Public Benefit Contribution. In the event that the Phase 1 Closing (as defined in the PSA) occurs, then concurrent with the Phase 2 Closing (as defined in the PSA), as such date may be extended pursuant to Section 32 below, Developer (excluding any Developer of an Affordable Housing Lot) shall pay to City a Public Benefit Contribution of Two Million Dollars ($2,000,000.00). In the event that the Phase 1 Closing occurs but the Phase 2 Closing does not occur, then no later than thirty (30) days after such Phase 2 Closing would otherwise have occurred pursuant to the PSA, Developer shall deliver written notice to the City of its election to do one of the following:
Public Benefit Contribution. City shall use the Public Benefit Contribution toward satisfaction of its obligations pursuant to Section 11(a) above; provided that, in the event that City provides evidence reasonably satisfactory to Developer that City has secured alternative funding sufficient to satisfy in full its obligations pursuant to Section 11(a) above, City may use the Public Benefit Contribution for other public purposes as determined by City. Cooperation» .
Public Benefit Contribution. Developer shall pay to the City a Public Benefit Contribution of Six Hundred Thousand Dollars ($600,000) on or before May 1, 2024; provided that if Developer does not do so, the liquidated damages provisions of clause (g) below shall apply. Concurrently with its execution and delivery of this Agreement, Developer shall deliver to the City a fully executed originals of (a) the promissory note in the form attached hereto as Exhibit B (“Note”) and (b) the deed of trust in the form attached hereto as Exhibit C, which must be duly acknowledged by a notary public (“Trust Deed”). The Note shall evidence, and the Trust Deed shall secure, the Developer’s obligation to pay the $800,000 of liquidated damages payable under clause (g) below. The Trust Deed shall be recorded against the Property by a title company acceptable to City which shall issue to the City, at Developer’s cost, an ALTA Lenders Policy of Title Insurance with coverage in the amount of $800,000 insuring the City that the Trust Deed is a first lien on the Property and that all property taxes and assessments are paid current. Developer shall pay the cost of recording the Trust Deed. If Developer pays the Public Benefit Contribution by May 1, 2024, or satisfies its obligations under such that liquidated damages could no longer be payable under Section 10(g) below, then the City shall promptly, upon request by the Developer, execute, acknowledge and deliver to the Developer a full reconveyance of the Trust Deed to be recorded releasing the Trust Deed from the Property (“Reconveyance”). The City shall executed reasonable recordable nondisturbance agreements in favor of tenants under leases permitted by this Agreement, such that such tenants’ leases will not be extinguished upon any foreclosure of the Trust Deed. For avoidance of doubt, if Developer pays the Public Benefit Contribution by May 1, 2024, the Note shall terminate and be returned to Developer, the Trust Deed shall be reconveyed and the provisions of Section 10(g) below shall terminate and be of no further force or effect.
