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SECTION 1. EFFECTIVE DATE, INTERPRETATION AND TERM. 1.1 Effective Date. This Agreement shall be effective as of the date first written above (the "Effective Date "). 1.2 Interpretation. (a) The terms "herein ", "hereto ", "hereunder" and all terms of similar import shall be deemed to refer to this Agreement as a whole rather than to any Article, Section or Exhibit to this Agreement. (b) Unless otherwise specified, references in this Agreement to (i) "Section " or "Article " shall be deemed to refer to the Section or Article of this Agreement bearing the number so specified, (ii) "Exhibit _" shall be deemed to refer to the Exhibit of this Agreement bearing the letter or number so specified, and (iii) references to this "Agreement" shall mean this Agreement and any exhibits and attachments hereto. (c) Captions used for or in Sections, Articles and Exhibits of this Agreement are for convenience of reference only and shall not affect the construction of this Agreement. (d) The terms "include ", "including" and "such as" shall each be construed as if followed by the phrase "without being limited to ". 1.3 Term. The "Term" of this Agreement shall commence upon the Effective Date and shall terminate at 11:59 p.m. on December 31, 2033. Notwithstanding the foregoing, those obligations which by the terns of this Agreement are to continue, shall survive beyond the termination date of this Agreement. SECTION 2. RECITALS. The Recitals set forth above are a part of this Agreement for all purposes. SECTION 3. COMMISSION'S AND REDEVELOPMENT AUTHORITY'S OBLIGATIONS. 3.1 Generally. The Parties acknowledge and agree that Owner's agreement to perform and abide by the covenants and obligations set forth in this Agreement is material consideration for the Commission's commitment to perform and abide by the covenants and obligations of the Commission contained in the Agreement. 3.2 Improvements. The Commission agrees to construct the Improvements to the Plaza as depicted in Exhibit B. 3.3 Hardscape Public Improvements. Certain of the Improvements are hardscape improvements, as listed in Exhibit B -1 the " Hardscape Public Improvements." The City agrees to provide a Studebaker "S" emblem (the "Emblem ") as one of the Hardscape Public Improvements. -2- dm .us.52586909.04