Agmt17 MP Bradford Associates, LP - DDA

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ARTICLE V DEVELOPMENT AND USE OF THE PROPERTY 5.1 Development Schedule. Subject to force majeure, Developer shall commence construction of the Project within thirty (30) days following the Closing Date, and subject to such extensions as City may grant pursuant to Section 3.5, by not later than two (2) years following the Effective Date, and shall diligently prosecute to completion the construction of the Project to enable City to issue final certificates of occupancy for all residential units in the Project within twenty-four (24) months following commencement of construction. Developer shall use diligent efforts to perform Developer's obligations under this Agreement within the times periods set forth herein, and if no such time is provided, within a reasonable time, designed to permit issuance of final certificates of occupancy for all residential units and commercial space in the Project by the date specified in this Section 5.1. Subject to force majeure, Developer's failure to commence or complete construction of the Project in accordance with the time periods specified in this Section 5.1 shall be an Event of Developer Default hereunder. If despite Developer's good faith efforts, Developer has been unable to secure Project approvals, entitlements, permits, or financing for the Project within two (2) years following the Effective Date, City shall grant up to two (2) one-year extensions of the deadline for commencement and completion of construction stated in this Section. 5.2 Cost of Acquisition and Construction. Except as expressly set forth herein, Developer shall be solely responsible for all direct and indirect costs and expenses incurred in connection with the acquisition of the Property, including without limitation appraisal fees, title reports and any environmental assessments Developer elects to undertake. Except as expressly set forth herein, all costs of designing, developing and constructing the Project and compliance with the Conditions of Approval, including without limitation all off-site and on-site improvements required by City in connection therewith, shall be borne solely by Developer and shall not be an obligation of the City. 5.3 Permits and Approvals __Payment of Fees; Cooperation. Developer acknowledges that the execution of this Agreement by the City does not constitute City approval for the purpose of the issuance of building permits, does not relieve Developer from the obligation to apply for and to obtain from the City and all other agencies with jurisdiction over the Property, all necessary approvals, entitlements, and permits for the construction of the Project (including without limitation the approval of architectural plans, the issuance of any certificates regarding historic resources required in connection with the development of the Property (if any), and the approval of the Project in compliance with CEQA and if applicable, NEPA), nor does it limit in any manner the discretion of the City or any other agency in the approval process. Prior to the Close of Escrow for the Project, Developer shall have obtained all entitlements, permits, licenses and approvals required for the construction of the Project, including without limitation, building permits and use permits or shall provide evidence satisfactory to City that receipt of such permits and approvals is subject only to such conditions as City may reasonably approve. Developer shall pay when due all customary and reasonable fees and charges in connection with the processing of all applicable permits and approvals. Developer shall not commence construction work on the Project prior to issuance of building permits required for such work. City staff shall work cooperatively with Developer to assist in coordinating the expeditious processing and consideration of all permits, ATY/AGR/2017.218/RWC -- BRADFORD — DDA REV: 09-18-17 VR Page 14 of 94