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Upon completion of the Works, the cost of the Works including design fees, tender
advertising costs, construction costs, consulting fees in accordance with the "Outline
of Services and Schedule of Fees for General Projects" prepared by the B.C.
Association of Professional Engineers and Geoscientists, right of way acquisition
costs, inspection and certification costs (but excluding any repair costs and any
admunistrative costs or interest charges incurred by Freemont Holdings) (collectively
the "Costs”) shall be certified in writing to the City by Freemont Holdings, together
with copies of all invoices for the Costs. Eligible costs shall include Costs incurred
by Freemont Holdings prior to the execution of this Agreement which are required
for completion of the Works.

The Costs shall be credited against development cost charges paid for drainage
purposes (the "Charges") on the parcels described in Schedule "B" to this Agreement
(the "Parcels"). Upon payment of the Charges the Costs shall be refunded against
payments made, within five working days of the City receiving the request for the
refund. ~

If the Costs exceed the amount of the Charges paid in respect of the Parcels, the
Costs may be applied against Charges payable in respect of ,

(the “Additional
Parcel") in the sarne manner as applied in relation to the Parcels.

The Costs shall be apportioned in respect of each Parcel in proportion to the number
of dwelling units which are permitted to be developed on each parcel pursuant to the
plan attached as Schedule "C” to this Agreement.

The refunds provided for in this Agreement shail be applicable oniy to the Parcels
and the Additional Parcel and shall not be transferable to any other land. The
credits shall be refunded to the person who pays the Charges.

The Costs shall not be refunded or paid by the City except as a credit against the
payment of Charges.

Notices

Any notices provided for in this Agreement shall be delivered to the parties at the
addresses set out in this Agreement, or at such substitute addresses as may be
provided in writing to the other party.

Schedules

Schedules "A", "B" and "C" to this Agreement form part of this Agreemient.