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SECTION 4. Deposit, Expenditure and Allocation of Project Funds. <br /> (a) Deposit of Funds. City ~ shall keep all Project funds 'until such funds are either <br /> disbursed to pay Project costs or returned to Lane County or Developer, as provided - <br /> herein. City shall have sole discretion as to whether:Project funds will be invested <br /> pending their disbursement for Project costs. <br /> (b) Disbursement of Funds. All Project funds may be commingled and disbursed in <br /> any order deemed expedient by City. <br /> A <br /> (c) Allocation of Disbursements. To the extent permitted by the Grant Agreement all <br /> ex enditures for construct ' <br /> P on vv~thm the-OD <br /> OT nght of way shall be allocated to <br /> . the Grant before allocations of expenditures shall be made'to funds provided by the. <br /> Developer. <br /> (d) Final Disbursement. When City is satisfied that all requirements of the Grant <br /> . Agreement have been satisfied and that~all ProjecYcosts have been paid,-City will <br /> .disburse any money remaining in the Project account, including 'interest earned, if <br /> any, to the order of Developer. <br /> (e) Cost Accounting. Developer will>be entitled to>review, upon reasonable notice and <br /> during City's normal. business hours, City's records cduucerning Project costs. City <br /> will provide Developer with a copy of City's .final accounting for Project Costs at <br /> the.time of its final Project disbursement. <br /> <br /> - SECTION 5. Assignment of St~curity Deposit. City acknowledges that the Security Deposit . <br /> will be assigned by Blazer to Developer pursuant to .that certain Assignment, a copy of which is <br /> attached hereto as Exhibit D. Upon completion of both the Project described in Recital #1 and <br /> the Brackenfern Drive improvements and acceptance thereof by the City, and upon delivery to <br /> the City of a signed copy of Exhibit D, the Security Deposit shall be released to Developer. <br /> SECTION 6. Contract Representative. Each party designates the following as its contract <br /> representativeof ses of administerin t ' <br /> P~ lus A cement: <br /> g <br /> T~' <br /> Developer <br /> Gregory W. Daniels, Manager of.. <br /> Vib-Lan, L'.L.C., a Member of ~ . <br /> East-Ridge Development, LLC ~ ~ ~ ~ ~ . <br /> c% 1111 Main Street, Suite 700 <br /> Vancouver, WA 98660 - <br /> FAX: 360.695.1201 <br /> Email: gdaniels@realvestcorp.com - <br /> Developer Agreement -East Ridge Village PUD -Interchange Improvements -Page 5 <br /> <br />