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<br />the actual costs of site development for the North Pier are less than the Site Development <br /> <br />Cost Ceiling, as that term is defined in the Purchase and Sale Agreement. <br /> <br />3. The EDA agrees that said funds shall only be used as a Development <br /> <br />Grant to assist in bringing the North Pier to a building-ready condition. <br /> <br />4. The parties agree that the provisions of Paragraph 5 of the Cooperation <br /> <br />Agreement dated July 19,2011 between the parties that provide for the division ofthe <br /> <br />sales proceeds for the Crawford Street Parcels (formerly Desks, Inc., Site) are of no <br /> <br />further force and effect, and that the EDA may place all such proceeds in escrow under <br /> <br />the terms and conditions of the Purchase and Sale Agreement. <br /> <br />IN WITNESS WHEREOF, this Cooperation Agreement has been executed on <br /> <br />behalf ofthe EDA and the City: <br /> <br />CITY OF PORTSMOUTH, VIRGINIA <br /> <br />By: <br />Kenneth L. Chandler, City Manager <br /> <br />Approved as to form and legality: <br /> <br />G. Timothy Oksman, City Attorney <br /> <br />ECONOMIC DEVELOPMENT AUTHORITY <br />OF THE CITY OF PORTSMOUTH, VIRGINIA <br /> <br />By: <br />Aaron 1. Kelley, Chairman <br /> <br />Approved as to legal form and legality: <br /> <br />George M. Willson, General Counsel <br />