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(a) Redeveloper's Initial Advanc~ of Funds The Redeveloper has, prior to or simultaneously with the exv ecution of the Agreement by the Agency, deposited with the Agency its Initial Advance of Funds (hereinafter "Initial Advance")in the amount of FIFTY ONE THOUSAND SEVEN HUNDRED SIXTY'TWO DOLLARS AND FIFTY CENTS(S51,762.50) equvalent to five percent (5%) of the Purchase Price ~or the Phase II Parcel. The Initial Advance shall be in the form of a cashier's check payable to the Agency and shall serve as security for the performance of obligations of the Redeve- loper to be performed prior to the return of Such Initial Advance to the Redeveloper or its retention by the Agency as liquidated damages or its application on account of the Purchase Price for the Phase II Parcel as hereinafter provided in this Section 7, and may be used by the Agency to pay the purchase price for the acquisition of properties within the Phase I Parcel. The Initial Advance shall be applied toward payment of the Purchase Price for the Phase II Parcel. In the event the Redevelop- er elects to divide the Phase II Parcel in order to acquire and . develop the Phase I~ Parcel in increments as provided in the Scope of Development, the amount of-such Initial Advance shall be credited in escrow upon conveyance of either the Second Sub Parcel or the Third Sub Parcel as comprising the balance of the Phase II Parcel~ whichever is the last subparcel to be conveyed to the Redeveloper by the Agency. Upon terminat[o~l of this Agreement with respect to the entire Property or portions thereof pursuant to Section 702 hereof, the Initial Advance shall be returned to the Redeveloper by the Agency as provided in s[~id Section 702. UPon termination~of this Agreement with respect to the entire Property or ~)ortions thereof pursuant to Section 703 hereof, the In- itial Advance shall be retained by the Agency as provided ~n said Section 703.:. The Agency's obligation for return of the Initial Advance shall be based upon and limited by the availability of funds to' the Agency pursuant to Health and Safety Code Sections 33670- 33674, inclusive, California Community Redevelopment Law, and any other funds lawfully available to the Agency from time-to-time for such purpose. (b) Rede~e~ope.r's' S~poD~. Ady~nce of Funds Within thirty (30) days after execution 6f this Agreement by the Agency, the Redeveloper shall deposit with the Agency, as payment of the Purchase Price for the Phase I Parcel,the sum of THREE HUNDRED THIRTY THREE THOUSAND TWO HUNDRED FIFTY DOLLARS ($ 333,250.00). Such amount shall comprise the Redeveloper's Second Advance of Funds (hereinafter "Second Advance"). -13-