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In the e~ent that the Agency fails to deliver such title and <br />possession to the Redeveloper within said 540-day period, interest <br />shall begin to accrue on such principal sum as of the first day <br />following said 54~day period. Such interest shall accrue at the <br />rate of eight (8) percent simple interest per annum until such time <br />as the Agency's deed to the Phase II Parcel shall have been recorded <br />in favor of the Redeveloper. <br /> <br /> The principal sum of sa~d promissory note including accrued <br />interest thereon, if any, shall be due and payable within three <br />and one half years from the date of deposit of the Redeveloper's <br />Third Advance (date of promissory note). <br /> <br /> The principal sum of said promissory note shall be cancelled <br />through escrow upon conveyance by the Agency to the Redeveloper of <br />the Phase II Parcel. If any interest shall have accrued on such <br />principal sum upon the cancellation of such principal sum through <br />escrow, the Agency shall pay such accrued interest to the Redev <br />veloper upon such conveyance of the Phase II Parcel. <br /> <br /> In the event of the Redeveloper's election to divide the Phase <br />II Parcel into two subparcels in order to acquire and develop the <br />Phase II Parcel in increments as provided in the Scope of Develop- <br />ment, the following provisions shall apply with respect to the <br />Agency's obligation to the Redeveloper for the payment of interest <br />on the Redeveloper's Third Advance. <br /> <br /> Interest shall not accrue on the principal sum of. <br />said promissory note unless the Agency shall be unable <br />to convey title to the First Subpacel in accordance with <br />Section 2(a) herein together with possession thereof to <br />the Redeveloper within 540 days after the date of ex- <br />ecution of this Agreement by the Agency. <br /> <br /> In the event that the Agency fails to deliver such <br />title and' possession to the Redeveloper within said <br />540-day period, interest shall begin to accrue on such <br />principal sum as of the first day following said 540~day <br />period. Such interest shll accrue at the rate of eight <br />(8) percent simple interest per annum until such time <br />as the Agency's deed to such First Subparcel shall have <br />been recorded in favor of the Redeveloper, at which time <br />such aecrued interest shall be payable by the Agency to <br />the Redeveloper. <br /> <br />-16- <br /> <br /> <br />