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additional Administrative Costs are necessary and the estimated amount of the <br /> Administrative Costs. If the Developer agrees to the expenditure of the additional <br /> Administrative Costs, the Developer must deposit such additional funds with the <br /> City in an amount agreed to by the Developer and the City. If the Developer does <br /> not agree to the expenditure of the additional Administrative Costs, the City is not <br /> obligated to incur these costs and the Developer understands that the City and the <br /> Authority may not be able to fulfill their review obligations under this Agreement. <br /> (c) Upon termination of this Agreement in accordance with its terms, the City will <br /> return to the Developer the balance of any funds deposited under this section that <br /> are on hand as of the date of receipt of the notice of termination, and less any <br /> Administrative Costs incurred through the date of receipt of the notice of <br /> termination. For the purposes of this paragraph, Administrative Costs are <br /> considered to be incurred if they have been paid, relate to services performed, or <br /> are payable under a contract entered into, on or before the date of receipt of the <br /> notice of termination. <br /> This Section 6 shall survive termination of this Agreement and shall be binding on the <br /> Developer regardless of the enforceability of any other provision of this Agreement. <br /> Section 7. Designation as Sole Developer of Property. The City and the Authority <br /> hereby agree that for the term of this Agreement that they will not: <br /> (i) provide or enter into any agreement for the provision of financial assistance to <br /> any third party in connection with any proposed development within the Property; <br /> and <br /> (ii) condemn or agree to proceed with the condemnation of the Property to assist or <br /> facilitate development within such area by a third party. <br /> During such period the Developer shall have the exclusive right to work with the City and the <br /> Authority in negotiating a definitive Contract for the Property. <br /> The Developer may not assign its rights or obligations under this Agreement to any person <br /> or entity without prior written approval by the City and the Authority. <br /> Section 8. Term of Agreement. This Agreement is effective until February 3, 2020. <br /> After such date, neither party shall have any obligation hereunder except as expressly set forth to the <br /> contrary herein. <br /> This Agreement may also be terminated upon ten(10) days written notice by the City or the <br /> Authority to the Developer if- <br /> (a) <br /> £(a) an essential precondition to the execution of a contract cannot be met; or <br /> (b) if, in the sole discretion of the City or the Authority, an impasse has been reached in <br /> 614738v3BL185-54 _5_ <br />