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3. To acquire and maintain the Property, EDA has expended its own funds <br />(net of rental income received) in the amount of $ (the "EDA <br />Outlay"). The parties agree that EDA should be entitled to recover the EDA Outlay upon <br />the ultimate conveyance of the Property to a private entity for use or development. A <br />Memorandum memorializing the parties' intent shall be recorded in the Clerk's Office of <br />the Portsmouth Circuit Court simultaneously with the Deed conveying the Property to the <br />City. EDA's rights under this Agreement and the Memorandum shall be non-recourse. <br />IN WITNESS WHEREOF, this Agreement has been executed on behalf of the <br />EDA and the City as of the date first above stated. <br />Approved as to Form and Legality <br />CITY OF PORTSMOUTH, <br />VIRGINIA <br />By: <br />By: <br />Solomon H. Ashby, Jr. City Attorney Lydia Pettis Patton, City Manager <br />ECONOMIC DEVELOPMENT <br />AUTHORITY OF THE CITY OF <br />PORTSMOUTH, VIRGINIA <br />By: <br />Lisa L. Lucas-Burke, Chair <br />