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16 <br /> <br />development and operation of the Multifamily Element at a cost consistent with the budget <br />approved by the City. <br />(c) General Contractor. The general contractor for the <br />Multifamily Element (the “General Contractor”) shall have been reasonably approved by the <br />City. <br />(d) Construction Contract. The City shall have received a true <br />and complete copy of a signed contract by and between Developer and the General Contractor <br />pursuant to which the General Contractor has agreed to construct the Multifamily Element at a <br />cost consistent with the costs set forth therefor in the approved Project Budget (the “Construction <br />Contract”) <br />(e) Prevailing Wage Requirements. The Developer shall notify <br />City in writing of its determination as to the applicability of the Prevailing Wage Laws to the <br />construction of the Multifamily Element. If the Developer determines that the Multifamily <br />Element is required to be constructed in accordance with the Prevailing Wage Laws, the <br />Construction Contract shall be in compliance with the Prevailing Wage Laws, and the Developer <br />shall have filed a PWC-100 form with the California Department of Industrial Relations in <br />accordance with the Prevailing Wage Laws. <br />(f) Project Labor Agreement. The Developer shall have <br />entered into a Project Labor Agreement in the form required in Section 6.1.7 of the Multifamily <br />Ground Lease. <br />(g) Insurance. The Developer shall have submitted to the City <br />and the City shall have approved the evidence of the liability insurance required pursuant to <br />Section 8 of the Multifamily Ground Lease. <br />(h) Bonds and Security. The Developer shall have submitted <br />to the City payment and performance bonds or alternate security in the form required by Section <br />6.1.8.1 of the Multifamily Ground Lease. <br />(i) Permits for Horizontal Improvements. Applicable permits <br />for Horizontal Improvements, as defined in the Scope of Development, including grading, <br />encroachment and demolition permits for the Multifamily Element, shall have been issued by the <br />City or shall be ready to be issued subject only to the payment of applicable fees, the posting of <br />required security, or both. <br />(j) Construction to Commence. The City shall be reasonably <br />satisfied that construction of the Horizontal Improvements for the Multifamily Element are ready <br />to commence not later than ninety (90) days after the Effective Date of the Multifamily Ground <br />Lease and thereafter shall be pursued to completion in a diligent and continuous manner. <br />(k) Documents Executed. The Developer shall have duly <br />executed the Multifamily Ground Lease and Memorandum of Ground Lease, with signatures <br />acknowledged (as applicable), and shall have deposited them into the Escrow established for the <br />Multifamily Ground Lease.