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purchase the other party's interest in the real property, or lease the real property and continue with a project. Once the conditions precedent have been satisfied, neither party may terminate the agreement. In the case of breach by either the party, the other party may continue with the Project, demand cure of the breach, and obtain money damages if the breach is not cured. Construction of the Project will be managed by Melvin Mark Development Company, under the oversight of two Project Coordinators, one appointed by the County and one appointed by the District. 'The Project Coordinators will work by unanimous consent. However, each coordinator will have final authority over those Project elements concerning its own facilities and budget. The Project Coordinators will approve all contracts, approve the final Project Budget and Final Construction Plans and Specifications, approve the General Construction Contract, finalize the General Construction Budget, and approve all Change Orders. The parties are bound by explicit provisions of good faith and fair dealing to prosecute the construction and resolve disputes. Construction will proceed during any dispute. As part of the General Construction Contract, the parties, as owners, will maintain all-risk property insurance at the full replacement cost of the project in the case of damage or destruction of the project while under construction. Condominium Ownership The Development Agreement includes the Condominium Declaration for Courthouse Square Condominium (the "Condominium Declazation") which provides for the ownership of the County's and District's respective interests in the buildings and improvements constituting the project in the form of condominium interests. There will be six condominium units. The County will own one office unit of approximately 101,722 useable square feet. This unit will include the second, third, fourth and part of the fifth floor of the office building. The ~ County will share ownership of a joint hearing room unit of approximately 4,760 useable square feet. The County will own a parking unit of 218 pazking spaces. The District will own four units consisting of one o~ce unit including a part of the fifth floor and the first floor of the office building, shared ownership in the joint hearing room, a parking unit of 40 spaces, and a bus mall unit. The two condominium unit owners will share expenses for operation and maintenance of the common areas based on their respective share of the various units. For the o~ce units, the County share is about 80 percent and the District share is about 20 percent. The hearing room is shared 50-50. The parking units are shared about 84.5 percent County and 15.5 percent District. The District is solely responsible for the bus mall unit. The two condominium unit owners will form the condominium association. Decisions require unanimous agreement of the County and the District. Any impasse will be referred to the governing bodies of the County and the District, including mediation. The association is responsible for repair, maintenance and replacement of the common elements, maintaining property insurance for all improvements at replacement value, and assessing the unit owners for these expenses. TABLE 3- SOURCES OF FUNDING Proceeds of Certificates $22,000,000 District Funds $9,800,000 City of Salem Urban Renewal Streetscape Funds $2 000 000 Total $33,800.000 Transit District The District's share of the cost of the Project will be funded as shown in the table below: ~ 19