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~ ~ building permit for Developer's total project (604,750 square feet), a Reimbursement Fee would then be payable to Developer in the amount of $75,000 (namely, the difference between $325,000 and $250,000). Assume further that an additional Contributing Project is constructed at a time when no .additional Traffic Mitigation Improvement must be constructed, and that such Contributing Project pays to the City, at issuance of the building permit therefor, its Estimated Required Payment of $100,000 (including the accrual factor, to the extent applicable, referred to in Section 5.b. above). Said $100,000 would be paid by the City, by way of partial pro rata repayment of Reimbursement Fees, to Stoneridge ($74,600) and to Developer ($25,400), which payments reflect a proportional allocation between Stoneridge (owed a Reimbursement Fee of $220,450) and Developer (owed a Reimbursement Fee of $75,000). As provided in .Section 5.b. above, an accrual factor (at the Prime Rate) shall be added to unpaid Reimbursement Fees. By way of illustration utilizing the foregoing example, assume that the $100,000 is paid by the City to the first Contributing Project and to Developer two years and one year, respectively, after each had advanced funds to pay for the particular Traffic Mitigation Improvement required at the time their respective building permits were issued; assume further that the Prime Rate was 8'/z% per annum during the two-year period referred to and the two year period commenced after January 1, 1999. The total Reimbursement Fee due the first Contributing Project would be the sum of $220,450 plus approximately $37,475 (namely, two years' accrual at 8'h on $220,450), or a total of $257,925. Similarly, the total Reimbursement Fee due Developer would be $75,000 plus $6,375 (one year's accrual at 8'/2 on $75,000), or a total of $81,375. Using the foregoing figures, the $100,000 would be allocated $76,020 to the first Contributing Project and $23,980 to the Developer, in proportion of the total Reimbursement Fees (including the accrual) owed to each at the date of reimbursement by the City. 8. Time and Manner of Disbursement of Reimbursement Fees. a. Time of Disbursement. Reimbursement Fees shall be disbursed by City to Developer within sixty (60) days after City collects the Reimbursement Fees. b. Personal Right. The right to Reimbursement Fees shall be personal to Developer and shall continue notwithstanding subsequent sale or transfer of all or any portion of the Property; provided, however, that Developer shall have the right to assign its rights to the Reimbursement Fees to another person or entity at any time. (AGREEMENTS\SRIDG1 CI.SAM) 9