Reso 2022-086 2nd amendment to DDA

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b. In the event that (i) Developer is then in full compliance with its obligations under the Single Family PSA and DDA, (ii) Developer has satisfied all of the Additional Seller's Conditions Precedent to Closing set forth in Section 1(a) hereof, and (iii) all of the other Seller's Conditions Precedent to Closing set forth in the Single Family PSA have been satisfied or waived by City, the following Seller's Conditions Precedent to Closing may be satisfied after the date of the Closing in lieu of being satisfied before the Closing: Element] §5.3 d [Complete application for Horizontal Improvements] §5.3 g [Golf Course Financing] §5.3 h [Complete Application for Golf Course Element] §5.3 i [Public Improvements Agreements for Golf Course and Single Family §5.3 j [Construction Contract for Golf Course Element] The foregoing Seller's Conditions Precedent to Closing described above are referred to herein as the "Post -Closing PSA Requirements." The Post -Closing PSA Requirements shall be performed by Developer within the times set forth in the Schedule of Performance, as revised by this Second Amendment. 2. Deferral of Conditions Precedent to Commencement of Ground Leases. In the event that, as of the date of the Ground Lease, (i) Developer is then in full compliance with its obligations under the DDA, and (ii) all of the other City's Ground Lease Commencement Conditions Precedent have been satisfied or waived by City, the following City's Ground Lease Commencement Conditions Precedent, as set forth in the DDA, may be satisfied after the Effective Date of the applicable Ground Lease in lieu of being satisfied before Lease Commencement: a. Developer Hotel Ground Lease: § 1.4.3.1 a [Approval of Developer Hotel Ground Lease Subtenant] § 1.4.3.1 b [City Approval of Hotel Brand and Franchise Agreement] § 1.4.3.1 c [City Approval of Operator] § 1.4.3.1 d [Evidence of Developer Hotel Element Funding] § 1.4.3.1 e [General Contractor] § 1.4.3.1 f [Construction Contract] § 1.4.3.1 k [Bonds and Security] § 1.4.3.11 [Permits for Horizontal Improvements] § 1.4.3.1 in [Construction to Commence]