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2. To the extent required by the Agreement, The City shall accept the Grant <br />in the amount of $500,000 and shall hold the said funds until they are to be released, in <br />whole or in part, to PPIC in accordance with the Agreement. <br />3. Upon receipt of the Grant funds, or any portion thereof, PPIC shall pay the <br />same to Industrial in accordance with the Agreement and the directions of DHCD. <br />4. To the extent required by the Agreement or the Grant, PPIC shall serve as <br />the holder or beneficiary of any security instrument recorded against the former <br />Cogentrix property to secure Industrial's compliance with the Grant. <br />IN WITNESS WHEREOF, this Agreement has been executed on behalf of the <br />PPIC and the City. <br />Approved as to Form: <br />Solomon H. Ashby, Jr., <br />City Attorney <br />CITY OF PORTSMOUTH, VIRGINIA <br />Dr. L. Pettis Patton, <br />City Manager <br />PORTSMOUTH PORT AND <br />INDUSTRIAL COMMISSION <br />By: <br />Jim Toups, Chairman <br />