Reso 2022-086 2nd amendment to DDA

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REVISED DDA SCHEDULE OF PERFORMANCE (June 2022 Revision) Effective Date - Execution and commencement of By December 15, 2022 Developer Hotel Ground Lease occurs. Developer obtains Permit Issuance for Horizontal Within 48 months following Effective Date Improvements for the Developer Hotel Element of Developer Hotel Ground Lease Developer commences construction of Horizontal Within the first to occur of 1) 90 days after Improvements for the Developer Hotel Element Permit Issuance for Horizontal Improvements, or 2) 51 months following Effective Date of Developer Hotel Ground Lease Developer substantially completes Horizontal Within 24 months of commencement of Improvements for Developer Hotel Element construction of Horizontal Improvements for Developer Hotel Developer completion all of the remaining Post- Prior to the first to occur of 1) Permit Commencement Ground Lease Requirements for Issuance for Vertical Improvements for Hotel Element Developer Hotel Element, or 2) 75 months following Effective Date of Developer Hotel Lease Developer commences construction of Vertical Within the first to occur of 1) 90 days of Improvements for Developer Hotel Element Permit Issuance for Vertical Improvements for Developer Hotel, or 2) 78 months following Effective Date of Developer Hotel Ground Lease Developer completion of Construction of Vertical Within 42 months after Permit Issuance for Improvements and receives Temporary Vertical Improvements for Developer Certificate of Occupancy (TCO) for the Hotel Developer Hotel. Developer Hotel opens for business to the public Within 90 days after receipt of Temporary Certificate of Occupancy (TCO) for Developer Hotel Rent Commencement Date occurs The earliest to occur of. 1) 90 days after receipt of TCO, 2) 46 months after Permit Issuance for Vertical Improvements for Developer Hotel, or 3) 60 months following Effective Date of Developer Hotel Ground Lease