3B Public Hearing 2012 0521 - Laserfiche WebLink

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(i) Permits and Approvals; Cooperation. Developer shall have obtained all entitlements, permits, licenses and approvals required for the development of the Project on the Property, including without limitation, building permits and use permits or shall provide evidence satisfactory to City that receipt of such permits and approvals is subject only to such conditions as City may reasonably approve. 0) Payment of Fees. Developer shall have paid when due all customary and reasonable City fees and charges in connection with the processing of City permits and approvals. (k) Evidence of Financing. Developer shall have delivered to City evidence reasonably satisfactory to City that Developer has secured binding commitments for all construction financing required for the Project. (1) Insurance. Developer shall have provided evidence reasonably satisfactory to City that Developer has obtained insurance coverage meeting the requirements set forth in Article X (m) Performance Bonds. Developer shall have provided to City performance bonds or other assurance of completion reasonably satisfactory to City pursuant to the requirements set forth in Section 4.19. (n) Land Acquisition and Construction Loan Closing. Developer's land acquisition /construction loan(s) shall be ready to close not later than concurrently with the Closing. (o) Recordation of City Documents. The Memorandum and the Regulatory Agreement shall be recorded in the Official Records on the Closing Date. (p) Lender's Title Policy. The Title Company shall, upon payment of the premium therefor, be ready to issue an ALTA Lender's Policy of Title Insurance for the benefit and protection of City ( "Lender's Title Policy ") in the amount of the Purchase Price and the Additional Payment, insuring that the Regulatory Agreement, and the Memorandum are subject only to: (a) the provisions and effects of the City Documents, (b) any lien for current taxes and assessments or taxes and assessments accruing subsequent to recordation of the Grant Deed, and (c) the Permitted Exceptions, and containing such endorsements as City may reasonably require, with the cost of such Title Policy to be paid by Developer. 3.8.1 Intentionally omitted. 3.8.2 Developer's Conditions to Closing. Developer acknowledges that prior to the Effective Date, Developer has had an opportunity to inspect the Property and to undertake such tests and analyses as Developer deems necessary or advisable to evaluate the condition of the Property and its suitability for development of the Project (other than Developer's continuing environmental investigation, as described in Section 3.8) Developer's obligation to proceed with the acquisition of the Property is subject to the satisfaction of or waiver by Developer of the following conditions: 1875524.3 10