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name and qualifications of a proposed management agent (as required under Section 6.7 hereof), a proposed management agreement and written guidelines or procedures for tenant selection (in compliance with the Tenant Selection Plan approved pursuant to Section 2.13 below), operation and management of the Development, and implementation of the income certification and reporting requirements of the Regulatory Agreement (collectively, the "Management Plan"). (b) The City shall approve or disapprove the Management Plan in writing within fifteen (15) calendar days following the City's receipt of the complete Management Plan, which approval shall not be unreasonably denied. If the Management Plan is disapproved by the City, the City shall deliver a written notice to the Developer setting forth, in reasonable detail, the reasons for such disapproval. The Developer shall have fifteen (15) calendar days following the receipt of such notice to submit a revised Management Plan. The provisions of this Section relating to time periods for approval, disapproval, and resubmission of the new Management Plan shall continue to apply until the Management Plan has been approved by the City; provided, however, that if the City's reasonable approval of the Management Plan has not been obtained by the date set forth in the Development Schedule the City may terminate this Agreement pursuant to Section 8.4. Section 2.9 Construction Contract. (a) No later than the date set forth in the Development Schedule, the Developer shall submit to the City not less than three (3) proposals from prospective contractors detailing the estimated development costs for the construction of the Improvements. The City shall approve the contractor for the Improvements, which approval shall not be unreasonably withheld, conditioned, or delayed. The City shall look to the totality of such proposals in the evaluation of the proposals and cost shall not be the sole deciding factor. (b) No later than the date set forth in the Development Schedule, the Developer shall submit to the City for its limited approval the proposed construction contract, with the approved contractor for the Improvements. The City's review and approval shall be limited exclusively to a determination whether: (1) the guaranteed maximum construction cost set forth in the construction contract is consistent with the approved Financing Plan; (2) the construction contract is with the City approved contractor; (3) the construction contract contains provisions consistent with the requirements of this Agreement; and (4) the construction contract requires a retention of ten percent (10%) of costs until completion of the Improvements or as approved by the City at is sole discretion. The City's approval of the construction contract shall in no way be deemed to constitute approval of or concurrence with any other term or condition of the construction contract. (c) Upon receipt by the City of the proposed construction contract, the City shall promptly review same and approve it within ten (10) days if it satisfies the limited criteria set forth above. If the construction contract is not approved by the City, the City shall set forth in writing and notify the Developer of the City's reasons for withholding such approval. The Developer shall thereafter submit a revised construction contract for City approval, which approval shall be granted or denied in ten (10) days in accordance with the criteria and procedures set forth above. Any construction contract executed by the Developer for the Improvements shall be in a form approved by the City, which approval shall not be unreasonably withheld, conditioned, or delayed. REV: 06-17-2020 PR 1199\09\2727850.8 ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 21 of 143)