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the initial One Million Five Hundred Thousand Dollar <br />($1,500,000) land payment. If the remainder is a positive, <br />that is Net Revenues divided by 11 % results in a greater <br />amount than Costs plus the initial One Million Five <br />Hundred Thousand Dollars ($1,500,000) land payment, <br />the balance is the Additional Payment. However, in no <br />event shall the Additional Pavment be greater than Five <br />Hundred Thousand Dollars ($500,000). <br />(iii) Payment of Additional Payment. The Additional Pavment <br />shall be calculated annually upon the Anniversary Date for <br />five (5) years. However, the Agency shall have the right <br />only once during the Five (5) year period to exercise the <br />right to receive the Additional payment. Once the Agency <br />elects to receive the Additional Payment, no further <br />calculations or payments shall be made. The Additional <br />Payment shall be all cash received within one hundred and <br />J <br />twenty (120) days after the Agency notifies the Developer <br />in writing of its election. <br />(iv) Notwithstanding the foregoing, the Additional Payment <br />shall be immediately due and payable in the amount of <br />Five Hundred Thousand Dollars ($500,000) if Developer <br />transfers the Property, except pursuant to Section 5.03 or <br />if Developer is in substantial default of the Operating <br />Covenants of Section 4.05. If the Developer does not <br />make the Additional Payment within one year of the Date <br />of Operation, Developer shall provide a promissory note <br />and a Deed of Trust to secure this obligation. <br />(b) Gross Operating Revenues <br />Gross Operating Revenues shall mean all gross income (exclusive of <br />financing), rentals, revenues, payments and consideration, of whatever form or <br />nature, whether direct or indirect, received by or paid to or for the account or benefit <br />of Developer from any and all sources resulting from or attributable to the ownership, <br />operation, leasing or occupancy of the Premises, determined on the basis of sound <br />accounting practices applied on a consistent basis, and shall include, but not be <br />Disposition and Development Page 12 <br />Agreement (Creekside Center) <br />7/23/97, 8/5/97, 8/11/97, 8/12/97 <br />