ORIENT CORPORATION OF AMERICA, INC. (3)

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and only to the extent otherwise permitted under the Act (as determined by bond counsel to the City for the District). If for any reason whatsoever bonds are not issued under the Act for the District (including, but not limited to, a decision by the City Council in its sole discretion, for any reason, not to approve the issuance of such bonds), the City shall have no obligation to reimburse any advances described in Section 1 hereof; provided that, if the total cost of the contemplated improvements is less than $2,000,000.00, the City shall return to the Company any excess contribution by the Company as determined by the City. Section 3. No Obligation. This Agreement shall not in any way create any obligation or commitment that the City will proceed with the formation of the District or the issuance of bonds for the District; however, the City acknowledges that its present intent is to proceed with the formation of the District and the issuance of bonds for the District. The City reserves the right to abandon proceedings to form the District at any time in its sole and absolute discretion. In addition, this Agreement shall in no way affect the obligations of the Company under any zoning, planning, land use approval or other regulations of City. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first set forth above. ATTEST: CITY OF SANTA ANA 141 1�fadice C. Guy a I H.'Young \j Clerk of the Council Mayor APPROVED AS TO FORM: Edward 1. o City Attorney KMLYDDAN 21932 58573 1 ORIENT CORPORATION OF AMERICA, INC. Ryujiro Saegusa President