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K <br /> 1. INCORPORATION OF RECITALS. The foregoing recitals are true <br /> and correct and are hereby incorporated into this Agreement by this reference as if fully <br /> set forth herein. <br /> 2. DEFINITION OF MATERIAL TERMS. Any terms that are not <br /> defined herein are defined as set forth in the ILA or in the PMG-S2 S 1 i fill LES, LLC <br /> Agreement. In the event of a conflict between the ILA, the PMG-sy SUN Y I.LES, <br /> ter 4 <br /> LLC Agreement and this Agreement, the ILA shall control. .a <br /> t <br /> Cs <br /> z„a <br /> 3. LEGALLY BINDING COMMITMEA'S`T. M1rti s agree that this <br /> Agreement constitutes a legally binding commi ent 184 the Applicant to provide <br /> N. <br /> Monetary Proportionate Share Mitigation fo le,F}ley opment Proposal for the Property <br /> 40,1 <br /> sought to be approved by the City. <br /> ` <br /> i"*41/4 <br /> 4. MONETARY PRUPO' 519NATE SHARE MITIGATION. The <br /> Parties agree that the Applic.'14,. as elected to satisfy its Monetary Proportionate Share <br /> Mitigation requirement'' .+rthi ` greement through the purchase of available student <br /> stations fro , Mitig:Lion Bank ("Capacity Credits" or "Banked Seats") by the <br /> ,d 1 s <br /> Applicat an.'' .nsf- <br /> if thereto. The purchase price of the Banked Seat(s) has been <br /> es-.S ./shed a J3 w-nty Two Thousand Five Hundred Ninety Eight Dollars (S22,598) per <br /> scat. A"yt ``., the amount of the Monetary Proportionate Share Mitigation under this <br /> option shall be One Hundred Fifty Eight Thousand One Hundred Eighty Six Dollars <br /> ($158,186) (i.e. 7 seats x $22,598 purchase price of a Banked Seat = Monetary <br /> Proportionate Share Mitigation payment). The Monetary Proportionate Share Mitigation <br /> funds shall be used by the School District towards the creation of twenty-two (22) <br /> SCHOOL BOARD/PROPORTIONATE SHARE MITIGATION- — <br /> BEACH CLUB ACQUISITION,LLC AGREEMENT—DRAFT#2 -5/14/2015 Page 5 of 22 <br />