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EXHIBIT E <br />As outlined in Section 13 of the Development Agreement between Masterpiece <br />Homes, Inc. and the City of Little Canada, $150,000 is being retained by the <br />City to provide surety for Developer's compliance with the terms of the <br />referenced agreement. For failing to achieve either the average estimated <br />market value of $450,000 per lot ($6,750,000) or the $475,000 average selling <br />price per lot ($7,125,000) for the 15 Pinetree Pond Subdivision, the agreed <br />upon damages to be retained by the City are determined as follows: <br />• If the average estimated market value (EMV) is less than $5,250,000, <br />then the City shall retain $150,000. <br />• If the average EMV is at least $5,250,000 but less than $5,625,000, then <br />the City shall retain $125,000. <br />• If the average EMV is at least 55,625,000 but less than $6,000,000, then <br />the City shall retain $100,000. <br />• If the average EMV is at least 56,000,000 but less than $6,375,000, then <br />the City shall retain $75,000. <br />• If the average EMV is at least $6,375,000 but less than $6,750,000, then <br />the City shall retain $50,000. <br />_l5_ <br />