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with the Approved Schematic Design <br />Package. <br />(c) Project Budget. ISD approves the development <br />budget for the Arena, including a $100,000 initial <br />operating reserve. <br />(d) Governmental Approvals. OHB obtains all <br />city, state and federal governmental approvals reguired <br />for the commencement of construction of the Arena on <br />the LanJ. <br />(e) Financing. OHB accumulates an amount equal <br />to at least 90% of the costs set forth in the approved <br />development budget, and demonstrates to ISD's <br />reasonable satisfaction the sources for any part of <br />the 10% that remains to be funded. <br />(f) Operations. ISD approves a projected <br />operating statement for the Arena for the first three <br />years after opening. <br />3. Events Before Exercise. <br />(a) Entry on Land. OHB will be entitled to enter <br />on the Land before exercise of the Option for the <br />purposes of conducting soils and other site surveys, <br />evaluations and investigations. OHB will provide <br />reasonable notice to ISD by telephone before any entry <br />is to occur, and will repair or restore any disturbance <br />of the Land that results from its activities. <br />(b) Progress Toward Exercise. OHB will keep ISD <br />informed of its progress toward development of the <br />-4- <br />1 <br />i