Reso 2022-086 2nd amendment to DDA

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REVISED DDA SCHEDULE OF PERFORMANCE (June 2022 Revision) 9. Multifamily Element All conditions precedent to commencement of By December 15, 2022 Multifamily Ground Lease (except for the Post - Commencement Conditions) are satisfied or waived by the parties. Effective Date - Execution and commencement of By December 15, 2022. Multifamily Ground Lease occurs. Developer obtains Permit Issuance for Horizontal Within 48 months following Effective Date Improvements for the Multifamily Element of Multifamily Ground Lease Developer commences construction of Horizontal Within first to occur of 1) 90 days of Improvements for the Multifamily Element Permit Issuance for Horizontal Improvements, or 2) 51 months following Effective Date of Multifamily Ground Lease Developer substantially completes Horizontal Within 24 months of Commencement of Improvements for Multifamily Element Construction of Horizontal Improvements for Multifamily Element Developer completes all remaining Post- Prior to first to occur: 1)Permit Issuance Commencement Ground Lease Requirements for for Vertical Improvements for Multifamily Multifamily Element Element or 2) 75 months following Effective Date of Multifamily Ground Lease Developer commences construction of Vertical Within first to occur of 1) 90 days of Improvements for Multifamily Element Permit Issuance for Vertical Improvements for Multifamily Element, or 2) 78 months following Effective Date of Multifamily Ground Lease Developer substantially completes Vertical Within 46 months after Permit Issuance for Improvements and obtains Temporary Certificate Vertical Improvements for Multifamily of Occupancy (TCO) for Multifamily Element Element 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 Multifamily Element, or 3) 60 months following Effective Date of Multifamily Ground Lease