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permits for the construction of the Project, does not limit in any manner the discretion of City in <br />such approval process, and does not relieve Developer from the obligation to obtain all necessary <br />entitlements, approvals, and permits for its construction of the Project, including without <br />limitation, the approval of architectural plans, the issuance of any certificates regarding historic <br />resources required in connection with the Project (if any), and the completion of any required <br />environmental review of the Project pursuant to and the National Environmental Policy Act <br />(NEPA). <br />Developer covenants that it shall: (i) obtain all necessary permits and approvals which <br />may be required by City or any other governmental agency having jurisdiction over the <br />construction of the Project or the development of the Property, (ii) comply with all Conditions of <br />Approval, (iii) comply with all mitigation measures, if any, imposed in connection with any <br />environmental review of the Property or the Project, and (iv) not commence construction of the <br />Project prior to issuance of building permits. <br />3.5 Fees. Developer 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 />3.6 Development Schedule. Developer shall commence and complete construction of <br />the Project and shall satisfy all other obligations of Developer under this Agreement within the <br />time periods set forth herein, as such time periods may be extended upon the mutual written <br />consent of the Parties. Developer shall commence construction of the Project no later than the <br />date required for commencement of construction pursuant to Low-Income Housing Tax Credit <br />(“LIHTC”) program requirements, but in no event later than January 1, 2019 and shall diligently <br />prosecute to completion the construction of the Project in order to allow City to issue a final <br />certificate of occupancy for the Project within twenty-four (24) months following <br />commencement of construction. Subject to force majeure, the availability of financing, and the <br />City's issuance of permits and approvals, Developer’s failure to commence or complete <br />construction of the Project in accordance with the foregoing schedule, as such schedule may be <br />amended by the written consent of the Parties, shall constitute an Event of Default hereunder. <br />3.7 Cost of Acquisition and Construction. Except as expressly set forth herein, <br />Developer shall be solely responsible for all direct and indirect costs and expenses incurred in <br />connection with the acquisition of the Property, the design, development and construction of the <br />Project and compliance with the Conditions of Approval, including without limitation the <br />installation and construction of all off-site or on-site improvements required by City in <br />connection therewith, and none of such costs and expenses shall be the obligation of City. <br />3.8 Rights of Access; Books and Records. For the purpose of ensuring that the <br />Project is developed in compliance with this Agreement, following Developer's acquisition of the <br />Ground Leasehold Interest, Developer shall permit representatives of the City to enter upon the <br />Property to inspect the Project following 48-hours’ written notice (except in the case of <br />144\259\1892880.4 <br />6