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Developer, which ground lease shall be in substantially the form of Exhibit N attached hereto <br />(the "Multifamily Ground Lease"). The Developer anticipates that it may want to sublease the <br />Multifamily Parcel to an affiliate of Developer. Any such sublease shall be made in compliance <br />with Article 7 of this Agreement and Section 13 of the Multifamily Ground Lease. The <br />Multifamily Parcel shall be delivered in an "as is" condition. Developer acknowledges and <br />accepts the current condition of any existing or buried utilities that serve the Multifamily Parcel <br />with no express or implied warranty by City of their suitability for the Multifamily Element. <br />There is currently a restroom, boat launch ramp and other improvements located on the <br />Multifamily Parcel, which will remain in place as of the commencement of the Multifamily <br />Ground Lease. <br />1.4.4.1 Conditions for Benefit of the City. City's obligation to execute the <br />Multifamily Ground Lease is subject to the fulfillment or waiver by City of each and all of the <br />conditions precedent described below ("City's Multifamily Ground Lease Commencement <br />Conditions Precedent"), which are solely for the benefit of City, any of which may be waived <br />by the City in its sole and absolute discretion within the time periods provided for herein. <br />(a) Approval of Multifamily Ground Lease Subtenant. If <br />Developer proposes to sublease the Multifamily Ground Lease Parcel concurrently with the <br />execution of the Multifamily Ground Lease, then the City shall have approved the entity to be <br />designated as the Subtenant under the Multifamily Ground Lease, and the form of the proposed <br />sublease, in accordance with the standards set forth in Article 7 hereof and Section 13 of the <br />Multifamily Ground Lease ("Multifamily Ground Lease Subtenant"), and shall have approved <br />a copy of the organizational documents of the Multifamily Ground Lease Subtenant as the City <br />deems necessary to document the power and authority of the Multifamily Ground Lease <br />Subtenant to perform its obligations set forth in the Multifamily Ground Lease. <br />(b) Evidence of Multifamily Element Financing. The City <br />shall have received and reasonably approved the following: <br />(i) Bum. A detailed budget for the construction and <br />development of the Multifamily Element, as submitted by Developer to City. <br />(ii) Construction Loan. True and complete copies of all <br />construction loan documents evidencing the obligation of a construction lender in conformance <br />with the requirements of Section 7 of the Multifamily Ground Lease and reasonably acceptable <br />to the City to make a Construction Loan to the Developer, subject only to reasonable and <br />customary conditions and requirements. <br />(iii) Equi1y Funds. Documentary evidence reasonably <br />acceptable to the City that the Developer has obtained a commitment of equity funds for the <br />construction of the Multifamily Element, subject only to reasonable and customary conditions <br />and requirements. <br />(iv) Total Project Cost. The City shall have determined <br />that there are sufficient loan and equity funds available to the Developer for the construction, <br />15 <br />