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<br />3.4.1 Initial Payment. The sum of $5,000,000, less any amount paid by the City to <br />Seller's Architect pursuant to Section 4.9, to be paid by the City to Seller within two <br />business days of approval by the City of the Schematic Design Documents, per section <br />4.4.1. <br /> <br />3.4.2 Second Payment. The sum of $3,000,000, to be paid by the City to Seller on or <br />prior to February 1,2010. <br /> <br />3.4.3 BAN I Payment. The sum of $25,000,000 to be paid by the City to Seller on or <br />prior to July 15,2010. <br /> <br />3.4.4 Third Payment. The sum of $3,000,000 to be paid by the City to Seller on or prior <br />to February 1,2011. <br /> <br />3.4.5 BAN II Payment. The sum of $25,000,000 to be paid by the City to Seller on or <br />prior to July 15, 2011. <br /> <br />3.4.6 Fourth Payment. The sum of $3,000,000 to be paid by the City to Seller on or <br />prior to February 1,2012. <br /> <br />3.4.7 Fifth Payment. The sum of $4,750,000, to be paid by the City to Seller on or prior <br />to January 1,2013. <br /> <br />3.4.8 Final Payment. The sum of $9,048,292, to be paid by the City to Seller on or <br />prior to January 1,2014. <br /> <br />3.5 The outstanding balance of the Total Courthouse Cost as of the Closing Date (as <br />defined below) shall be represented by a promissory note in substantially the form set forth in <br />Exhibit D attached hereto (the "Note"), to be made and delivered by the City at Closing (as <br />defined below). <br /> <br />3.6 Adherence to Construction Documents and Codes; Deferral of Payment. The <br />schedule of payments set forth in this Article shall be subject to possible deferral in the event that <br />it is determined that construction is not proceeding in conformity with the Construction <br />Documents and all other applicable codes and requirements. Deferral shall be only as set forth in <br />this section. <br /> <br />3.6.1 If the City believes that the Development Work is not proceeding in conformity <br />with the Construction Documents and all other applicable codes and requirements, <br />it shall within fifteen days of the date the work in question has been performed or <br />within fifteen days after the City recognizes the condition giving rise to the claim, <br />whichever is later, provide written notice of the nonconformity or violation to <br />Seller. City's failure to provide written notice of a claim within the time periods <br /> <br />-6- <br /> <br />Draft #4.1 <br />