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Detention Basin Specifications, is used to calculate County's Proportionate Share. No deduction <br /> or credits are given for on-site storage of storm water. <br /> 1.3 Detention Basin Purchase Price; Payment Provisions. <br /> (a) Detention Basin Purchase Price. The Detention Basin Specifications <br /> include a calculation by the licensed civil engineer that prepared the Detention Basin <br /> Specifications of the total square footage of the Detention Basin, including the associated <br /> outflow and weir structures located within the Property,utilizing the Detention Basin's highest <br /> design water level of three hundred forty-seven(347) feet to delineate the boundary of the <br /> Detention Basin. The total square footage of the Detention Basin is one hundred fifteen <br /> thousand four hundred (115,400) square feet. The"Detention Basin Purchase Price" is Two <br /> Million Six Hundred Forty-Eight Thousand Four Hundred Thirty Dollars ($2,648,430), which is <br /> calculated by multiplying the total square footage of the Detention Basin by Twenty-Two and <br /> 95/100 Dollars($22.95). <br /> (b) Payment of Parties' Proportionate Shares. <br /> (i) CLC . CLC shall pay its respective Proportionate Share of the <br /> Detention Basin Purchase Price to City no later than fifteen (15)days following receipt of a <br /> payment demand from City, which shall be no earlier than the date(s)on which CLC becomes <br /> the owner of its project property and provided City shall not demand such payment sooner than <br /> one (1) day prior to the scheduled Close of Escrow pursuant to the City PSA. <br /> (ii) Hendrick. The provisions of Sections 1.2 and 1.3 to the contrary <br /> notwithstanding, Hendrick shall pay to the City the sum of Three Hundred Fifty Thousand <br /> Dollars($350,000)toward Hendrick's Proportionate Share of the Detention Basin Purchase Price <br /> no later than fifteen (15)days following receipt of a payment demand from City, provided City <br /> shall not demand such payment sooner than one(1) day prior to the scheduled Close of Escrow <br /> pursuant to the City PSA. <br /> (iii) County. The provisions of Sections 1.2 and 1.3 to the contrary <br /> notwithstanding,County is not required to pay its Proportionate Share of the Detention Basin <br /> Purchase Price;provided,however, if prior to Close of Escrow under the City PSA, County <br /> enters into an agreement with a third party to sell the Commercial Parcel, then such third party <br /> shall pay its Proportionate Share of the Detention Basin Purchase Price allocated to the <br /> Commercial Parcel. Such amount payable by the third party as provided in the preceding <br /> sentence shall be paid no later than fifteen(15)days following receipt of a payment demand <br /> from City, provided City shall not demand such payment sooner than one(1) day prior to the <br /> scheduled Close of Escrow pursuant to the City PSA. <br /> 1.4 Detention Basin Improvements. <br /> (a) Detention Basin Improvements Final Plans. As part of the first Final <br /> Subdivision Map plan check submittal to the City from County for Staples Ranch, County shall <br /> cause to be prepared and submitted to City and CLC for their review and approval Detention <br /> 000299.0044'1087426.6 3 <br />