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additional costs related to the Alisal Board Methodl. The attached Exhibit <br />C sets forth the most current estimate of such costs based upon the low bid <br />received by the City, which amount is $152,400.00. <br />(i) The parties agree that to the extent change orders occur during the <br />course of construction which increase the Landowners' Pro Rata Share of <br />the Infrastructure, Landowners shall be obligated to pay such increased <br />costs. <br />(ii) The Landowners may hire a consultant to work with the City to <br />monitor the bidding and construction process, as well as review change <br />orders. If hired, the Landowners will be responsible for consultant fees. <br />(d) The Pro Rata Share of Infrastructure shall be paid by the Landowners <br />subject to the following: <br />(i) The actual Pro Rata Share of Infrastructure for 24 of the 34 new <br />residential lots, with such cost offset by any Payment elected by any of the <br />Landowners to be applied towards such cost (the remaining amount due <br />shall be referred to as "the Adjusted Pro Rata Share"). The Landowner(s) <br />making such an election regarding Payment to be applied to infrastructure <br />costs may designate to the City which sums of the elected Payment will <br />apply to which Lots.2 <br />The Landowners shall pay the Pro Rata Share of Infrastructure (or the <br />Adjusted Pro Rata Share of Infrastructure, if so elected) to the City upon <br />the earlier to occur of: <br />(1) obtaining a building permit for a given residential unit; or <br />(2) upon the actual close of escrow for the sale of an undeveloped <br />residential lot to any third party buyer other than Jeff Woods, <br />Manny Del Arroz, Juanita Del Arroz, or Black Mountain <br />Development; <br />Such amount shall be paid for the first 24 of the 34 residential lots, as <br />provided above. <br />1 For example, in Exhibit C, the current estimate of the Pro Rata Share of <br />Infrastructure costs payable for the 241ots is $152,400. The City will pay the difference <br />between the Alisal Board Method (e.g. $152,400) and the City sub-cost method (e.g. <br />$157,359). <br />2 For example, if 2 owners elect to have their share of the Payment applied to <br />infrastructure costs, they may chose to allocate an equal amount of the credit to each of <br />the 24 lots, or fully credit the first 4-5 lots. <br />Page 3 of 8 <br />