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15% deposit. This method of extending the Reservation Period (six months at a time) shall continue for a maximum period of 24 months. The remaining balance shall be paid within 24 months of the contract initiation date. If the remaining balance is not paid in full within 24 months, a new agreement will be necessary and the current price of mitigation credits will be applied to the new contract. If a new contract is completed, the deposit payments shall be applied towards the cost of credits in the new mitigation purchase agreement so long as all deposit payments have been made in timely manner by the Client. B. The Client's initial 15% deposit is refundable if within the initial 6 -month Reservation Period the Corps or the Ohio EPA denies Client's request for a permit for the wetland impact or if Client elects to withdraw their permit application provided the Client notifies S+W in writing of the denial of its permit or its intention to withdraw its permit application prior to the expiration of the initial 6 -month Reservation Period. After the initial 6 -month Reservation Period all deposit payments are non-refundable. If the Reservation Period expires due to lack of timely deposit payments, the wetlands credits will not be reserved for Client but will be available on a first-come basis to all clients of S+W. S+W will provide written notification of the termination of this Agreement to the Corps and/or Ohio EPA as applicable. C. Within thirty (30) days of issuance of the Clean Water Act Section 404 permit and, if necessary, the Section 401 Certification or Ohio Isolated Wetland Permit, Client will tender the outstanding balance of the cost of the mitigation credits. Client will also provide S+W with a copy of the Section 404 permit and, if applicable, the Section 401 Certification or the Ohio Isolated Wetland Permit or other approval to proceed. If payment is not received by S+W by the end of the thirtieth day after the Permit Issuance Date the Client will be considered to be in Default of Payment. The Permit Issuance Date is the date of the wetland fill permit (Isolated Wetlands Permit, Clean Water Act Section 401/404 permits) issued for the project. If more than one wetland fill permit is required for the project identified in this agreement then the date of the most recent permit shall be considered as the Permit Issuance Date. Should the Client be in Default of Payment, a late payment penalty of $500 or 2.0% interest per month, whichever is greater, shall be applied to the outstanding balance from the Permit Issuance Date for each month or portion thereof until payment is received in full. It is the sole responsibility of the Client to ensure that they adhere to the terms of this agreement, including timely payment, and to the terms of the permit(s) issued to for the project described in paragraph I(A). D. If the Client is in Default of Payment for greater than 60 days S+W may, at its sole discretion, elect to sell the reserved credits to a different client. In this case, the Client, the Corps and/or Ohio EPA (as applicable) shall be notified by S+W that this agreement has been terminated and the credits are no longer held in reserve for the Client. The Client's deposit payment will be forfeited to S+W at this time and may be applied to future mitigation purchases of the Client at the discretion of S+W. E. The Client shall have no other obligation other than the payments detailed in this agreement for future maintenance or remedial measures of the Grafton Swamp Mitigation Bank. II. OBLIGATIONS OF STREAM + WETLANDS FOUNDATION A. S+W has available for sale mitigation credits at the Grafton Swamp Mitigation Bank which have been approved by the IRT to mitigate for certain wetland impacts. B. In consideration for the payment of $ 126,000 (plus penalties, if applicable, as per paragraph I(C) of this Agreement) by Client, S+W hereby agrees to provide 2.1 acres of wetlands mitigation credit (as per paragraph I(A) of this agreement) at the Grafton Swamp Mitigation Bank for the benefit of Client Page 2 of 3 111Mrrh 06 10II