11126 PAINE FIELD WAY 2016-01-01 MF Import

� . , � , 2. The Developer agrees to pay the following sum of money as mitigation for the direct impact that has been identified as a consequence of the Project: ONE THOUSAND SEVEN HUNDRED NINETY-SEVEN AND 50/100 DOLLARS ($1,797.50) Cor each dwelling unit for a total of THIRTY-SEVEN THOUSAND SEVEN Fil1NDRED FORTY•SEVGN AND 50/100 DOLLARS ($37,747.50) for 21 new single- family d�velling units. 3. Any extension, renewal, modification, or amendment to the Project that results in an adjustment in the number of dwelling units, shall result in an adjustment in the Mitigation Payment consistent �vith pazagraphs 2 and 3. d. The Developer acknowledges and agrees that the ivfitigation Payment is authorizcd to be used for capital impro��cmcnts to Paimiount Llementary School, Explorer Middle School, Maziner High School and/or any uther t:icilities that ma}� increase capacity and/or the purchasc of portable fncilitics. 5. Tlte Developer agmes that pa}'nunt of thc Alitigation P��ment for cach dwelling unil shall be due prior to the issumue of the final mitigated Detennination of Nonsignificancc for tlie Project. G. 1'lie Developer agrees that the District has five (5) years from the payment date(s) to spcnd the Mitigatiou Payment for the capiml improvements described in paragraph 4. In the event that the �4itigation Payment is not expended within those five (5) years, thc monies will be reCunded with interest at the rate applied to judgments to the property o�wiers of record at the time of refund; however, if the Mitigation Payment is not expended within fivc (�) years due to delay which is auriUutable to the Developer, the Paymcnt shall bc refimded without interest. 7. The Devcloper waives m�d relinquishes its right to protest or challenge the payment of the Dditigation Payment pursuant to this Agreement :uid hereby covenants and undert:il:es that it forever reGains and desists from instituting, asserting, Filing or bringing any lawsuits, litigation, claim or challenge or procecding to challenge this Agreement, claim any repaynrent or reimbursement of funds, perfomiance or improvemenls provicicd for dierein, or any of ils ternis v�d conditions, on any ground or basis whatsoevcr. S. The District hercby �vnives any objection to the Project as presenti}� proposed. 9. The District agrees that it shall prepare a Ietter tor the De��eloper stating that monetan� mitigation that me:ts thc requirements oC the State Lnvironmental Policy Act and the L��crett \[unicipal Cod� h�s h:en agrced to Uy the Developer. Said Ietter shafl be �