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2890662.3 7 <br />3.4 Project Approvals. Developer acknowledges and agrees that execution of this <br />Agreement by City does not constitute approval for the purpose of the issuance of building <br />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 the 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 CEQA and the National Environmental Policy <br />Act (NEPA). <br />Developer covenants that it shall: (i) obtain all necessary permits and approvals which <br />may be required by City and 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 by the later of <br />(i) thirty (30) days following receipt of all approvals and financing for the Project, or (ii) no later <br />than the date required for the commencement of construction pursuant to Low-Income Housing <br />Tax Credit (“LIHTC”) program requirements if the Project is financed in part by LIHTC, and <br />shall diligently prosecute to completion the construction of the Project in order to allow City to <br />issue a final certificate of occupancy for the Project within twenty-four (24) months following <br />commencement of construction. Developer’s failure to commence or complete construction of <br />the Project in accordance with the foregoing schedule as such may be amended by the written <br />consent of the Parties shall constitute a 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 the 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, Developer shall permit representatives <br />29