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i <br /> i ~ <br /> .the LUBA remand allowing development of the PUD to proceed. <br /> <br /> i <br /> 3.2 DEPOSIT NAME. The deposits will be. held in the name of Blazer and the City as their <br /> interests appear per the terms and conditions of this Agreement. <br /> 3.3 ~ TYPE OF ACCOUNT. The deposits will be certificates of deposit with terms agreed upAn <br /> from time to fiime by the parties. Interest earned on the deposits will accrue t4 Blazer and will <br /> remain on deposit for the term of this Agreemenk <br /> 3:3 TERM OF DEPOSITS. The deposits wiIl beheld by Depasitoiy for the fallowing terms: <br /> 3.3.1 ~ "Phase 1 Improvements". The Phase 1 funds will remain on deposit until any of the <br /> following events should occur: <br /> 3.3:1.I .Blazer is able to obtain from the City final PUD approval for the PUD and <br /> tentative subdivision approval for any of the Valley Area phases of the PUD and a <br /> bond is in place, approved by the City, for the Phase 1 Imprcivements in accordance. <br /> with~the ODOT regulations then in effect <br /> . 3.3.1.2 A bond~is in place for the Phase 1 Improvements, approved by the City, in <br /> accordance with the OI?OT regulations then in effect. <br /> 3.3.1.3 The Phase i Improvements have been completed. <br /> 3.3.1.4 The PUD has been Iegaliy determined to have expired and of no further <br /> force and effect <br /> The occurrence of any of the above events will define and constitute the term of this <br /> Agreement to maintain the deposit .respecting the Phase I .Improvements. Upan the . <br /> expiration of the term as defined, and upon receipt of written evidence of the occurrence of <br /> the event provided byBlazer, and written concurrence by the~City Engineer, the funds, with <br /> interest earned theregn, will be returned to Blazer and this Agreement respecting the Phase <br /> i Improvements will be ofno further force and effect <br /> 3.3.2. "Phase 2 Improvements." The Phase 2 funds will remain, on deposit until any of the <br /> following events should~accur:. <br /> 3.3.2.1 Blazer is able to obtain from the City final PUD approval. for the PUD.and j <br /> • tentative subdivision approval for any of the East Area residential phases of the PUD ' <br /> and a bond is in place and approved by the City for the Phase 2 Improvements in <br /> . accordance with the ODOT regulations then in effeck <br /> 3.3.2.2 A bond is in place and approved by the City for the Phase 2 Improvements. <br /> 3.3.2.3 The Phase 2 Improvements have been completed. <br /> -4- . <br /> <br />