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<br />r <br /> <br />TO FIX ACTUAL DAMAGES IN CASE OF PARTICIPANT'S DEFAULT <br /> <br />AND THAT THE AMOUNT OF SAID DEPOSIT IS A REASONABLE <br /> <br />. <br /> <br />ESTIMATE OF AGENCY'S DAMAGES. PARTICIPANT RECOGNIZES <br /> <br />THAT PARTICIPANT'S PROMPT PURCHASE OF THE SALES PARCEL <br /> <br />AND DEVELOPMENT OF THE SITE IN ACCORDANCE WITH THIS <br /> <br />AGREEMENT ARE OF CRITICAL IMPORTANCE TO AGENCY'S <br /> <br />ABILITY TO CARRY OUT ITS OTHER ACTIVITIES WITHIN THE <br /> <br />REDEVELOPMENT PROJECT BY FINANCING FROM THE TAX IN- <br /> <br />CREMENT WHICH WILL BE GENERATED BY THIS DEVELOPMENT <br /> <br />PURSUANT TO CALIFORNIA HEALTH & SAFETY CODE SECTIONS <br /> <br />33670 et s~q. PARTICIPANT FURTHER RECOGNIZES THAT <br />THE AMOUNT OF THE GOOD FAITH DEPOSIT IS BASED NOT <br /> <br />ONLY UPON THE PURCHASE PRICE AS SET FORTH IN THIS <br /> <br />t <br /> <br />AGREEMENT, BUT ALSO UPON AGENCY'S INVESTMENT IN THE <br /> <br />SALES PARCEL WHICH INCLUDES, IN ADDITION TO LAND <br /> <br />VALUE, THE VALUE OF THE IMPROVEMENTS WHICH AGENCY IS <br /> <br />TO ACQUIRE, DEMOLITION COSTS, RELOCATION COSTS, AND <br /> <br />AGENCY'S COSTS OF FINANCING THE ACQUISITION AND <br />CLEARANCE OF THE'SALES PARCEL." <br /> <br />This section is separately approved by the parties <br /> <br />to this Agreement in accordance with California Civil Code <br /> <br />section 1677: . <br /> <br />AGENCY: <br /> <br />PARTICIPANT: <br /> <br />. <br /> <br />:"\ <br /> <br />By <br /> <br />By <br /> <br />Chairman <br /> <br />By <br />--Exec-Lit i-ve--b-i r'e'ctor- <br /> <br />By <br /> <br />6. Section VII.~. of the Participation Agreement <br /> <br />is hereby amended by adding two paragraphs thereto, which <br /> <br />paragraphs read as follows: <br /> <br />. <br /> <br />6. <br /> <br />I (j '") <br /> <br />4B <br />