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20/60/20 percentages, as described in Section B, paragraph 3, b <br />through e, above. <br />b. Future Phases. For each 12 month period of the development, or <br />portion that is anticipated to be phased beyond 24 months, the DCC <br />for said Future Phases shall be calculated minus the net land sale <br />price defined in paragraph 2.b. above. In addition, the Incentive <br />Compensation for that portion of the development shall be discounted <br />as follows: <br />i. Phase 2. For those portions of the development anticipated to <br />commence following the 24th month through the 36th month the <br />Incentive Compensation will be 80% of the full Incentive <br />Compensation, payable as follows: <br />a) Based upon the DCC minus the net land sale price, Landform <br />shall receive 50% of the Incentive Compensation attributable to <br />the phase 2 development as discounted in paragraphs 4 above <br />and this paragraph 5 in sequence, upon closing of a land sale <br />transaction between the HRA and a parcel developer, or tenant <br />occupancy under a lease; and <br />b) Following development design, permitting, construction, and <br />issuance of a Certificate of Occupancy by the City of Ramsey, <br />Landform shall receive the final payment of 50% of the total <br />Incentive Compensation attributable to that phase of the <br />development as discounted in paragraphs 4 above and this <br />paragraph 5, in sequence. <br />c) This Incentive Compensation payment formula shall apply to <br />paragraphs ii., iii., and iv. below. <br />ii. Phase 3. Portions of the development anticipated to commence <br />following the 36th month through the 48th month the Incentive <br />Compensation will be 60% of the full Incentive Compensation. <br />iii. Phase 4. Portions of the development anticipated to commence <br />following the 48th month through the 60th month the Incentive <br />Compensation will be 40% of the full Incentive Compensation. <br />iv. Phase 5., etc. Portions of the development anticipated to <br />commence after the 60th month the Incentive Compensation will be <br />20% of the full Incentive Compensation. In the event of termination <br />of this Agreement, any outstanding earned Incentive Compensation <br />becomes due and payable according to the terms herein. <br />v. Following the 84th month after closing on the first phase <br />transaction, any portions of these fees deferred are eliminated. <br />Page 14 <br />