Common use of Construction Projects Clause in Contracts

Construction Projects. The USRP Entities shall be credited with (i) the amount of the reasonably anticipated cost to complete and/or pay for any of the Construction Projects specified on Exhibit 4.14 that have not been completed and fully paid prior to the Closings less (ii) in the case of the Valley Center project, $215,000, and the case of Parkville, $1,925,500 (in each case, representing an amount already deducted by the USRP Entities from the Purchase Price payable under the Purchase Agreement as indicated on Exhibit 4.14), it being agreed that if the foregoing amount is a negative number, such negative amount shall represent an upward adjustment to such Purchase Price. The parties acknowledge and agree that (i) the Construction Projects include the obligations of FWOP to perform the Immediate Repairs (as defined in that certain Escrow Security Agreement dated as of January 5, 2000 with respect to Cudahy Center (the "Cudahy Repair Escrow Agreement") between FWOP and Principal Life Insurance Company) and (ii) in calculating the adjustment under this clause (f) for the Immediate Repairs not completed and paid for prior to the Closings, the FW Entities shall be credited in accordance with Section 8.7 with the unapplied balance of the Property Reserves (as defined in the Cudahy Repair Escrow Agreement), but only to the extent that such Property Reserves have been validly assigned to the USRP Entities. Any dispute as to the reasonably anticipated cost to complete and/or pay for any Construction Projects under this clause (f) shall be resolved by binding arbitration in accordance with Section 12 hereof.