Common use of Implementation Costs Clause in Contracts

Implementation Costs. (A) Newhall Land shall fund all habitat enhancements, spineflower introduction and other implementation activities prescribed by the Introduction Plan during the 10-year initial implementation and monitoring period for each Additional Conservation Area. Such costs are currently estimated at approximately $3.35 million for all Additional Conservation Areas combined. (B) Within ninety (90) days after the effective date of this CCA, Newhall Land shall establish an escrow account and deposit the amount of $3.35 million (less any amount already expended by Newhall Land to implement the Introduction Plan) into the account to guarantee funding for implementation of the Introduction Plan. The escrow instructions shall provide for release of funds to Newhall Land (i) annually, after written authorization by the Service, in an amount not to exceed the budgeted costs of Introduction Plan implementation tasks scheduled for the coming year or completed by Newhall Land at its own expense in the prior year; or (ii) upon termination of this CCA as provided in Section 11 of this CCA, in an amount equal to the balance remaining in the escrow account at the time of termination.