1901 E. FIRST STREET OWNER LLC (3) - 2015

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3.1.2 Payment of Subject Fees. Owner, or its successor in interest to the Property or any portion thereof, shall be liable for the payment of the Subject Fees pursuant to this Agreement. The Subject Fees for a residential building constructed on the Property shall be due and payable at the termination of the Deferral Period. No certificate of occupancy shall be issued for that building or any portion thereof unless and until all Subject Fees are paid in full. Notwithstanding any other provision to the contrary, the deferred impact fees not paid at the time of building permit issuance shall be subject to interest on unpaid fees at the annual rate of interest that the City earns on its investment of pooled funds, which shall accrue from the date of issuance of the initial building permit until the deferred impact fees and all accrued interest is paid. 3.1.3 Subject Fees Amount. Except as may otherwise be provided for by a statutory development agreement for the Property, as approved by the City, the amount of the Subject Fees for each residential building to be developed on the Property shall be determined according to the rate of the Subject Fees adopted by the City and in effect on the date when the building permit for the residential building was issued by the City. Upon issuance of each building permit, the City shall complete and attach the form set forth in Exhibit "B" to this Agreement to reflect the amount of the Subject Fees applicable at the time of issuance of that building permit and attach a copy of the building permit, which shall collectively thereafter be incorporated as part of this Agreement. 3.1.4 Obligation for Payment of Subject Fees. Owner hereby acknowledges and agrees that Owner's obligation to pay the Subject Fees shall continue and remain an obligation of Owner, as well as (jointly and severally) any successors in interest of Owner, including, without limitation, any successor in interest to the Property or any portion of the Property. Without limiting the nature of the foregoing, any Subject Fees that remain unpaid following the time that they are required to be paid may be collected by the City as a personal obligation of the Owner, or any successor of Owner, as a special assessment against the property (collected at the same time and in the same manner as ad valorem property taxes), or by any combination of the foregoing. 3.1.5 Processing Fee. A processing fee in the amount of five hundred and forty -three dollars and forty -five cents ($543.45) shall be paid by the Owner based upon the estimated costs for processing, administering, tracking and collecting the Subject Fees. The processing fee shall be paid by Owner as a condition precedent to the City approving this Agreement. 3.2 Covenant of Owner. Owner covenants that he, she or it is eligible to enter into this Agreement and has fulfilled the requirements for approval of deferral of all Subject Fees as set forth in the Development Impact Fee Deferral Ordinance. Should Owner and/or the Property be deemed at any time prior or subsequent to execution of this Agreement to be ineligible for a deferral of Subject Fees pursuant to the Development Impact Fee Deferral Ordinance, regardless of whether Owner intentionally or unintentionally misrepresented to the City that Owner was eligible for a deferral of Subject Fees, City may terminate this Agreement and require all Subject Fees to be immediately paid in full.