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City shall have seven (7) business days to reasonable approve or disapprove of the revised design. The process for revision and review of revisions shall be repeated until the City has approved the applicable submittals; provided, however that if the City's approval of the drawings has not been obtained by one hundred twenty (120) days following the date of the Developer's initial submission then the City may terminate this Agreement pursuant to Section 8.4. (b) The Developer acknowledges that the City's right to review and approve the Construction Plans under this Agreement are in addition to, and shall not be limited by, the City's obligation and right to review the Construction Plans for consistency with applicable building code requirements and other State and local rules and regulations. The Developer further acknowledges that the City shall have no obligation to approve Construction Plans, pursuant to this Agreement, in the event that the Developer fails to incorporate the City's commercially reasonable requested changes or modifications to the proposed Construction Plans (even in the event that such requested changes or modifications exceed the minimum thresholds set forth in the applicable building code and have not been required by the City's building department so long as the request is consistent with the Logical Evolution of previously approved drawings under subsection (a)(3) above). The Developer further acknowledges that approval of the Construction Plans by the City under this Agreement does not constitute approval by the City as required for issuance of a building permit or other approvals. Section 2.4 Financing Plan. (a) As of the Effective Date, the City has approved the Financing Plan attached to this Agreement as Exhibit D. The Developer shall promptly submit any proposed material amendments to the Financing Plan, including but not limited to any material amendments or modifications to the development budget, or the commitment letter from any other lender, to the City. Written consent of the City shall be required to amend the Financing Plan; provided that the City shall consent to any amendment of the Financing Plan that increases the cost of the construction of the Improvements if such amendment also demonstrates that there is Approved Financing (or any source other than assistance from the City or the City) available to pay for such increases. The updates to the Financing Plan shall include: (1) An estimated operating proforma for the Development for fifty- seven (57) years, which shall show debt service on all loans (including, but not limited to the Loan); (2) An estimated sources and uses, including a cost breakdown for costs of constructing the Improvements. The sources and uses shall include all assumptions for all debt and equity financing, shall show the timing of uses of each source of financing and shall break down which expenses each source of financing is funding. The sources and uses shall detail the amount of the Developer Fee, if any, which cannot exceed the amount set forth in Section 4.8, and shall provide a proposed schedule of payments of the fees paid to the Developer, if any, based on performance milestones as to be mutually agreed to by the Developer and the City. (3) A description of any joint ventures (including, but not limited to the admission of any additional members to the Developer) or partnerships the Developer REV: 06-17-2020 PR 1199\09\2727850.8 ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 18 of 143)