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<br />. . <br /> <br />.. <br />, <br /> <br />e <br /> <br />e <br /> <br />Agreement-Soccer/COLP2 <br /> <br />III. <br /> <br />The Association agrees to pay its portion of the funds to the City within thirty (30) days after <br />signature of this Agreement. The City will place the funds in escrow and manage them so as to <br />obtain a reasonable rate of interest until such time as the funds are sufficient to begin design and <br />phased construction of the project. If necessary, the City shall provide an annual report as to the <br />status and balance of the funds in escrow, to the Association. Should either party desire to <br />withdraw from the project prior to the expenditure of funds for the design and first construction <br />phase, the escrow account shall be closed and the principal and interest shall be distributed to the <br />parties, on the same basis as contributed and no penalty or censure shall result. <br /> <br />N, <br /> <br />Alcoholic beverage use, sales, or possession is prohibited by Ordinance at the facility, <br /> <br />v, <br /> <br />This instrument contains the entire agreement between the parties relating to the rights granted in <br />the agreement and the obligations assumed as a part of the agreement. Any representations or <br />modifications concerning this agreement shall have no force or effect unless modified in writing, <br />and signed by each party to the agreement. <br /> <br />VI. <br /> <br />If any section, sentence, phrase, clause, or any part of any section, sentence, phrase, or clause, of <br />this Agreement shall, for any reason, not be legally or factually valid, such invalidity shall not affect <br />the remaining portions of this Agreement. <br /> <br />page 2 of3 <br />