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• • <br /> 3.09 Purpose of Deposit <br /> The Parties understand and agree that the failure of the Developer to commence construction of <br /> the Improvements within the times provided for in this Part will result in losses or damages to the Agency <br /> by reason of lost property tax increment revenue, lost sales tax revenue and the failure to obtain the <br /> redevelopment of the Property and that the losses and damages from such failure would be extremely <br /> difficult to calculate or estimate; it is for that reason that the Parties have agreed to the provisions of this <br /> Article Three of Part One as indicated by their initials below. <br /> AGENCY: DEVELOPER: <br /> 3.10 Draw of Deposit <br /> The Agency shall have the right to draw the Deposit if the Developer breaches the Agreement as <br /> set forth in Section 6.04 of this Part prior to close of escrow. <br /> 3.11 Release of Deposit <br /> A. The Deposit shall be applied to the Purchase Price upon close of escrow if all conditions <br /> precedent are satisfied or waived. <br /> B. The Deposit shall be immediately returned to Developer in the event this Agreement is <br /> terminated because any of the conditions precedent set forth in Article Two of this Part One are not <br /> satisfied or waived within the time frame set forth therein. <br /> Article Four. CONSTRUCTION OF IMPROVEMENTS AND OTHER REQUIREMENTS <br /> 4.01 Construction Pursuant to Plans. <br /> Unless modified by operation of Section 4.07 of this Part, all works of construction and <br /> development on the Property shall be done in accordance with the Construction Plans approved pursuant <br /> to Section 4.04 below. Developer acknowledges and agrees that Developer's agreement to complete <br /> construction and occupy or lease the property to ongoing businesses pursuant to the deadlines set forth in <br /> this Article Four is a material inducement to enter into this Agreement and the failure to adhere to such <br /> deadlines is an event of default that entitles the Agency to all rights and remedies pursuant to Article Six <br /> and Article Seven of this Part <br /> 4.02 Final Development Plan - Staff Review. <br /> A. Developer shall submit to the Agency a Final Development Plan for the Improvements. <br /> The Final Development Plan shall be substantially consistent with the Preliminary Development Plan and <br /> the Redevelopment Plan and set forth in drawings and models and/or elevations, size and location of <br /> Disposition and Development Page 5 of 23 <br /> Agreement <br /> '71 <br />