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Page 4 of 42 4/3/24 Agreement No. 2024-02 <br />d. Excessive suspensions as provided in clause G-220. <br /> <br />G-51 Contract Extensions - Payment <br /> <br />Extensions of the Contract term may be granted only if, in the judgment of the City, Purchaser <br />is acting in good faith and is endeavoring to remove the Forest Products conveyed. The term <br />of this Contract may be extended for a reasonable time by the City if all of the following <br />conditions are satisfied: <br /> <br />a. A written request for extension of the Contract term must be received prior to the expiration <br />date of the Contract. <br /> <br />b. Completion of all required roads and compliance with all Contract and regulatory <br />requirements. <br /> <br />c. For the first extension, not to exceed 1 year, payment of at least 25 percent of the Total <br />Estimated Value of Sale. <br /> <br />For the second extension, not to exceed 1 year, payment of at least 90 percent of the Total <br />Estimated Value of Sale. <br /> <br />The payments shall not include the initial deposit which shall be held according to the <br />provisions of RCW 79.15.100. <br /> <br />d. Payment of an amount equal to 12 percent interest per annum for the extension period on <br />the unpaid portion of the Contract. To determine the unpaid portion of the contract, take the <br />Total Estimated Value of Sale and subtract for each species item the remaining tonnage <br />(based on estimated tonnage in the Timber Notice of Sale) multiplied by the Contract <br />payment rate for each item and then further subtract all cash deposits that can be used for <br />timber payments, except the initial deposit. <br /> <br />e. Payment of $1.00 per acre per annum for the acres on which an operating release has not <br />been issued in the sale area. <br /> <br />f. In no event will the extension charge be less than $200.00. <br /> <br />g. Extension payments (which include the payments made under c, d, and e above) are non- <br />refundable. <br /> <br />G-53 Surveys - Sensitive, Threatened, Endangered Species <br />Whenever the City determines that a survey for sensitive, threatened, or endangered <br />species is prudent, or when Purchaser determines a survey is prudent and the City <br />agrees, Purchaser shall perform such surveys at Purchaser's expense and to the <br />standards required by the City. The survey information shall be supplied to the City. <br /> <br />G-60 No Warranties by City