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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. Desi2nation 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 parry 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) 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 />614738v3EL185-54 -5- <br />