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On close of escrow, City shall retain Fifteen Thousand and <br />No/100 Dollars ($15,000.00) from the amount then due Owner, as <br />security for payment of all utility charges and services during <br />such occupancy by Owner, and any repairs to the property or the <br />fixtures thereon necessitated by Owner's occupancy, and any <br />liquidated damages owed to City due to the retention of <br />possession by Owner beyond September 1, 1987. On termination of <br />the occupancy and surrender of possession by Owner to City, City <br />shall pay Owner the excess of the security fund held by it over <br />the total of all utility charges and expenses not paid by Owner, <br />the cost of necessary repairs to the property, and any liquidated <br />damages owed to City. <br />If Owner shall fail, for any reason whatsoever, to vacate the <br />premises on or before September 1, 1987, City shall, in addition <br />to all other remedies, have the right to commence any legal <br />action or proceeding calculated to oust, evict, and remove Owner <br />from the premises. Owner agrees to reimburse City for all <br />reasonable attorney's fees and expenses it may incur in the <br />enforcement of its rights under this agreement. <br />16. Notices. All notices provided for herein shall be <br />deemed to have been duly given if and when deposited in the <br />United States mail, properly stamped and addressed to the party <br />for whom intended at the party's above listed addressor when <br />delivered personally to such party. <br />17. Time of Essence. Time is of the essence of this option. <br />18. Binding Effect. This option shall be binding upon and <br />shall inure to the benefit of the parties hereto and to their <br />respective heirs, successors, or assigns. <br />- 4 - <br />