precedent, each of which are for the sole benefit of the City and

may be waived by it. at any time:

(a) That prior to the Completion Date and in addition to the

Purchase price, Shaughnessy. shall deposit with the City the following:

(1) a refundable letter of credit or bank
guarantee in the amount of $74,083.00, asa
security deposit to ensure construction by
Shaughnessy of the works listed on Schedule
"A" hereto and of the landscaping required by
the City for the Proposed Development; and
(ii) a deposit by Shaughnessy by way of cash,
bank draft or certified or solicitor's trust
cheque in the amount of $51,928.00 to cover
Development Cost Charges of the City in
respect to the Proposed Development as set
out on Schedule "38" hnereco,
it being understood and agreed ‘ event that
and sale of the City Lands and reel is not complar
party for whatsoever reason, then upon the written request of Shaughnessy,
City shall immediately release to Shaughnessy without deduction,
full amount of all monies and let: Geposited with th
City by Shaughnessy.
(pb) That prior to the Completicn Date Shaughnessy shall

obtain and submit to the City for its approval a Plan of Consolidation

of the City Lands with Parcel A and the Adjacent Lands prepared by a
British Columbia iand surveyor.
{c) That on or before Complericn Dare
have executed ali the necessary clans, documents and instruments as
shall be reasonably required by che City in orde
highway purposes an area of approximately 3,000
the widening by approximately 7 feet of
Shaughnessy Street adjacent to the ropesec Develocoment.

5. The obligations of Shaughnessy co complete the purchase

of the City Lands and Parcel A City biect to the