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3.4 Project Approvals. Developer acknowledges and agrees that execution of this <br />Agreement by Agency does not constitute approval for the purpose of the issuance of building <br />permits for the construction of the Project, does not limit in any manner the discretion of City in <br />such approval process, and does not relieve Developer from the obligation to apply for and <br />obtain all necessary entitlements, approvals, and permits for the construction of the Project, <br />including without limitation, the approval of architectural plans, the issuance of any certificates <br />regarding historic resources required in connection with the Project (if any), and the completion <br />of any required environmental review. <br />Developer covenants that it shall: (i) obtain all necessary permits and approvals which <br />may be required by Agency, City, or any other governmental agency having jurisdiction over the <br />construction of the Project or the development of the Property, (ii) comply with all Conditions of <br />Approval, (iii) comply with all mitigation measures imposed in connection with any <br />environmental review of the Project, and (iv) not commence construction work on the Project <br />prior to issuance of building permits required for such work. <br />Agency staff shall work cooperatively with Developer to assist in coordinating the <br />expeditious processing and consideration of all permits, entitlements and approvals necessary for <br />development of the Project. <br />3.S Fees. Developer shall be solely responsible for, and shall promptly pay when due, <br />all customary and usual fees and charges of City in connection with obtaining building permits <br />and other approvals for the Project. including without limitation, those related to the processing <br />and consideration of amendments, if any, to the current entitlements, any related approvals and <br />permits, environmental review, design review, architectural review, and any subsequent <br />approvals for the Project or the development of the Property. The parties acknowledge that <br />Developer intends to use certain City-administered State of California Proposition 7 C funds to <br />pay the cost of certain traffic impact, par);, mainline and sewer connection fees. <br />3.6 Cost of Acquisition and Construction. Except as expressly set forth herein, <br />Developer shall be solely responsible for all direct and indirect costs and expenses incurred in <br />connection with the acquisition of the Property, the design, development and construction of the <br />Project and compliance with the Conditions of Approval, including without limitation the <br />installation and construction of all off-site or on-site improvements required by City in <br />connection therewith, and none of such costs and expenses shall be the obligation of the Agency <br />or the City. The parties acknowledge that Developer intends to use certain City-administered <br />State of California Proposition 1C funds to pay the cost of certain expenses related to <br />construction of the Project garage. <br />3.7 Financing Plan. As set forth in the attached Exhibit G, Developer has provided <br />Agency with a preliminary financing plan for the Project ("Financing Plan") which describes (i) <br />the estimated costs of Project development, including acquisition costs, and hard and soft <br />construction costs, (ii) an operating pro forma which describes projected revenue and expenses <br />for the Project, and (iii) identification of sources of construction and permanent financing. <br />Developer may update the Financing Plan throughout the term of this Agreement, provided that <br />Developer shall provide prior written notice to the Agency of any proposed modifications. If the <br />Agency fails to approve of any such modification within fifteen (l 5) days following Agency's <br />> »xys~-a g <br />