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3.03 Payment of Purchase Price. (1) One Million Five Hundred Thousand Dollars ($1,500,000) shall be due upon the Close of Escrow. The $50,000 which has already been paid as a deposit will be credited against this amount, and shall be refunded if this Agreement is not executed by November 1, 1997. (2) An additional payment of between Zero Dollars ($0) and Five Hundred Thousand Dollars ($500,000) (hereinafter "Additional Payment") shall be due and payable subject to the following terms: (a) Calculation of Additional Payment (i) Annual Statements. By ninety (90) days following the first full calendar year commencing after the agreed upon Date of Operation (as defined in this Agreement) and upon each anniversary date thereafter, Developer shall submit to Agency a statement of the Additional Land Payment (as defined by clause (ii) below) due for such calendar year, together with a detailed annual accounting statement (the "Annual Statement") setting forth the annual Gross Operating Revenues and Net Revenues for the entire calendar year, Costs (for the first such Annual Statement) and adjustments to Costs (for calendar years after the year covered by the first Annual Statement), and Developer's computation of the Additional Land Payment, if any, due Agency for such calendar year. The Developer shall maintain the Project on an open book basis. The Developer shall obtain written invoices and receipts for all expenses and copies of checks or bank statements for all income, and shall make such records available to the Agency or its Executive Director at any time during regular business hours. (ii) Calculation of the Additional Payment. Calculation of the Additional Payment shall be determined in the following manner. First, Net Revenues shall be divided by 11 %. The resultant amount shall then be reduced by Costs plus Disposition and Development Page 11 Agreement (Creekside Center) 7/23/97, 8/5/97, 8/11/97, 8/12/97