Agmt 2007 Estabrook Senior Housing LP etc

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duty to Developer or to any third party, to in any manner review, supervise, or inspect the progress of construction or the operation of the Project. Developer and all third parties shall rely entirely upon its or their own supervision and inspection in determining the quality and suitability of the materials and work, the performance of architects, subcontractors, and material suppliers, and all other matters relating to the construction and operation of the Project. Any review or inspection undertaken by the Agency or the City is solely for the purpose of determining whether Developer is properly discharging its obligations under this Agreement, and shall not be relied upon by Developer or any third party as a warranty or representation by the Agency or the City as to the quality of the design or construction of the improvements constructed on the Property ("Improvements") or otherwise. 3.10 Financing Plan. As set forth in the attached Exhibit H, Developer has provided Agency and City with a preliminary financing plan for the Project ("Financing Plan") which describes (i) the estimated costs of Project Development, including acquisition costs, and hard and soft construction costs, (ii) an operating pro forma which describes projected revenue and expenses for the Project, and (iii) identification of sources of construction and permanent financing. Developer has, or anticipates that it will, submit an application to HUD for Section 202 funding by no later than the 2007 funding cycle, and an application to the California Tax Credit Allocation Committee ("TCAC") for a preliminary tax credit reservation not later than the first funding round of 2008. If Developer, using its good faith best efforts, does not receive a HUD Section 202 Reservation and a TCAC Preliminary Reservation following Developer's initial applications for each, Developer shall have the right to reapply for the next three TCAC funding rounds and the next two HUD funding rounds. Not later than sixty (60) days prior to the commencement of construction (see Section 3.6) Developer shall provide evidence to Agency that all sources of funds for Project construction and permanent financing have been firmly committed by Developer, equity investors or lending institutions, subject only to commercially reasonable conditions. 3.11 Construction Plans. Developer shall submit to City's Building Department detailed construction plans for the Project (the "Construction Plans"). As used herein "Construction Plans" mean all construction documents upon which Developer and Developer's contractors shall rely in building the Project and developing the Property (including the landscaping, parking, and common areas) and shall include, without limitation, the site development plan, final architectural drawings, landscaping, exterior lighting and signage plans and specifications, materials specifications, final elevations, and building plans and specifications. The Construction Plans shall be based upon the scope of development set forth herein and upon the development approvals issued by the Agency and the City for the Project, and shall not materially deviate therefrom without the express written consent of Agency and City. Provided that the Construction Plans are consistent with the requirements of this Agreement, approval of the Construction Plans by City shall be deemed approval thereof by Agency. 3.12 Construction Pursuant to Plans. Developer shall construct the Project in accordance with the approved Construction Plans, the Conditions of Approval, and all other permits and approvals granted by the City and/or the Agency pertaining to development of the 956070-4 9