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r ~ ~ b <br /> C <br /> 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 a Project costs or returned to Lane County or Developer, as provided <br /> Y J <br /> P <br /> herein. City shall have sole discretion as to whether.Project funds will be invested <br /> i 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 /> (c) Allocation of Disbursements. To the extent permitted by the Grant Agreement all <br /> expenditures for construction within the~ODOT right of way shall be allocated to <br /> . the Grant before allocations of expenditures shall be made to funds provided by the. <br /> <br /> { ~ Developer. <br /> ~0`~~, (d) Final Disbursement. When City is satisfied that all requirements of the Grant <br /> .Agreement have been satisfied and that~all Project costs have been paid, City will <br /> !~j~~ 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 cb`ncerning Project costs. City <br /> will provide Developer with a copy of City's final accounting for Project Costs at <br /> the time of rts final Protect disbursement. <br /> SECTION 5. Assignment of Security Deposit. City aelmowledges 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 /> <br /> j 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 /> representative of purposes of administering this Agreement: <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 />