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(i) Agency shall pay the sum of Five Hundred Thirty-Five Thousand <br />Four Hundred Forty Dollars ($535,440) by June 30, 2009. <br />(ii) Subject to paragraphs (iii) and (iv) below, Agency shall pay the sum <br />of One Million Six Hundred Thirty-Five Thousand Three Hundred and Sixty <br />($1,635,360) (the "Aggregate Installment Payment") in annual installments <br />as follows: for each of the five fiscal years commencing with FY 2009/ 10 <br />through FY 2013/ 14, Agency shall pay by June 30 of each such fiscal year, the <br />sum of Three Hundred Twenty-Seven Thousand and Seventy-Tow Dollars <br />($327,072) (each an "Annual Payment"). <br />(iii) For any fiscal year commencing with FY2009/ 10 during which the <br />State of California requires Agency to make an ERAF contribution, Agency shall <br />be permitted to reduce the Annual Payment to One Hundred Sixty Thousand <br />Dollars ($160,000) and delay the remaining Annual Payment of One Hundred <br />Sixty Seven Thousand Seventy Two Dollars ($167,072) to FY 2014/15 or <br />subsequent fiscal years, depending on the number of prior years payment was <br />reduced. The repayment schedule set forth in paragraph (ii) above may be <br />extended pursuant to this paragraph for up to five years, to FY 2018/ 19, at <br />which time the Aggregate Installment Payment would be paid in full. <br />(iv) The execution and delivery of the Joint Use Agreement shall be a <br />condition precedent to Agency's obligation to provide Project financing <br />pursuant to this Agreement. <br />1.4 Responsibility for Additional Project Costs. Except as specifically stated <br />herein, all costs incurred in connection with the design, development and <br />construction of the Project shall be paid by School District, and Agency shall <br />have no obligation for such costs. <br />ARTICLE II <br />DESIGN AND DEVELOPMENT OF PROJECT <br />2.1 Design and Construction of Project. Except as specifically stated herein, <br />School District shall be responsible for the design, development and <br />construction of the Project, and Agency shall have no responsibility for any <br />defects, errors or omissions in the design, construction or installation of the <br />Project. <br />2.2 Schedule of Performance. School District shall complete construction of <br />the Project by no later than 2014. <br />1187216-1 3 <br />