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incurred in connection with the acquisition of the Property, the rehabilitation of the <br /> Improvements, and the maintenance, management and operation of the Project, and none of such <br /> costs and expenses shall be the obligation of the City. <br /> 3.6 Financing Plan. As set forth in the attached Exhibit E. Borrower has provided <br /> City with a financing plan for the Project ( "Financing Plan ") which, among other items, <br /> describes: (i) the estimated costs of the Project, including acquisition costs and hard and soft <br /> rehabilitation costs, (ii) identification of all sources of acquisition, rehabilitation, and permanent <br /> financing, (iii) projected rehabilitation and absorption periods. By its execution of this <br /> Agreement, City hereby approves the Financing Plan. The Parties agree that the Financing Plan <br /> may be modified by mutual written agreement of the Parties. The Parties each agree that they <br /> will not unreasonably withhold consent to a modification of the Financing Plan, provided that <br /> Borrower demonstrates to the reasonable satisfaction of City that such changes are necessary due <br /> to changes in market conditions, development and operating costs, rehabilitation costs, interest <br /> rates or availability of mortgage financing. <br /> 3.7 Development Schedule. Borrower shall commence and complete rehabilitation of <br /> the Improvements, and shall satisfy all other obligations of Borrower under this Agreement <br /> within the time periods set forth herein, as such time periods may be extended upon the mutual <br /> written consent of the Parties. Borrower shall commence work on the rehabilitation of the <br /> Improvements within sixty (60) days following the Effective Date, and Borrower shall diligently <br /> prosecute to completion the rehabilitation of the Project %vithin twelve (12) months following the <br /> Effective Date. Subject to force majeure, Borrower's failure to commence or complete <br /> rehabilitation of the Improvements in accordance with the time periods specified in this Section <br /> 3.7 foregoing shall be an Event of Borrower Default hereunder. <br /> 3.8 Inspections. For the purpose of ensuring compliance with this Agreement, <br /> Borrower shall permit representatives of the City to enter upon the Property to inspect the <br /> Improvements following forty -eight (48) hours prior written notice (except in the case of <br /> emergency in which case such notice as may be practical under the circumstances shall be <br /> provided). <br /> 3.9 City Disclaimer. Borrower acknowledges that the City is under no obligation, and <br /> City neither undertakes nor assumes any responsibility or duty to Borrower or to any third party, <br /> to in any manner review, supervise, or inspect the progress of work or the operation of the <br /> Project. Borrower and all third parties shall rely entirely upon its or their own supervision and <br /> inspection in determining the quality and suitability of the materials and work, the performance <br /> of architects, subcontractors, and material suppliers, and all other matters relating to the <br /> rehabilitation of the Improvements and operation of the Project. Any review or inspection <br /> undertaken by the City is solely for the purpose of determining whether Borrower is properly <br /> discharging its obligations under this Agreement, and shall not be relied upon by Borrower or <br /> any third party as a warranty or representation by the City as to the quality of the design or <br /> construction of the Improvements or otherwise. <br /> 3.10 Construction Plans. Borrower shall submit to City's Building Department <br /> detailed construction plans for the rehabilitation of the Improvements (the "Construction <br /> Plans "). As used herein "Construction Plans" means all construction documents upon which <br /> 1755895.3 7 <br />