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• <br /> acquisition costs. The estimated actual Purchase Price as used herein is One Million <br /> Three Hundred Thousand Dollars ($1,300,000). Agency does not warrant said <br /> amount, which may be subject to change based upon variations in the factors listed <br /> above. Agency shall provide copies of all documents and invoices relating to Agency's <br /> costs for the purchase, hazardous materials, remediation, and related acquisition <br /> costs. • <br /> 3.03 Payment of Purchase Price. <br /> The Developer shall execute a promissory note (the "Note ") in the amount of <br /> the Purchase Price, as well as a deed of trust (the "Deed of Trust ") establishing the <br /> Property as security for payment of the Note. Five (5) years following the Agency's <br /> conveyance of title to the Property to Developer, the Note shall be due and payable <br /> in full, less any amount forgiven and exonerated. EIGHT HUNDRED THOUSAND <br /> DOLLARS ($800,000.00) of the principal of the Note shall be forgiven and <br /> exonerated upon Developer securing satisfactory construction financing in the <br /> • <br /> manner and upon the terms and conditions described in the Note. The Note shall <br /> bear interest at an annual rate of six percent (6 %) on that portion of the Purchase <br /> Price not intended to be forgiven and exonerated pursuant to the foregoing sentence. <br /> (For example, if the Purchase Price is ONE MILLION THREE HUNDRED <br /> THOUSAND DOLLARS [$1,300,000.00] as calculated under Section 3.02, then the <br /> portion of the Note bearing interest pursuant to this Section 3.03 is FIVE <br /> HUNDRED THOUSAND DOLLARS ($500,000.00J). The interest may be forgiven <br /> in the manner and upon the terms described in the Note. The form of the Note and <br /> Deed of Trust shall be as set forth in Exhibit C and Exhibit D to this Agreement. <br /> Upon repayment of Note, the Agency shall execute a reconveyance of the Deed of <br /> Trust. <br /> Developer shall deposit the executed Note and Deed of Trust with the escrow <br /> • agent prior to the date of conveyance of the Property, provided that the escrow agent <br /> shall have notified the Developer in writing that the Grant Deed, attached as i i <br /> E and incorporated herein by reference, properly executed and acknowledged by the <br /> Agency, has been delivered to the escrow agent and the title is in the condition to be <br /> conveyed in conformity with the provisions of Section 3.06. <br /> • <br /> Disposition and Development Page 9 of 39 <br /> Agreement (Automall) <br /> 10/2/96 <br />