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of the Master Development Agreement are achieved which permit such additional <br />residential Development (EXAMPLE: If the $19,271,537.00 non-residential <br />Development benchmark is achieved, the City may approve Final Plans for only an <br />additional $48,363,000.00 of residential Development, because $241,815,000.00 of <br />residential Development is already reserved for the Property.), or (ii) the City waives the <br />non-residential benchmarks for such additional residential Development. <br />Notwithstanding the foregoing, if Purchaser elects not to exercise its option with respect <br />to any portion of the Property and no longer has any rights with respect thereto, a pro rata <br />share of the $241,815,000.00 reservation shall no longer be subject to such reservation, <br />based on a fraction, the numerator of which is the number of square feet within that <br />portion of the Property released fi.om the reservation and the denominator of which is the <br />total number of square feet within the Property. If the Property is totally built out with <br />residential dwellings and the total taxable market value of the Property is less than <br />$241,815,000.00, the actual total taxable market value of the Property shall be used in <br />making any further determinations of whether benchmarks have been satisfied under <br />Section 4.16. <br /> <br /> b. The City's remedies under Section 15.1 of the Master DeveloPment <br />Agreement are hereby modified as follows with respect to each portion of the Property <br />(so long as Purchaser has option rights or fee ownership with respect such portion of the <br />Property): <br /> <br /> (1) The City shall provide Purchaser with Formal Notice of default by <br />Seller under the terms of the Master Development Agreement, if the default specifically <br />relates to the construction of improvements necessary for such portion of the Property, at <br />the same time the City gives notice to Seller, and Purchaser shall have the same cure <br />rights as Seller has under the Master Development Agreement. <br /> <br /> (2) Under Section 15.1(b) of the Master Development Agreement, <br />Purchaser may also provide assurances, deemed adequate by the City, that Purchaser will <br />cure Seller's default under the terms of the Master Development Agreement, if the <br />default specifically relates to the construction of improvements necessary for such <br />portion of the Property, and continue performance of Seller's obligations under the <br />Master Development Agreement that specifically relate to the construction of <br />improvements necessary for such portion of the Property. If Purchaser provides such <br />assurances, deemed adequate to the City, that Purchaser will cure Seller's default under <br />the terms of the Master Development Agreement that specifically relate to the <br />construction of improvements necessary for such portion of the Property, and continues <br />performance of Seller's obligations under the Master Development Agreement that <br />specifically relate to the construction of improvements necessary for such portion of the <br />Property, the City agrees not to suspend any work, improvement or obligation to be <br />performed by the City that is necessary for the Development of such portion of the <br />Property. <br /> <br /> (3) Under Section 15.1 (d) of the Master Development Agreement, the <br />City will not deny building permits for buildings within such portion of the Property and <br />will not withhold approval of Final Plans for any residential units on any residential lots <br /> <br />2408159v5 4 <br /> <br /> <br />