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(b) Subject to an Unavoidable Delay, if Developer fails to commence construction on
or before the Construction Commencement Date, EDA shall be entitled to repurchase the EDA
Property for the Purchase Price set forth in the Purchase Contract (the "Right of Repurchase").
Developer hereby grants this Right of Repurchase to EDA which shall be set forth in the Deed (as
defined in the Purchase Contract). Upon the commencement of construction by Developer, EDA
will execute a termination of the Right of Repurchase to be recorded in the Clerk's Office of the
Circuit Court of the City of Newport News, Virginia.
Section 2.6. Budget and Financial Offering Memo.
Prior to Closing (as defined in the Purchase Contract) and the Construction
Commencement Date, Developer shall produce (a) a Development Budget in the form attached
hereto as Exhibit D and (b) evidence of Developer's financial ability to design, construct, equip,
maintain and operate the Project, which evidence shall include delivery of Developer's Financial
Offering Memo in connection with Closing. The EDA shall release EDA Funds to Developer in
accordance with Exhibit G.
Section 2.7. Funding Commitments.
(a) Initial City Funding. The City shall provide the City Funds in the amount of Ten
Million Dollars ($10,000,000) to EDA for the benefit of the Project. The EDA shall use the City
Funds to reimburse Developer for eligible Project costs in accordance with Exhibit G. The
Developer shall submit requests for reimbursement in accordance with Exhibit G. The Developer
shall provide EDA with written notice of its intent to submit a reimbursement request at least
ninety (90) days before submitting the request in order to allow sufficient time for the City to
appropriate and transfer the City Funds to EDA.
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