RDA Agmt 2004 1040 Davis Partnership LLC

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Except as to events constituting a basis for termination under Section 5.02, the following events each constitute a basis for the Agency to exercise its rights pursuant to Section Five of this Part, as applicable: (a) Developer does not meet its pre-disposition conditions within the relevant times set forth in Article One above; (b) Developer refuses to accept conveyance from the Agency of the Property within the time periods, and under such terms as herein called for; (c) Developer does not attempt in good faith to procure in a timely manner a building permit or other approvals for the Improvements or abandons any further attempts when there is a reasonable likelihood that such permit or other approvals would otherwise be issued by the proper authority in a timely manner and in substance satisfactory to Developer; (d) Developer constructs or attempts to construct the Improvements in material deviation from the latest approved Construction Plans; (e) Developer fails to submit any plans or evidence required by Article One of this Part by the date specified in the relevant section; (f) Absent an enforced delay as defined in Section 3.04 of Part Two, the Developer fails to commence construction of the Improvements or to complete same within the time limits set forth in this Agreement; (g) Absent an enforced delay as defined in Section 3.04 of Part Two, the Developer abandons or suspends construction of the Improvements for a period of sixty (60) days after written notice by the Agency of such abandonment or suspension; (h) The Developer voluntarily or involuntarily undertakes a Transfer not permitted by this Agreement; (i) Prior to Developer's satisfaction of the conditions for issuance of the Certificate of Completion, the Developer breaches any other material provision of this Agreement. Upon the happening of any of the above-described events, the Agency shall first notify the Developer in writing of its purported breach, failure or act above-described, giving the Developer ten (10) days from receipt of such notice to cure such breach, failure, or act, or if the nature of the breach or failure is such that it cannot reasonably be cured in ten (10) days, then giving the Developer such longer period as reasonably may be required for such cure or action provided that Developer commences action to cure the breach or default within said ten (10) day period and thereafter diligently pursues the cure to completion. In the event Developer does not then so cure within said ten (10) days, or in the event that Developer does not commence curing a default which is not curable within said ten (10) days, the Agency thereafter shall be afforded the right to terminate this Agreement, retain the Deposit if such default occurred prior to close of escrow, and any other rights afforded it by law or equity. Article Six: SPECIFIC REQUIREMENTS REGARDING REMEDIES Disposition and Development Page 10 Agreement - 1040 Davis Street May 14, 2004 FINAL