Agmt 2007 Estabrook Senior Housing LP etc

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Approval, (iii) comply with all mitigation measures, if any, imposed in connection with any environmental review of the Property or the Project, and (iv) not commence construction of the Project prior to issuance of building permits. 3.5 Fees. Developer shall be solely responsible for, and shall promptly pay when due, all customary and usual fees and charges of City in connection with obtaining building permits and other approvals for the Project, including without limitation, those related to the processing and consideration of amendments, if any, to the current entitlements, any related approvals and permits, environmental review, architectural review, historic review, and any subsequent approvals for the Project or the development of the Property. 3.6 Development Schedule. Developer shall commence and complete construction of the Project and shall satisfy all other obligations of Developer under this Agreement within the time periods set forth herein, as such time periods maybe extended upon the mutual written consent of the Parties. Developer shall commence construction of the Project within thirty (30) days following the HUD initial closing for the Section 202 Capital Grant for the Project if the Project is financed in part by HUD, or if applicable, by no later than the date required for commencement of construction pursuant to Low-Income Housing Tax Credit ("LIHTC") program requirements, but in no event later than September 30, 2010 (provided however, if Developer receives a HUD Section 202 Reservation in FY 2009, Developer shall commence construction within 24 months following Developer's receipt of such reservation), and shall diligently prosecute to completion the construction of the Project in order to allow City to issue a final certificate of occupancy for the Project within twenty-four (24) months following commencement of construction. Developer's failure to commence or complete construction of the Project in accordance with the foregoing schedule as such maybe amended by the written consent of the Parties shall constitute a default hereunder. 3.7 Cost of Acquisition and Construction. Except as expressly set forth herein, Developer shall be solely responsible for all direct and indirect costs and expenses incurred in connection with the acquisition of the Property, the design, development and construction of the Project and compliance with the Conditions of Approval, including without limitation the installation and construction of all off-site or on-site improvements required by City in connection therewith, and none of such costs and expenses shall be the obligation of the Agency or the City. 3.8 Rights of Access' Books and Records. For the purpose of ensuring that the Project is developed in compliance with this Agreement, Developer shall permit representatives of the Agency and/or the City to enter upon the Property to inspect the Project following 24- hours' written notice (except in the case of emergency in which case such notice as maybe practical under the circumstances shall be provided). Upon request, Developer shall permit the Agency and City to inspect at reasonable times and on a confidential basis those books, records and all other documents of Developer necessary to determine Developer's compliance with the terms of this Agreement. 3.9 Agency and City Disclaimer. Developer acknowledges that the Agency and City are under no obligation, and neither Agency nor City undertakes or assumes any responsibility or 956070-4 8