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(d) Special Assessments on any portion of the Property may be adjusted in <br />connection with subsequent PID Bond issues or otherwise so long as the Special Assessments are <br />determined in accordance with the Service and Assessment Plan. <br />(e) The Property may also be subject to an Owner's Association assessment if <br />established by the Owners. <br />(fl Promptly following submission to the City of the initial or an updated Service and <br />Assessment Plan (or any subsequent amendment or supplement to the Service and Assessment <br />Plan) acceptable in form and substance to the City and to the Owners with respect to the matters <br />therein that require approval by the Owners as provided in this Agreement, the City Council shall <br />consider, if applicable, an Assessment Ordinance relating to the applicable plan or amendment or <br />supplement. If an Assessment Ordinance is adopted, the City shall use reasonable, good faith <br />efforts to expeditiously initiate and approve all necessary documents and orders required to <br />effectuate the Service and Assessment Plan and Assessment Ordinance. <br />Section 2.02. Apportionment and Levy of Assessments <br />The City will levy Special Assessments on the Property in accordance herewith and with <br />the Service and Assessment Plan (as such plan is amended from time to time) at such time as an <br />Assessment Ordinance is approved by the City Council in accordance with Article IV hereof. <br />The City's apportionment and levy of Special Assessments will be made in accordance with the <br />PID Act. <br />Section 2.03. Collection of Assessments <br />(a) Subject to the terms and conditions of this Agreement, the City covenants and <br />agrees that it shall, as authorized by the PID Act and other applicable law, continuously collect <br />or cause to be collected Special Assessments levied pursuant to an Assessment Ordinance in <br />accordance with the Service and Assessment Plan during the term of this Agreement in the <br />manner and to the maximum extent permitted by applicable law. The City covenants and agrees <br />that to the extent permitted by applicable law, it will not permit a reduction, abatement, or <br />exemption in the Special Assessments due on any portion of the Property until any PID Bonds <br />related to that particular portion of the Property are no longer outstanding, whether as a result of <br />payment in full, defeasance, or otherwise. The City shall use best efforts to collect the Special <br />Assessments consistent with the City's policies and standard practices applicable to the <br />collection of City taxes and assessments. <br />(b) It is hereby acknowledged that Special Assessments can be used for the following <br />purposes: (i) after completion of the applicable Public Improvements, but prior to the issuance of <br />PID Bonds if a Bond Issuance Request is submitted in accordance with Section 5.01(a) below, if <br />any, for those Public Improvements, Whisper MC shall be reimbursed for some or all of the <br />Actual Costs associated with those Public Improvements as requested by Whisper PC in its sole <br />discretion (including without limitation interest incurred by Owners and Administrative <br />Expenses) incurred prior to issuance of the PID Bonds from Special Assessments collected by <br />4 <br />WHISPER PID FINANCING AGREEMENT <br />