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constitute a breach of this Agreement. <br />4. Financial Proiections. Developer agrees to submit to <br />City a project proforma in sufficient detail as would typically <br />be required by a lending institution to allow it to evaluate the <br />financial feasibility of the project. Said proforma is to <br />include all project components of the development program and <br />shall be Developer's best estimates of same. The initial <br />submittal shall be made by December 19, 1994 and every 30 days <br />thereafter continuing until a Development Agreement as defined in <br />Provision #11 is executed or until this Agreement is no longer in <br />effect, whichever date is earlier. <br />5. Acquisition Process. Acquisition of all parcels within <br />the development shall be made by Developer to the extent <br />possible. Before entering into any purchase agreements for any <br />of the property within the project boundaries, Developer shall <br />submit to City an independent appraisal of each parcel planned to <br />be acquired which shall have been prepared by an appraiser <br />selected by Developer and approved by City. The appraisal shall <br />provide an estimate of market value for that parcel using <br />accepted techniques. Said appraisal shall then be used as the <br />basis for a purchase offer on that parcel. <br />Developer shall also submit a copy of all purchase <br />agreements entered into on any of the parcels acquired with <br />documentation explaining any variances between the proposed <br />purchase price and that indicated by the appraisal. <br />For the property known as the Market Place Shopping <br />Page 45 <br />