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(i) Notify the City, in writing, that the <br />Developer is terminating this Development <br />Agreement; or <br />(ii) Notify the City, in writing, that the <br />Developer will proceed with the Phase I Minimum <br />Improvements. <br />If the Developer notifies that the City that the <br />Developer is terminating this Development Agreement, <br />the Developer must provide the City with documentation, <br />in a form reasonably acceptable to the City, evidencing <br />the termination of the Development Agreement. <br />(2) The City's obligation to convey the Phase II <br />Project for the purchase price of $68,010 on or before July <br />1, 2000 with payment to occur upon execution of a purchase <br />agreement /lease with future owner /tenant to be determined <br />shall be subject to satisfaction of the following conditions <br />precedent: <br />1054867.2 <br />(a) The Developer shall be in material compliance <br />with all the terms and provisions of this Agreement; <br />(b) The Developer shall have submitted to the <br />City Construction Plans for the Phase II Minimum <br />Improvements and such Construction Plans shall have <br />been approved by the City pursuant to Section 4.2 of <br />this Agreement; <br />(c) Execution of an Assessment Agreement relating <br />to the Phase II Development Property by the City, the <br />County and the Developer pursuant to Section 6.1 of <br />this Agreement; <br />(d) Delivery to the City of an agreement by the <br />holder of the First Mortgage agreeing to be bound by <br />the Assessor's Minimum Market Value set forth in the <br />Assessment Agreement relating to the Phase II Project; <br />Page 60 <br />