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Hotel Accounting $25 million <br />City's Total Costs (13m+3m) $16 million <br />Total Costs $116 million <br />Hotel Project/Final Developer Accounting = 25% <br />25% is applied to City's Costs (City's Proportional Costs) City's <br />Proportional Costs for the Hotel is 4 Million (25% of 16 million) <br />City Proportional Share Ratio (4/29) = 13.7% <br />Sales price is 50 million <br />Developer's Priority Payment (25 million +3,750,000) _ $28,750,000 <br />50 million (Sales Price) - $28,750,000 (Developer's Priority Payment) _ <br />$21,250,000 Participation Amount <br />City's proportional Share 13.7% of $21,250,000 (Participation Amount) _ <br />= City Proportional Share Ratio <br />City's Share = $1,487,500 <br />Developer's Share = $19,762,500 <br />7.1.4 If Developer has exercised the option to purchase the City Parcel within the <br />Parking Structure pursuant to Section 5.14 then that cost will be added to the Developer costs for <br />purposes of calculating the City Participation Formula. <br />ARTICLE 8 <br />SPECIAL DEVELOPMENT COVENANTS OF THE DEVELOPER <br />8.1 Maintenance Condition of the Property. The Developer for itself, its successors <br />and assigns, covenants and agrees that: <br />8.1.1 Maintenance Standard. The entirety of the Property and the Project shall be <br />maintained by the Developer at Developer's cost in good condition and repair and in a neat, clean <br />and orderly condition, ordinary wear and tear and casualty excepted, including, without limitation, <br />maintenance, repair, reconstruction and replacement of any and all asphalt, concrete, landscaping, <br />utility systems, irrigation systems, drainage facilities or systems, grading, subsidence, retaining <br />walls or similar support structures, foundations, signage, ornamentation, and all other <br />improvements on or to the Property, now existing or made in the future by or with the consent of <br />the Developer, as necessary to maintain the appearance and character of the Project and the <br />Property. The Developer's obligation to maintain the Project and the Property described in the <br />immediately preceding sentence shall include, without limitation, (i) maintaining the surfaces in a <br />level, smooth and evenly covered condition with the type of surfacing material originally installed <br />40 <br />5 5394.00049\3323 9203.12 <br />