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Transfer Lot 3 Minimum Acceptance Standards Work is complete, and if Owner has so elected, <br /> completion of the Transfer Lot Maximum Acceptance Standards Work is complete on the <br /> Transfer Lot 3 Closing Date as provided in Section 1.2(b)(2). <br /> 1.15 Installment Payments. Owner shall pay the City the Equivalent Value of Two <br /> Million and No/100 Dollars ($2,000,000) in five (5) annual installments of$400,000 each (each <br /> an"Installment Payment" and collectively,the "Installment Payments"), with the first <br /> Installment Payment made upon the Lot 1 closing, but in no event later than the Transfer Lot <br /> Group Closing Date, and the succeeding Installment Payments made on the same calendar date <br /> of each succeeding calendar year until fully paid, but in no event later than the Transfer Lot 3 <br /> Closing Date. <br /> 1.16 Lot Profit Payment Covenant- Land Wedge. Owner, in addition to the <br /> payments under Section 1.15, will make a Lot Profit Payment to the City for the Land Wedge for <br /> each of Lot 1 and Lot 2 as follows: <br /> (1) Lot 1: the sum of$252,000 on the earlier of the closing of Lot 1, or <br /> sixty (60) days following the City's execution of the Division 9 <br /> Binding Site Plan; and <br /> (2) Lot 2: the sum of$161,500 on the earlier of the closing of Lot 2, or <br /> the Transfer Lot 3 Closing Date <br /> (each, a"Lot Profit Payment"). At the closing of a Bona Fide Sale of Lot 1 or of Lot 2, as <br /> defined below, Owner will deposit, or cause to be deposited, the applicable Lot Profit Payment in <br /> escrow with instructions that such sum shall be paid to the City by the Title Company concurrent <br /> with the closing of such Lot. Owner acknowledges and agrees that it may not sell Lot 1 or Lot 2, <br /> except in connection with a bona fide, arms-length sale to an independent third party(a"Bona <br /> 27 <br />