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Option One: The City may (i) request release of the Deed under <br /> subsection (1) above, and (ii) complete the Transfer Lot 3 Minimum Acceptance <br /> Standards Work(and the Transfer Lot 3 Maximum Work, if Owner has elected <br /> and begun the Transfer Lot 3 Maximum Work and not completed it). After the <br /> City completes the Transfer Lot 3 Work and Transfer Lot 3 is duly conveyed to <br /> the City,the City will true-up the costs, so that any portion of the Transfer Lot 3 <br /> Secured Amount not used by the City for the Transfer Lot 3 Work or for the <br /> conveyance of Transfer Lot 3 (such as, for example, any cost of clearing title <br /> exceptions not Permitted Exceptions) or for costs of enforcement of the <br /> Obligation Deed of Trust or the Bonds are refunded to Owner. If such costs are in <br /> excess of the Transfer Lot 3 Secured Amount,then Owner shall pay such excess <br /> to the City within 30 days after receiving an invoice. In completing the true-up, <br /> the parties agree that the calculation of the costs to the City for the completion of <br /> the Transfer Lot 3 Work includes all costs incurred by the City to complete the <br /> Transfer Lot 3 Work, plus a 15% administrative surcharge on such incurred costs. <br /> Option Two: If the City reasonably determines that the total cost to the <br /> City to complete the Transfer Lot 3 Work and to complete the conveyance of <br /> Transfer Lot 3 as set forth in this Amendment is in excess of the Transfer Lot 3 <br /> Secured Amount, then the City may elect to reject conveyance of Transfer Lot 3, <br /> in which case (i) the City shall retain the Transfer Lot 3 Secured Amount <br /> (together with the $2 million of Installment Payments) as liquidated damages and <br /> as the City's sole remedy for Owner's failure to convey Transfer Lot 3 and to <br /> 25 <br />