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EXHIBIT C <br />CERTIFICATE OF ADVANCE <br />This Certificate is issued under that certain Development Agreement (the "Development <br />Agreement"), by and among the City of La Porte, Texas (the "City"), the La Porte <br />Redevelopment Authority (the "Authority'), Reinvestment Zone Number One, City of LaPorte, <br />Texas (the "Zone"), and Bayforest Ranch, LTD (the "Developer'), dated , 2016. <br />Capitalized terms used in this Certificate shall have the meaning provided for in the <br />Development Agreement. <br />This Certificate evidences a Developer Advance under the Development Agreement in <br />the amount of $ for the [describe the project category and nature of work <br />completed]. <br />Interest on the Developer Advance evidenced by this Certificate shall accrue at the rate <br />and for the period described in 6.1(B) of the Development Agreement and shall be payable in <br />accordance with the Development Agreement. <br />By Developer's execution of this Certificate, Developer represents that it has made the <br />expenditures and completed the work described in this Certificate. Copies of the relevant <br />invoices and other appropriate documentation are attached to this Certificate. <br />By the Authority's execution of this Certificate, the Authority indicates its approval of <br />the expenditures and work described in this Certificate and its approval of the matters set forth in <br />this Certificate and recognizes its obligation to repay such Developer Advance together with <br />interest pursuant to the Development Agreement. <br />C-1 <br />HQU:3705553.2 <br />