Agmt21 ROEM Project at 353 Main - Laserfiche WebLink

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(000) "Term" means the term of this Agreement, which commences as of the Effective Date this Agreement and, unless terminated earlier or extended by the Parties pursuant to this Agreement, ends fifty-seven (57) years from the Close of Escrow (the date the Regulatory Agreement is recorded against the Property). (ppp) "Title Company" means the Santa Clara office of Chicago Title Company, located at 1200 Concord Ave., Suite 400, Santa Clara, CA 94520. (qqq) "Title Report" means that certain title report dated May 6, 2020, Order Number 98203129 -982 -SK -KC, issued by the Title Company for the Property. (rrr) "Transfer" has the meaning set forth in Section 6.1. (sss) "Unit" means one of the units to be constructed on the Property. Section 1.2 Exhibits. The following exhibits are attached to and incorporated in the Agreement: Exhibit A: Legal Description of the Property Exhibit B: Development Schedule Exhibit C: Scope of Development Exhibit D: Financing Plan Exhibit E: Form of Regulatory Agreement Exhibit F: Form of Promissory Note Exhibit G: Form of Deed of Trust Exhibit H: Form of Notice of Affordability Restrictions on Transfer of Property Exhibit I: Insurance Requirements Exhibit J: Form of Assignment and Assumption Agreement Exhibit K: Assignment of Collateral Documents ARTICLE 2. PRECONSTRUCTION REQUIREMENTS Section 2.1 Conditions Precedent to Conveyance of Property. The requirements set forth in this Article 2 are conditions precedent to the City's obligation to make the Loan. The City shall have no obligation to disburse any of the Loan unless the Developer has satisfied the conditions precedent set forth in this Article 2 in the manner set forth below and within the timeframe set forth in the Development Schedule. Developer may request extensions to the time periods and dates set forth in the Development Schedule and the City may grant such requests in its sole and absolute discretion. In no event shall the City be obligated to provide such extensions. Section 2.2 Governmental Approvals. (a) No later than the date set forth in the Development Schedule, the Developer shall obtain, all governmental approvals necessary for development and operation of the Improvements, including but not limited to necessary entitlements, grading plans, REV: 06-17-2020 PR 1199\09\2727850.8 ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 16 of 143)