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24 <br /> <br />have been submitted for Building Permit review, accepted as complete and shall be in plan <br />check. <br />(l) Construction to Commence. The City shall be reasonably <br />satisfied that construction of the Market shell is ready to commence not later than sixty (60) days <br />after the Effective Date of the Market Ground Lease and thereafter shall be pursued to <br />completion in a diligent and continuous manner. <br />(m) Documents Executed. The Developer shall have duly <br />executed the Market 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 />Market Ground Lease. <br />(n) Representations and Warranties. The representations of <br />Developer contained in this Agreement shall be correct in all material respects as of the date of <br />the Market Ground Lease Commencement as though made on and as of that date and, if <br />requested by the City, the City shall have received a certificate to that effect signed by <br />Developer. <br />(o) No Default. No Event of Default of this Agreement by <br />Developer shall then exist, and no event shall then exist which, with the giving of notice or the <br />passage of time or both, would constitute an Event of Default by Developer and, if requested by <br />City, the City shall have received a certificate to that effect signed by Developer. <br />1.4.6.2. Conditions for Benefit of Developer. Developer’s <br />obligation to execute the Market Ground Lease is subject to the fulfillment or waiver by <br />Developer of each and all of the conditions precedent described below (“Developer’s Market <br />Ground Lease Commencement Conditions Precedent”), which are solely for the benefit of <br />Developer, any of which may be waived by the Developer in its sole and absolute discretion <br />within the time periods provided for herein. <br /> <br />(a) Condition of Property. The Market Parcel shall be <br />delivered in an “as is” condition. Developer shall have approved the physical and environmental <br />condition of the Market Parcel (subject to any rights Developer may have with respect to the <br />physical and environmental condition of the Market Parcel pursuant to the Market Ground <br />Lease); provided that Developer acknowledges and accepts the current condition of any existing <br />or buried utilities that serve the property with no express or implied warranty by City of their <br />suitability for the Market Element. <br /> <br />(b) Property Vacant. The Market Parcel shall be free of any <br />occupants. <br /> <br />(c) 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 Market Element, shall have been issued by the City <br />or shall be ready to be issued subject only to the payment of applicable fees, the posting of <br />required security, or both.