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recommended by either the EIR or the New Traffic Study, minus <br />(b) the sum of.(i) TSIP Fees in the possession of the JPA and <br />(ii) federal, state and county funds available as hereinafter <br />provided, but in no event to exceed One Million Two Hundred Fifty <br />Thousand bollErs ($1,250,000,00); <br />As a condition precedent to the Commencement of Construc- <br />tion of the "Hotel Phase of the Project" (as hereinafter defined) <br />an irrevocable letter of credit shall be provided to the JPA in an <br />amount equal to the difference between (a) the Cost of the <br />mitigation measures located in Orange's TSIP area that are <br />recommended by either the EIR or the. New Traffic Study, minus <br />(b) the sum of (i) TSIP Fees in the possession of the JPA plus <br />(ii) federal, state and county funds available as hereinafter <br />provided, but in no event to exceed One Million Two Hundred Fifty <br />Thousand Dollars ($1,250,000.00). <br />For purposes of this Agreement, the following terms and <br />phrases shall have the following definitions: <br />The phrase "Commencement Of Construction" shall refer to <br />the date that construction is commenced on footings and <br />foundations for the improvements on the Second Phase of'the <br />Project, the Third Phase of the Project, or the Hotel Phase of.the <br />Project, as the case may be. <br />The phrase "Second Phase Of The Project" refers to any <br />improvements on the Project Site which exceed 1,500,000 net <br />5 03935 <br />