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City Dr�ft <br /> 6/28113 <br /> be subject to the satisfaction or waiver of each of�he following condi�ions precedent, each of <br /> which can only be waived in writing by the City: <br /> 3.4.1 Escrow Deposit. The Developer deposited the Escrow Deposit into <br /> Escrow,pursuant to Section 2.2.1; <br /> 3.4.2 Title. The Developer agrees to accept the title to and conveyance of <br /> the City Property,pursuant to Section 2.3; <br /> 3.4.3 Due Dili ence. The Developer delivers its Due Diligence Completion <br /> Notice to both the City a.nd the Escrow Agent indicating the De�eloper's unconditional <br /> acceptance of the City Property,priar to the expiration of the Due Dilige�ace Period; <br /> 3.4.4 A�. Approval and issuance of all final discretionary Approvals <br /> required from any Govemment Agency to construct, install or operate the Project on the Site, <br /> and the grading permit, in each case on teims and conditions reasonably acceptable to the <br /> Developer (pmvided however that Developer understands that City will not issue a grading <br /> peixnit between November 15, 2013 and January 1, 2014}, and a11 appeal periods have expired, <br /> and the Developer shall have submitted all requisite materials to obtain a building permit for the <br /> Project and Ci#y is prepared to issue building permits subject only ta payment of applicable fees <br /> by Developer; <br /> 3.4.5 C�A Docu�ments. Final adoption, approval or certification of the <br /> CEQA Documents, if any, and all appeal periods have expired; <br /> 3.4.6 Evidence of Financinr�. Approval of Developer's Equity Investment <br /> and Loan, and evidence that a Mortgage securing repayment of the Senior Loan, if applicable, <br /> has been recorded ar is in a posidon to record against the Site at the Close of Escrow; <br /> 3.4.7 Constrnction Contract. The Developer delivers a fully executed <br /> Construction Contract to the City arxd the City has approved such Construction Contract, <br /> pursuant to Section 2.6; <br /> 3.4.8 Insurance Documents. The Deve�oger delivers fhe Insurance <br /> Documen�s and the City has approved a11 such evidence of insurance, a11 puzsuant to Section 2.6; <br /> 3.4.9 Pa�mient and Performance Bonds. The Developer sha.11 deliver to the <br /> City payrnent and performance bonds pursuant to Section 4.6.3. <br /> 3.4.10 Develoger Equity. The Developer has delivered evidence of the <br /> Developer Equity Iz�vestment and the City has approved such evidence, all pursuant to Section <br /> 2.6; <br /> 3.4.11 Develo er's Escrov�De osits. The Developer deposits all of the items <br /> into the Escrow required by Section 3.5; <br /> 3.4.i2 SettlementlClosin Sta.tement. The City approves th�Escrow Agent's <br /> final estimated closinglsettlement statement; <br /> 624B3.0400917571312.10 23 <br />