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reimburse the LRC for Consultant costs incurred for Consultants retained to prepare <br /> and review the Term Sheet. <br /> 3. Additional Deposits. In the event the initial deposit is depleted and <br /> additional LRC staff and Consultant review of the Term Sheet is necessary, the LRC <br /> shall provide the Applicant with an additional Cost Estimate of the remaining anticipated <br /> preparation and review costs. No further action shall occur by the LRC on the Term <br /> Sheet until receipt of an additional deposit amount (the "Additional Deposit"). <br /> 4. Appeal of Additional Deposit Request. In the event the Applicant <br /> disagrees with the amount requested as Additional Deposit, the Applicant may in writing <br /> seek review of the request by the City Manager. The City Manager shall consider the <br /> review within three (3) business days after written request for review is submitted. The <br /> City Manager may reduce the amount of the requested Additional Deposit if the City <br /> Manager finds that (a) the additional review or a portion thereof is not necessary and <br /> will not facilitate the final decision of the LRC on the Term Sheet, or (b) the additional <br /> review requested will benefit parties other than the Applicant and as a result, the cost <br /> thereof should be shared by others or paid from the operating fund of the LRC. <br /> 5. Accounting. The City shall provide an accounting of all payments from the <br /> Cost Estimate prior to requesting an Additional Deposit from the Applicant. In the event <br /> there is any remainder to the Initial Deposit or an Additional Deposit after final approval <br /> by the LRC, the final accounting shall include reimbursement of such balance. Backup <br /> documentation of rates and time spent by each employee or Consultant shall be <br /> provided upon Applicant request. <br /> 6. Scope of Agreement. It is acknowledged that this Agreement addresses <br /> only costs related to preparation, review and processing of the Term Sheet. Other soft <br /> costs associated with any bond issuance, including without limitation bond attorney fees <br /> and other costs of issuance paid at Closing out of bond proceeds, are outside the scope <br /> of this Agreement and shall be paid as provided in the Term Sheet or other applicable <br /> agreement. <br /> 7. Modification and Waiver. No modification of the terms of this Agreement <br /> shall be valid unless in writing and executed with the same formality as this Agreement, <br /> and no waiver of the breach of any provision of this Agreement shall be construed as a <br /> waiver of any subsequent breach of the same or any other provision hereof. It is <br /> expressly agreed that, except as may otherwise be provided by applicable statute or <br /> ordinance, no official of the LRC has the authority to waive or modify any provision of <br /> the Agreement without written approval of the lead staff person of the LRC. <br /> 8. Severability/Governing Law/Attorneys Fees. This Agreement is to be <br /> governed and construed according to the laws of the State of Colorado. In the event <br /> that any provision of this Agreement is held by a court of competent jurisdiction to be in <br /> violation of any local, state or federal law, and thereby, rendered unenforceable, the <br /> remaining provisions shall remain in full force and effect as if the unenforceable <br /> provision had never been included in the Agreement. In the event of litigation regarding <br /> 2 <br />