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The Parties acknowledge and agree that Developer may use the State of California Proposition <br /> 1C funds to pay the cost of certain City, utility, and other fees and to pay for other eligible <br /> expenses related to the acquisition and construction of the Project." <br /> 8. The second and third sentences in Section 3.8 of the Agreement shall be amended <br /> and restated to read as follows: <br /> "Subject to force majeure,the availability of financing, and the City's issuance of permits and <br /> approvals, Developer shall commence construction of the Project not later than thirty(30) <br /> months following the date of this Amendment. Developer shall commence construction work on <br /> the Project following issuance of building permits within the time periods allowable under such <br /> permits, and Developer shall diligently prosecute to completion the construction of the Project in <br /> order to allow City to issue a final certificate of occupancy within twenty-four(24) months <br /> following commencement of construction work and in no event later than fifty-four(54) months <br /> following the date of this Amendment." <br /> 9. Notwithstanding anything to the contrary in Article 6 or Article 7 of the <br /> Agreement, the City hereby consents to those transfers, including mortgages or encumbrance, <br /> made by the ground lessor in accordance with the Ground Lease (as such Ground Lease is <br /> approved by Landlord pursuant to Section 2 of this Amendment)and Developer shall not be <br /> considered in default hereunder in the event of a default by the fee owner of the Property under <br /> any mortgage or encumbrance made by fee owner. In addition, City consent shall not be required <br /> for Transfers described in clauses (i), (ii), (iii) and (vi) of Section 6.3 of the Agreement or for <br /> foreclosures described in clause(iv) of Section 6.3 of the Agreement. The City shall not <br /> withhold consent to Transfers described in clauses (iv), (v), (vii) or(viii) of Section 6.3 of the <br /> Agreement provided that the conditions described in such clauses are satisfied, as applicable. <br /> 10. Section 8.1 is hereby amended and restated to read as follows: <br /> "City shall not be responsible for the cost of any soil, groundwater or other <br /> environmental remediation or other response activities for any Hazardous Materials existing or <br /> occurring in, on, under or about the Improvements, the Developer's interest in the Property or • <br /> any portion thereof. From and after Developer's leasehold acquisition of the Property, upon <br /> receipt of any notice regarding the presence, release or discharge of I-Ia7ardous Materials in,on <br /> or under the Improvements, the Developer's interest in the Property, or any portion thereof, <br /> Developer agrees to timely initiate and diligently pursue and complete all appropriate response, <br /> remediation and removal actions for the presence, release or discharge of such Hazardous <br /> Materials within such deadlines as specified by applicable Environmental Laws. Developer <br /> hereby covenants and agrees that commencing upon Developer's leasehold acquisition of the <br /> Property: <br /> (i) Developer shall not knowingly permit the Project or the Developer's <br /> interest in the Property or any portion of either to be a site for the use, generation, treatment, <br /> manufacture, storage, disposal or transportation of Hazardous Materials or otherwise knowingly <br /> permit the presence or release of Hazardous Materials in, on, under, about or from the Project or <br /> the Developer's interest in Property with the exception of cleaning supplies and other materials <br /> customarily used in construction, operation or maintenance of residential property and any retail <br /> 1441221\1345333.2 4 <br />