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3. Developer's Payments. a. Payment of Net Estimated or Net Actual Traffic Mitiaation Improvements Costs. Subject to Developer's responsibility for increased costs (pursuant to Section 6) and City's responsibility for reimbursement to Developer (pursuant to Section 7), Developer shall pay to City either the Net Estimated Traffic Mitigation Improvements Costs or, if the actual costs of the Traffic Mitigation Improvements have been determined by bid, the Net Actual Traffic Mitigation Improvements Costs, not to exceed Seven Hundred Fifty-Two Thousand Eight Hundred Twenty Dollars ($752,820.00). The payments of Net Estimated or Net Actual Traffic Mitigation Improvements Costs shall be made, upon not less than forty-five (45) days notice, when deemed necessary by City Engineer to allow City to proceed with construction of the Traffic Mitigation Improvements. b. Increase In Net Estimated Traffic Mitiaation Improvements Costs. Any portion of the Net Estimated Traffic Mitigation Improvements Costs not paid to City by Developer by the date one (1) year after the date of this Agreement shall increase by an interest factor equal to the Prime Rate. The interest factor shall be applied for the period from the date one (1) year after the date of this Agreement to the date of payment. For purposes of this Agreement, the term "Prime Rate" shall mean the rate of interest which Wells Fargo Bank, N.A. ("WFB") announces publicly at its main office in San Francisco, California, as its "prime rate" for unsecured commercial loans. If WFB no longer announces a prime rate, the term "Prime Rate" shall mean the "reference rate," "base rate" or other comparable rate which WFB announces in lieu of the prime rate. For purposes of this Agreement, changes in the Prime Rate shall be effective as of the date announced by WFB. c. No Obligations After Expiration Date; Refund of Excess Payments. Developer shall have no obligations for any portion of the Traffic Mitigation Improvements Costs which has not been requested by City prior to the date ten (10) years after the date of this Agreement ("Expiration Date"). Furthermore, if for any reason City fails to construct or cause to be constructed as of the Expiration Date any of the Traffic Mitigation Improvements for which Developer's required payments have been paid to City, the parties shall amend this Agreement to provide a proportionate reduction in Developer's required payments and Developer shall be entitled to a refund of any payments made to City in excess of its required payments, as so adjusted. G:\P\CJBOOO.W50/02Aug90a 3