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Interest .shall not further accrue on the principal sum of said promissory note unless the Agency shall be unable to convey title to the Second Subparcel in accor- dance with Section 2(a) herein together with possession thereof to the Redeveloper within 810 days after the date of execution of this Agreement by the Agency. In the event that the Agency fails to deliver such title and possession to the Redeveloper within said 810- day period, interest.shall begin to accrue on such prin- cipal sum as of the first day following said 810-day period. Such interest shall accrue at the rate of eight (8) percent simple interest per annum until such time as the Agency's deed to. such Second Subparcel shall have been recorded in favor of the Redeveloper, at which time such accrued interest shall be payable by the Agency to the Redeveloper. The principal sum of said promissory 'note represent- ing the Third Advance shall be cancelled through escrow upon conveyance by the Agency to the Redeveloper of s~ch Second Subparcel. In the event of the Redeveloper's election to divide the Phase II Parcel into three subparcels in order to acquire and develop the Phase II Parcel in increments as provided in the'Scope of Development, the following provisions shall apply with respect to the Agency's · obligation to the Redeveloper for the payment of interest on the Redeveloper's Third Advance. Interest shall not accrue on the principal sum of said.promissory note unless the Agency shall be unable to convey title to the First Subparcel in accordance with Section 2(a) herein togehter with' possession there- of to the Redeveloper within 540 days after the date.of execution of this Agreement by the Agency. In the event that the Agency fails to deliver such title and possession to the Redeveloper within said 540- day period, interest shall begin to accrue on such prin- cipal sum as of the first day followoing said 540-day period. Such interest shall accrue at the rate of eight (8) percent simple interest per annum until such time as the Agency's deed to such First Subparcel shall have been recorded in favor of the Redeveloper, at which time such accrued interest shall be payable by the Agency to the Redeveloper. Interest shall not further accrue on the principal sum of said promissory note unless the Agency shall be unable to convey title to the Second Subparcel in accor- dance with.Section 2(a) herein together with possession thereof to the Redeveloper within 810 days after the date of execution of this Agreement by the Agency. -17- FEB Z 8 977j