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Alameda CTC Agreement No. A17-0127 <br />Project No. 1468020 <br /> <br />Page 12 of 16 <br />c. If the PROJECT begins construction within three (3) years after the effective date of this <br />AGREEMENT (as such deadline may be extended by agreement between the parties hereto), <br />then except as provided in subparagraph (iv) below, no reimbursement is due with respect <br />to any property interest acquired for the project using ALAMEDA CTC ADMINISTERED <br />FUNDS if the entirety of the acquired property is required for the PROJECT. <br /> <br />d. If PROJECT SPONSOR anticipates receiving net revenues (i.e., rental or other income <br />generated by the property, less reasonable costs for insurance, maintenance and related <br />items) from any property acquired using ALAMEDA CTC ADMINISTERED FUNDS, PROJECT <br />SPONSOR shall notify ALAMEDA CTC on how PROJECT SPONSOR will use such revenue to <br />offset other project costs, and document such revenue separately in project reimbursement <br />requests. <br /> <br />e. If PROJECT is suspended, PROJECT SPONSOR shall pay all property management costs. <br /> <br />f. Property that is required for the PROJECT and acquired wholly or in part with ALAMEDA <br />CTC ADMINISTERED FUNDS shall be available for PROJECT construction within ten (10) <br />years of ALAMEDA CTC reimbursement to the PROJECT SPONSOR. If, after ten (10) years, <br />PROJECT has not been completed, PROJECT SPONSOR shall reimburse ALAMEDA CTC <br />Share of the fair market value of the property, based on the net proceeds from the sale of <br />the property or an appraisal of the property conducted at no cost to ALAMEDA CTC, within <br />one (1) year after the expiration of this ten (10) year period. <br /> <br />17. If condemnation procedures are required to obtain possession to Right-of-Way, ALAMEDA <br />CTC will consider the required deposit as an eligible cost and reimburse the PROJECT SPONSOR upon request. <br />If the amount of ALAMEDA CTC reimbursement to the PROJECT SPONSOR is higher than ALAMEDA CTC <br />Share of the amount of settlement in the final order of condemnation, the PROJECT SPONSOR shall pay <br />ALAMEDA CTC the difference between the amount reimbursed and ALAMEDA CTC Share of the amount <br />settled plus ALAMEDA CTC Share of the interest accrued to the deposit account. <br /> <br />18. PROJECT SPONSOR shall not initiate condemnation of any property until full funding for the <br />construction of the PROJECT has been secured. <br /> <br />19. Reimbursement to PROJECT SPONSOR by ALAMEDA CTC for PROJECT Right-of-Way is <br />limited to the following: <br /> <br />a. The cost to purchase all real property required for the PROJECT free and clear of liens <br />and/or conflicting easements, including the costs for preparation of documents, <br />negotiations and legal services. <br /> <br />b. The cost of damages to owners of remainder real property not actually taken but injuriously <br />affected by PROJECT. <br /> <br />c. The cost of relocation payments and services provided to owners and occupants pursuant to <br />the appropriate State laws and regulations (and net of any relocation payments provided by