NOW THEREFORE in consideration of the premises, of the
sum of ONE DOLLAR ($1.00) rec ceipt of which from the City is
hereby acknowledged by Sandcastles and other good and valuable
consideration THE PARTIES AGREE AS FOLLOWS: |

ol. Sandcastles acknowledges and agrees that some work
still remains ‘be done on the Park, for which Sandcastles is
responsible, as required under the agreement known as the Main
Agreement between the City and Western Mortgage Corporation, ‘the
benefit and burden of. such agreement having been assigned to

Sandcastles.

Qe Sandcastles confirms its agreement that the City will
complete the remainder of the deficiencies in the said works, now.
estimated to cost $6,826. 87 as per the estimate attached hereto
ag Schedule "A" and that. Sandcastles will pay’ 75% ‘of the total |
actual labour and equipment costs expended by the (City in-
completing these works, calculated in accordance with the manner
and using the rates shown on the said Schedule.

 Sandcastles acknowledges and agrees that the attached ©
Schedule "A" is only an estimate of costs and it is responsible

for 75% of all actual costs.

4. Sandcastles confirms that it will pay . ‘the agreed upon
amount forthwith upon receiving the City's advice of. the- final.
costs and in the event that it fails to forthwith pay such
amounts, the City can draw on any Letter of Credit or other.
security Sandcastles has deposited with the City in connection