R2006-40 AUTHORIZING AGREEMENT WITH GMRI, INC.

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.� 4. Disbursements of scrow. (a) Upon City's completion of the Post Closing Work, City will submit to Escrow Agent, with a cop being sent simultaneously to GMRI, a written request for disbursement indicating the amount due ("Reimbursement Amount"), together with the Engineer's Certification. (b) Thirty (30) �ays following receipt of the payment request and Engineer's Certification, Escrow Age t is instructed to pay to City the Reimbursement Amount, unless GMRI objects to su h payment on the basis that the Post Closing Work has not been completed as require . If GMRI does not notify Escrow Agent of its objection within such 30 days, then scrow Agent is authorized to disburse the Reimbursement Amount. (c) In the event f objection, GMRI will provide details of its objections, and the parties will work togeth r in good faith to mutually agree upon the costs of the Post Closing Work within thirty 30) days. As to those portions of the invoiced costs that are not objected to, Escrow Ag t is instructed to release payment to City; those portions that are objected to will be h ld by Escrow Agent until Escrow Agent receives mutual instructions of the parties or an order of a court having jurisdiction over the Escrow. (d) In the event City fails to complete the Post Closing Work within the following time frames as set forth in the Purchase Agreement: (i) Withi 60 days from the date that City receive's GMRI's notice that it will commence cons ruction on the GMRI Property, subject to delays caused by force majeure, City will bri g utilities (electricity, water, telephone, cable and sanitary sewer) stubbed to locations on the GMRI Property as set forth on Exhibit "A-2" to the Purchase Agreement, and i capacities sufficient for the Contemplated Use. City will also install and stub to the MRI Property line the storm drainage lines, pipes and any appurtenant systems requ red for the GMRI Property in accordance with the Development Plans. (ii) Withi� 90 days from the date that City receive's GMRI's notice that it will commence const ction on the GMRI Property, City will construct the parking area of that portion of the C nter shown within the area outlined in bold on Exhibit "A-4" to the Purchase Agreement (which area shall contain a sufficient number of parking spaces so that the total amo nt of spaces within this area, combined with the number of parking spaces to be constru�ted on the GMRI Property, equals no less than 135 parking spaces) in accordance with he governmentally approved Development Plans, including but not limited to the instal ation of paving, curbing, striping, lighting, landscaping and irrigation, and shall be referr d to as the "Overflow Parking Area". GMRI may, at its option an using its contractors, complete the Post Closing Work. If GMRI completes the Post losing Work, then GMRI will be paid from the Escrow Account for all actual doc mented costs to complete the Post Closing Work, in an Escrow Ag,reement(Post Closing Work)— age 2—c2 Decatur,IL � Job No. 06G0023