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<br />a. The Property shall be conveyed in an "as is" <br />condition with no warranty or liability, except as otherwise <br />provided herein, express or implied on the part of the Agency as to <br />the condition of the soil, its geology or the presence of known or <br />unknown faults or defects. <br /> <br />b. It shall be the responsibility solely of the <br />Developer, at the Developer's expense, to investigate and determine <br />the soil and seismic conditions of the Property and its suitability <br />for the development to be constructed thereon. After the Close of <br />Escrow, it shall be the responsibility solely of the Developer, at <br />the Developer's expense, to perform all work necessary to prepare <br />the Property for development, other than the work related to the <br />Agency's clearance and remediation obligations under this <br />Agreement. The Developer shall not disapprove any soils report or <br />soils condition which would permit the construction with normal <br />foundation conditions of the contemplated improvements. <br /> <br />ARTICLE III <br /> <br />DEVELOPMENT OF THE SITE <br /> <br />Section 3.01. <br /> <br />Development bv Developer. <br /> <br />a. The parties agree that the Developer shall develop <br />the Property within the times specified in the Schedule of <br />Performance, attached hereto as Exhibit "I" and incorporated herein <br />by reference (the "Schedule of Performance"), as a multi-unit <br />affordable housing project, consisting generally of fifty-eight <br />(58) rental apartments, including one (1) two bedroom manager's <br />unit, parking and amenities, all as more specifically described in <br />the Scope of Development. The Project will be subject to the <br />covenants set forth in the Declaration of Affordability Covenants <br />regarding affordability of the Project at certain income levels. <br /> <br />b. The City's zoning ordinances including, but not <br />limited to, parking and height requirements, and the City's <br />building requirements are applicable to the use and development of <br />the Property pursuant to this Agreement. The Developer <br />acknowledges that any change in the plans for development or the <br />use of the Property as set forth in the Scope of Development shall <br />be subject to (i) the prior written approval of the Agency and (ii) <br />the City's zoning ordinances and building requirements. <br /> <br />c. The Scope of Development is approved by the Agency <br />upon its execution of this Agreement. The Project shall be <br />developed and completed in conformance with the approved Scope of <br />Development and any and all other plans, specifications and similar <br /> <br />14 <br /> <br />REDW\0006\DOC\001-7 <br />3/29/05 3:15 /rove <br />