RDA Agmt 2000 American Baptist Homes of the West Inc etc

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1.07 Time for Construction. The parties mutually agree that the goal is to begin construction within thirty-six (36) months of the date of execution of this Agreement The construction to be performed shall be substantially completed within 14 months of commencement The Date of Substantial Completion of the Project is the date when a Certificate of Occupancy has been issued by the City for the building. Any delay in start of construction or completion of construction due to fire, earthquake, war, environmental dispute, strike, or other cause beyond the reasonable control of Developer shall extend the time in which said construction must be completed by the length of such delay. 1.08 Contribution to Project Funding. Contributor shall provide Five Hundred Thousand Dollars ($500,000) to Developer for the development of the project as consideration for the transfer of affordable units from the Cheny City site to the project Site. This amount shall hereinafter be referred to as the "Contribution Amount° Contributor and Developer shall arrange terms for the payment, but in no event shall the entire payment be made to Developer prior to the notification of project financing pursuant to Section 1.03(a) of this Agreement nor later than the close of construction financing. Within sixty days of the execution of this Agreement, Contributor shall provide Agency with a letter of credit in the amount of $500,000. The Agency shall approve the form of the letter of credit If Developer fails to obtain financing or otherwise develop the project as set forth in this Agreement, Agency shall send Contributor written notification pursuant to Section 10.01 of this Agreement that the project as planned has been terminated. The Agency shall have the right to draw the funds guaranteed by the letter of credit within 10 days of the notification that the project has been terminated. The Agency shall use the funds for the development or rehabilitation of affordable housing within the City of San Leandro. 1.09 Developer's Deposit Upon execution of this Agreement, Developer shall pay to Agency a $10,000 deposit as a contribution toward the Agency's costs for acquiring an option on the property. This deposit shall be refundable only upon completion of construction of the Improvements or upon termination of this Agreement pursuant to Section 6.02 or Section 6.03. Article Two: AGENCY PRE-DISPOSITION REQUIREMENTS 2.01 Conditions Precedent Developer's obligation to purchase the Property is contingent upon the conditions set forth below being waived or satisfied on or before the dates provided for below. Developer may terminate this Agreement by written notice to Agency if Developer determines that the conditions set forth in this Article have not been satisfied by the events set forth herein, or the date or extended date provided for herein for the satisfaction of such conditions. The conditions provided for in this Article Two shall be deemed satisfied by the date by which the particular condition is required to be satisfied, if the Developer does not provide notice to the Agency by the date provided herein that Developer has disapproved of such matter. s