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ARTICLE 2 <br /> OAKWOOD CONTRIBUTION <br /> <br /> Section 2.01 Contribution. Oakwood shall contribute the sum of Six Million and <br />00/100ths Dollars ($6,000,000.00) towards the total project costs of the Project (herein referred <br />to as the "Oakwood Contribution"). <br /> <br /> Section 2.02 Letter of Credit. The Oakwood Contribution will be made pursuant to a <br />Letter of Credit issued by a lending institution within ten (10) days of Preliminary Plat approval <br />for the Brookfield and St. Anthony Gun Club Properties. The lender issuing the Letter of Credit, <br />the form and content of Letter of Credit are all subject to approval by the City. The Letter of <br />Credit, amongst other terms, shall provide that the City may draw against said Letter of Credit to <br />pay a proportionate amount of each draw by the contractor in proportion to the Oakwood <br />Contribution and the total cost of the Project. For example, if the total project costs are <br />$10,000,000.00, the City may draw upon the Letter of Credit, six tenths (.6) [$6,000,000.00 + <br />$10,000,000.00] of each draw by the contractor. <br /> <br /> ARTICLE 3 <br /> OAKWOOD REIMBURSEMENT <br /> <br /> The City shall reimburse Oakwood, or its successors or assigns, for the Oakwood <br />Contribution as hereinafter set forth. <br /> <br /> Section 3.01 Oakwood Lots. Oakwood anticipates developing the following number of <br />Lots on the Oakwood Properties (hereinafter referred to as the "Oakwood Lots"): <br /> <br />Brookfield Property - 258 Lots <br />Gun Club Property - 165 Lots <br />Harmony Farm Property - 60 Lots <br /> <br />Total Number of Lots - <br /> <br />483 Lots <br /> <br />-262- <br /> <br /> <br />