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