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• 0 <br />3. Use of Escrow Funds. The District shall have the right to make withdrawals from the <br />Escrow Account, on a monthly or more frequent basis if required, to pay contractors, <br />subcontractors, suppliers, materialmen, consultants and other costs for the construction of the <br />Joint Use Improvements. Prior to making any payment the District shall review and approve the <br />invoice, obtain all appropriate lien releases and waivers, confirm that the work for which <br />payment is requested was performed and that any other conditions to payment set forth in the <br />District's contract or subcontract have been satisfied. District shall require that its general <br />contractor provide performance and performance bonds sufficient for completion of the Joint <br />Use Improvements. <br />4. District's Reporting Requirements. <br />4.1 Joint Use Improvements. The projected construction schedule for construction of the <br />Joint Use Improvements is attached hereto as Exhibit "A". Prior to the commencement of <br />construction, the District shall provide the City with an updated construction schedule and <br />written notice of any changes in the construction budget set forth in Section 2.1 above. <br />The District shall deliver to the City a quarterly progress report showing the following: <br />(A) Percentage of completion for each item in the construction budget, <br />(B) Balance of Joint Use Funds available in the Escrow Account, and <br />(C) Updated construction schedule showing changes from the prior quarter's <br />construction schedule. <br />The quarterly report shall be delivered to the City on or before the tenth (10th) day the month <br />following the end of each succeeding quarter until completion of the Joint Use Improvements <br />pursuant to the terms of the Ground Lease. <br />4.2 Channel Improvements. In the event the District is required to construct the Channel <br />Improvements, it shall provide to City monthly reports in the form required by Section 4.1 above <br />for the Channel Improvements. <br />5. Termination. This Agreement shall terminate upon the completion of the Joint Use <br />Improvements and Channel Improvements, if any, as required by the Ground Lease; provided, <br />however, in the event the Ground Lease is terminated by the City prior to completion of such <br />improvements all remaining Escrow Funds shall be released and paid to the District. Upon <br />termination of the Ground Lease or the completion of the Joint Use Improvements or Channel <br />Improvements, as applicable, the balance of any remaining Escrow Funds allocated to the Joint <br />Use Improvements or Channel Improvements, as applicable, together with any accrued interest <br />thereon, shall be released and paid to District. The Escrow Account shall be closed upon <br />completion of all required construction work pursuant to this Agreement. <br />6. Miscellaneous. <br />6.1 Successors and Assigns. This Agreement shall inure to the benefit or and be binding <br />upon the parties hereto and their successors and assigns in connection with any assignment of the <br />Ground Lease as provided therein. <br />05382.047/415159v2 <br />3