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<br />that its expenses will exceed $15,000 and that additional <br />security is required, the City shall notify the Developer of the <br />amount of such additional security. Within ten calendar days of <br />receipt of said notice, the Developer shall deliver to the City <br />the required additional security. If necessary in order to <br />ensure that the City possesses sufficient financial security at <br />all times prior to completion of the Project, the Developer shall <br />renew or extend the letter of credit. Upon receipt of wri t ten <br />demand from the City for reimbursement of its costs, the <br />Developer shall remi t payment to the City wi thin ten days. If <br />~he Developer fails to make the payment within the specified <br />period of time, the City shall utilize the cash or letter of <br />credit to reimburse itself. <br /> <br />ARTICLE VI. MASTER AGREEMENT. It is the intent of the Owner and <br />the Developer that the Property be developed for multiple family <br />residential use. The parties understand that if the Property is <br />subsequently developed it will be necessary for them to enter <br />into an addi tional 'agreement ("Master Agreement").. The Master <br />Agreement may include provisions regarding the platting of the <br />Property, the use of tax increment financing and other matters <br />preliminary to use of the Property in the manner desired by the <br />parties. The parties agree to enter into negotiations regarding <br />the Master Agreement at such time as may be appropriate and <br />recognize the importance of the successful formulation of the <br />Master Agreement. <br /> <br />4 <br />