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or if for any reason the County Recorder deems the Development Contract unrecordable, the Developer shall cooperate with the City in the execution or amendment of any revised Development Contract. Finance 11. In consideration of City's financial contribution, Developer shall pay to the City the sum of $100,000.00 for each lot ( "Release Price "). This amount shall be paid at the time the Developer applies for a building permit to begin construction on a respective lot. In addition to payment of the Release Price, Developer shall also pay interest at the rate of 3.75% due on the original principal of any assessment levied by the City pursuant to Project No. Interest shall begin to accrue upon adoption of the Resolution levying said assessment. The City shall grant the Developer the following credits against the Release Price: 1) original principal amount of the assessment levied pursuant to Project No. 2) 1/15 of the equity contributed by the Developer ( "Equity Contribution ") as set out on Exhibit B attached hereto; 3) interest which has accrued on the uncredited balance of the Equity Contribution, the interest rate shall be 4% per annum and shall begin to accrue upon recording of the plat; and 4) 1/15 of the Developer's landscaping contribution as set out on Exhibit C attached hereto ( "Landscape Credit ") the Developer shall only be entitled to credit for costs actually incurred at the time the credit is calculated for an individual lot. Once the sum of Landscape Credit granted the Developer by the City equals $100,000.00, this Credit shall terminate and developer shall be entitled to no further Landscape Credits against any future lot releases. The Developer shall not be entitled to a Landscape Credit until the Developer has presented documentation to the City supporting the Landscape Credit claim. The