O-2010-3261 reimbursement of advance funding/Sylvan Beach Shoreline Protection & Beach Nourishment Project

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- accordance with any interlocal agreement with LPISD, the City and the Zone; (ii) administrative costs of the Zone and the Authority; (iii) amounts pledged or required for the payment of outstanding Authority Bonds, including Authority Bonds in the process of issuance and refunding Authority Bonds, and (iv) payments to the City for funding the Southeast Sanitary Sewer Trunk Main and Lift Station Facilities per Development Agreement between the Zone, Authority and City dated 6/12/06 and (v) payments to the Development Corporation and the County pursuant to Section S.2( d), above. 5.4. Multiple developers, the Development Corporation and the County. The Authority has entered into other agreements with developers of land within the Zone for the financing of Zone Improvements, and may enter into others. It is the intention of the parties that each developer shall be responsible for the creation of Tax Increment required for its own reimbursement. In such case, the Tax Increment generated within a developer's project as defined in the applicable reimbursement agreement shall not be considered in determining whether sufficient Net Tax Increment exists for the issuance of Authority Bonds, or direct payment of available Net Tax Increment, for reimbursement of Advances unless the applicable developer shall give its written consent thereto. The net proceeds of Authority Bonds issued to reimburse multiple developers and the Development Corporation and County shall be allocated based upon the proportion of Tax Increment generated by each developer, or such other method as the developers may agree upon, and any unallocated Tax Increment shall be used for calculation of the City's Net Tax Increment and reimbursement of Advances. ,- ARTICLE 6 DEFAULT 6.1 Default (a) If any Party does not perform its obligations hereunder in substantial compliance with this Agreement, in addition to the other rights given the other Parties under this Agreement, such non-defaulting Parties may enforce specific performance of this Agreement or seek actual damages incurred by the Development Corporation and County for any such default. (b) The Party alleging default shall provide written notice to the other party of such default, and the defaulting party shall have 60 days to remedy the default prior to the declaration of any default hereunder. ARTICLE 7 GENERAL 7.1 Inspections, audits. The City agrees to keep such records with respect to the Project and all costs associated therewith as may be required by the Authority, the Zone, or by State and federal law or regulation. The City shall allow the Zone access to, and the Zone shall have a right at all reasonable times to audit, all documents and records in the City's possession, custody or control relating to the Project that the Authority deems necessary to assist the -- Page 7 of 11