Agmt21 ROEM Project at 353 Main - Laserfiche WebLink

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Section 2.10 Construction Bonds. No later than the date set forth in the Development Schedule, the Developer shall obtain one (1) labor and material bond and one (1) performance bond for construction of the Improvements, each in an amount equal to one hundred percent (100%) of the scheduled cost of construction. Each bond shall name the City as co -obligee and shall be issued by a reputable insurance company licensed to do business in California, reasonably acceptable to the City. The form of the labor and material bond and the performance bond shall be subject to the City's prior review and written approval, which shall not be unreasonably withheld. Section 2.11 Insurance. The Developer shall furnish to the City evidence of the insurance coverage meeting the requirements set forth in Exhibit I, attached hereto and incorporated herein by this reference, no later than the date set forth in the Development Schedule. Section 2.12 Resident Selection Plan. The Developer and the City hereby agree to meet and confer to formulate a resident selection plan (the "Tenant Selection Plan"), which among other things, must address marketing and outreach to local community organizations. If and to the extent the parties cannot agree on a mutually acceptable Tenant Selection Plan within sixty (60) days from the Effective Date, the City at its sole and absolute discretion may terminate this Agreement, and thereafter neither party shall have any rights against or liability to the other under this Agreement. Section 2.13 Condition of Title. Upon the Close of Escrow, the Developer shall have insurable fee interest to the Property which shall be free and clear of all liens, encumbrances, clouds and conditions, rights of occupancy or possession, except: (a) applicable building and zoning laws and regulations; (b) the provisions of the Redevelopment Plan; (c) the provisions of this Agreement; (d) the provisions of the Regulatory Agreement; (e) the Deed of Trust; (f) the Notice of Affordability Restrictions (g) any lien for current taxes and assessments or taxes and assessments accruing subsequent to recordation of the Regulatory Agreement; REV: 06-17-2020 PR 1199\09\2727850.8 (h) the liens of any loan approved by the City in the Financing Plan; and (i) exceptions 1-15, 17 and 18, as listed in the Title Report. ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 22 of 143)