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<br /> financial institution for its pro rata share of the costs of the <br /> Regional facilities. Should no party contact in writing the <br /> party sending such notice of intended construction within the <br /> forty-five (45) day period, the party electing to commence <br /> construction shall be authorized to proceed. The beneficial and <br /> legal title to the Regional facilities shall pass to the City at <br /> the times and under the conditions specified in Paragraph IV. A. <br /> No other joint participant in the construction of the Service <br /> Plan shall be allowed to use capacity created by such Regional <br /> facilities constructed in advance until such party has paid its <br /> pro rata share of the costs of such facilities plus actual <br /> interest cost to the party or parties constructing the Regional <br /> facilities in advance. It is further understood and agreed by <br /> the parties that should any party be unable for any reason to <br /> meet its obligations with respect to the financing or <br /> construction of facilities as scheduled and set out in the <br /> Service Plan, the City, Developer or the District, after forty- <br /> five (45) days written notice by certified mail, return receipt <br /> requested to the other parties, may, but is not obligated to, <br /> step in and assume those obligations. A party assuming such <br /> obligations shall post an irrevocable letter of credit, from a <br /> Texas financial institution, with and payable to the party <br /> electing to commence construction so as to cover the cost of the <br /> construction obligations assumed, and the party electing to <br /> commence construction may draw against the letter of credit pro <br /> rata as the construction progresses so as to pay pro rata the <br /> obligations assumed. If no other party assumes the obligation of <br /> the party unable to proceed, the party needing to construct <br /> facilities as scheduled may proceed to construct the scheduled <br /> facilities to the size and capacity to meet its needs. No other <br /> joint participant in the construction of the Service Plan shall <br /> be allowed to use capacity created by such facility without the <br /> consent of the party constructing same, and only after such party <br /> has paid its pro-rata share of the costs of such facilities plus <br /> -7- <br />