
Section 3.1.5.4 or 3.1.5.5 and provided that title
to Skyline Park shall be first transferred to the
City free and clear of all charges or encumbrances.

3.1.5.2 The City shall within 30 days ef receipt of a demand
for payment from the Developer, in accordance with
this Agreement pay to the Developer 100% of the park
development cost charges or portions thereof which
have been received in regard to the lands to a
maximum of $318,800 subject to any reduction under
Section 3.1.5.4 or 3.1.5.5 and provided that title
to the Future Park shall be first transferred to the
City free and clear of all charges or encumbrances.

The two Parks shall be constructed and transferred
to the City as described above at such time as the
lands are subdivided to create parcels contiguous to
the Park and sufficient development cost charges
have been collected from the Deveioper to pay for
the Park provided that if the Park is constructed to
the City's satisfaction aid the 1 year maintenance
period after substantial completion has concluded,
prior to collection of sufficient development cost
charges, the City shall, upon transfer of title, pay
the development cost charges up to the maximum of
the development cost charges collected to that point
and shall pay to the developer, ‘thin 30 days of
demand, in accordance with the t ms of the Option
to pruchase and this Agreement, ‘y balance upon
collection by the City fcum any Gevelopment within
the Lands.

Haag tye