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ARTICLE III <br /> REHABILITATION OF THE PROJECT <br /> 3.1 The Property. Borrower represents and warrants that as of the Effective Date: (i) <br /> Borrower possesses or has the contractual right to acquire fee simple title to the Property, and (ii) <br /> the Property is subject to no covenant, condition, restriction or agreement that would prevent the <br /> development and operation of the Project in accordance with this Agreement. If at any time the <br /> foregoing statements become untrue, the City shall have the right to terminate this Agreement <br /> upon written notice to Borrower. In the event that Borrower does not acquire fee simple title to <br /> the Property by March 31. 2012, this Agreement shall terminate and be of no further force or <br /> effect. <br /> 3.2 Scope of Development. Borrower shall rehabilitate the Improvements in <br /> accordance with the terms and conditions of this Agreement and in compliance with the terms <br /> and conditions of all approvals, entitlements and permits that the City or any other govemmental <br /> body or agency with jurisdiction over the Project or the Property has granted or issued as of the <br /> date hereof or may hereafter grant or issue in connection with the Project, including without <br /> limitation, all mitigation measures imposed in connection with environmental review of the <br /> Project and all conditions of approval imposed in connection with any entitlements, approvals or <br /> permits (all of the foregoing approvals, entitlements, permits, mitigation measures and conditions <br /> of approval are hereafter collectively referred to as the "Conditions of Approval "). <br /> 3.3 Permits and Approvals: Cooperation. Borrower acknowledges that the execution <br /> of this Agreement by City does not relieve Borrower from the obligation to apply for and to <br /> obtain from City and all other agencies with jurisdiction over the Property, all necessary <br /> approvals, entitlements, and permits necessary for the rehabilitation of the Project (including <br /> without limitation any required approval of the Project in compliance with CEQA and if <br /> applicable, NEPA), nor does it limit in any manner the discretion of the City or any other agency <br /> in the approval process. Prior to the Closing, Borrower shall have obtained all entitlements, <br /> permits, licenses and approvals required for the rehabilitation and operation of the Project, <br /> including without limitation, building permits and use permits or shall provide evidence <br /> satisfactory to City that receipt of such permits and approvals is subject only to such conditions <br /> as City may reasonably approve. City staff shall work cooperatively with Borrower to assist in <br /> coordinating the expeditious processing and consideration of all permits, entitlements and <br /> approvals necessary for the rehabilitation and operation of the Project as contemplated by this <br /> Agreement. <br /> 3.4 Fees. Borrower 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, architectural review, historic review, and any subsequent <br /> approvals for the Project or the development of the Property. <br /> 3.5 Cost of Acquisition. Rehabilitation and Management. Except as expressly set <br /> forth herein, Borrower shall be solely responsible for all direct and indirect costs and expenses <br /> 1755895.3 6 <br />