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I <br /> I - . <br /> 3.3.2.4 The PUD has been legally determined to have expired and of no further <br /> ~ ~ force and effect <br /> i <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 2 Improvements. Upon the <br /> ~ expiration of the teen as defined, and upon receipt of written evidence ofthe occurrence of <br /> the event provided by Blazer, and written concurrence by the City Engineer the funds, with <br /> interest earned thereon, will be returned to Blazer and this Agreemetit•respectingtpe Phase <br /> ~ 2 Improvements will be of no fiuther force and effect. ; <br /> 3.3.3 "Phase~5 Improvemegts". The funds will remain on deposit until any of the events <br /> set forth at Sections 3.3.1 and 3.3.2 have occurred constituting the team of both Sections - <br /> 3.3.1 and 3.32 above.. <br /> The terms of this Agreement respecting both the Phases I and 2 Improvements, as identified <br /> at Sections 3.3.1 and 3.3.2 above will constitute the term of this Agreement respecting the <br /> Phase 5 Improvements. <br /> 3.4 SUCCESSOR DEVELOPER. Blazer will have the right to sell, convey, transfer, exchange, <br /> or assign the real property constituting the PUD, or any phase(s) of the PUD, to successor <br /> <br /> j developers}; provided that a successor developer assumes the tights, duties and obligations • <br /> <br /> ~ of Blazer respecting such real property set forth in this Agreement and is approved by the <br /> . City, as a successor in accordance with planned unit development procedures of the Eugene <br /> Code. Such successor(s) may provide the City with a substitute deposit of funds with the <br /> Depository or other depository with the prior written approval of the City, which approval <br /> wiil not be unreasonably withheld. Upon completion of the substitution of deposit or other <br /> security acceptable to the City and assumption of this Agreement by a successor(s) <br /> developer, and upon receipt of written evidence of the substitution and assumption, the <br /> respective funds will be retunied to Blazer. <br /> 3.5 DEPOSITORY AGREEMENT AND REGULATORY PROVISIONS The terms and <br /> . conditions imposed upon the Depository by applicable financial institution regulatory <br /> agencies governing the deposits which are to be made pursuant to this Agreement are agreed <br /> to by Elie City and Blazer as governing such deposits: Notwithstandingthe regulatory terms <br /> and coniditions ofthe deposits, the deposits will be written withthe condition that bepository <br /> • will not release funds covered by this Agreement without the prior written approval of the . <br /> City. <br /> . c <br /> Date: 'd9 d <br /> Co traction Company, Inc. ` <br /> by its: <br /> 1~~~ ~ Date: ~ 2~-0 7~- <br /> City Eugenie <br /> • by its authorized re esentative <br /> - S - • <br /> <br />