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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />S <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15I <br />16 <br />17 <br />18 <br />19 <br />21 <br />23 <br />24 <br />25 <br />26 <br />27 <br />M <br />of Colton of building permits for the construction and installation of the Capital improvements atthe <br />Downtown Business (the "City Permit Costs"); and <br />WHEREAS, the Agreement further provides that the Owner shall exercise best <br />efforts to cause the installation of the Capital Improvements to be commenced within twenty-two <br />(22) months following the date of execution of the Agreement (subject to the issuance by the City of <br />Colton of all necessary approvals and permits) and that the installation of the Capital Improvements <br />shall be completed within twenty-nine (29) months following the date of execution of the <br />Agreement; and <br />WHEREAS, the Agreement further provides that the Agency shall have no further <br />obligation to pay any sum to the Owner for the cost of Capital Improvements to the Downtown <br />Business nor shall the Agency have any further obligation to assume the City Permit Costs as may <br />be associated with the installation of the Capital Improvements on or after August 1, 2002; and <br />WHEREAS, the Agreement further provides that in the event the installation of the <br />Capital Improvements is not completed on or prior to August 1, 2002, the Agency shall, upon written <br />request therefor of the Owner, review the status of work completed through July 1, 2002 and may, <br />in its sole and absolute discretion, extend through January 312003, the obligation of the Agency to <br />pay to the Owner an amount not to exceed Seventy Five Thousand Dollars ($75,000.00) for third - <br />party expenses associated with the Capital Improvements and to assume the obligation of the <br />Owner to pay the City of Colton when due the City Permit Costs; and <br />WHEREAS, as of August 1, 2002, the installation of the Capital Improvements has <br />not been completed; and <br />WHEREAS, the Owner has submitted a written request to the Agency to reviewthe <br />status of work completed through July 1, 2002 and to extend through January 31, 2003, the <br />obligation of the Agency to pay to the order and account of the Owner an amount not to exceed <br />