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42~ Notwithstanding any other provisions of this Agreement, the Local Governing Body agrees to initiate, commence, and place under construction all the work and improve- ments to be undertaken by it under this Agreement at such times as shall be coincident with the construction and progress of the entire project. The Local Governing Body agrees that all impr ovements and facilities placed under construction and work commenced and initiated for the Project shall be completed within a reasonable time after the commencement thereof. It is understood and agreed that the obligation hereunder is to make cash or non-cash grants-in-aid in a total amount equal to not less than one-third of the total actual net cost of the Project, and that amounts payable by the Local Governing Body to the Authority as hereinabove set forth are based on estimates, and that is the total aotual net cost of the Project (as determined by the Authority in accordance with its contract with the Federal Government) is greater or less than the total estimated net cost of the project, the amount of the Local Grants-in-Aid to be made by the Local Governing Body to the Authority as provided above shall be proportionately adjusted. Notwithstanding any other provision of this Agreement, if, upon the final deter- urination of (a) the Net Project Cost, and (b) the amount, cost or value (as the case may be) of all local grants-in-aid which are actually made with respect to the Project, it is found that the aggregate amount of all sums which are provided with respect to the Project as Local Cash Grants-in-Aid, together with the amount, cost or value (as the case may be) of all non-cash Local-Grants-in-Aid, together with the amount, cost or value (as the case may be) of all non-cash Local Grants-in-Aid which are actually made and approved with respect to the Project, is in excess of the total amount of•the Local Grants-in-Aid necessary for the Local Public Agency to meet its aforementioned share of the Net Project Cost, then so much of the amount of such local cash grants- in-aid as shall be so in excess shall, for the purpose of this Agreement, be termed and treated as a non-interest bearing local loan to the Project. The Local Governing Body further agrees to purchase one-half of the perimetrical streets included in the project area at the then fair market value at the time of sale to the City. The Local Governing Body, at no cost to the Authority and upon its request, will insofar as it can lawfully do so, vacate the streets, roads, alleys and other public ways proposed to be vacated in the Urban Renewal Plan and as shown therein and convey to the Local Public Agency, if necessary, the area of the streets, roads, alleys and other public ways vacated. This agreement may be amended from time to time by mutual agreement of the parties hereto subject to Housing and Home Finance Agency concurrence therein. IN WITNESS WHEREOF, the City of Charlottesville and the Charlottesville Redevelopment and Housing Authority have caused this Cooperation Agreement to be duly signed and executed as of the day and year first above written. CITY OF CHARLOTTESVILLE, VIRGINIA Attest: Thomas J. Michie (signed) J. S. Rush, Jr. , (signed) Mayor Clerk of the Council CHARLOTTESVILLE REDEVELOPMENT & HOUSING AUTHORITY