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Development Agreement between YVEStOYI and Mayfield Village <br />2. APPLICATION TO COUNTY <br />Immediately following the execution of this agreement and before February 29, <br />2008, the Village will submit an application to the Cuyahoga County <br />Commissioners through the Cuyahoga County Department of Development for a <br />loan in the amount of Eight Hundred Thousand Dollars ($800,000.00) from the <br />Municipal Commercial Redevelopment Fund. Nothing in this agreement is or <br />should be interpreted as a guarantee that such an_ application will be successful <br />or that Mayfield Village is obligated to provide any incentives to Weston if the <br />application to the CRF is unsuccessful. If the Village is unsuccessful in its <br />application to the Cuyahoga County Commissioners for the Commercial <br />Redevelopment Fund, this development agreement will be null and void. <br />3. VILLAGE WILL PROVIDE LOAN TO WESTON <br />In the event that the Village's application is successful, the Village promises to <br />provide a loan to Weston, or a subsidiary thereof, in the same amount as the <br />loan provided the Village by the Cuyahoga County Commissioners and under <br />identical terms. Weston in turn pledges to assume the same terms Cuyahoga <br />County has set as conditions for the loan from the CRF. The Village will be the <br />recipient of all CRF funds and will be responsible for accounting for same. The <br />Village promises to disburse the proceeds of the loan under a reasonable <br />timeframe subject to the Village's satisfaction that Weston has fulfilled the terms <br />and conditions of the CRF as well as the terms and conditions of this agreement. <br />4. USES AND DISBURSEMENT OF THE FUND <br />It is understood by the Village and Weston that one condition of the loan is that <br />no more than 50% of the acquisition costs of 600 Beta Drive is eligible for <br />reimbursement. Upon transfer of title to Weston, the Village will draw loan <br />proceeds from the CRF in an amount equal to up to 50% of the total CRF loan <br />and remit that amount to Weston within a reasonable period of time. Iri a similar <br />manner, the Village will draw down from remaining loan proceeds upon receipt <br />from Weston of properly documented invoices for expenses eligible for <br />reimbursement under the terms and conditions of the CRF loan to the Village. <br />The Village will not reimburse Weston for invoices for expenses for which the <br />Village is unable to secure loan proceeds from the CRF. Cuyahoga County will <br />be the final arbiter of the eligibility of any expense and the Village and Weston <br />agree to Cuyahoga County's final decision on application of the terms and <br />conditions of the CRF. As with reimbursements for acquisition costs, upon <br />receipt of loan proceeds from the County, the Village will remit payment to <br />Weston within a reasonable period of time. <br />Page 2 of 5 <br />