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REVISED DDA SCHEDULE OF PERFORMANCE <br />(December 2022 Revision) <br />Developer Western Elements and commences <br />construction <br />one of Developer Project Elements, <br />including the first single family or <br />townhome, or 2) 24 months following <br />Effective Date of Ground Leases for <br />Developer Hotel, Developer Restaurant, <br />Market and Multifamily Elements <br /> <br />Developer substantially completes Site <br />Preparation for Developer Western Elements <br />Within 24 months following <br />commencement of construction of Site <br />Preparation for Developer Western <br />Elements <br />4. Monarch Bay Drive Element <br />Developer commences construction of Monarch <br />Bay Drive Element <br />Prior to the first to occur: 1) Permit <br />Issuance for Vertical Improvements for any <br />one of Developer Project elements, <br />including the first single family or <br />townhome or 2) as otherwise approved in <br />the applicable Public Improvement <br />Agreement <br />Developer substantially completes Monarch Bay <br />Drive Element <br />Prior to the first to occur: 1) Issuance of a <br />Certificate of Occupancy for any one of <br />Developer’s Project Elements, including <br />the first single family or townhome or 2) <br />24 months following the commencement of <br />construction of the Monarch Bay Drive <br />Element, with final timing as to be <br />approved by City in the applicable Public <br />Improvement Agreement <br />5. Infrastructure Element <br /> <br /> <br />In accordance with the Development Agreement, City and Developer shall use good faith <br />efforts to coordinate and make compatible the construction schedules for the City’s <br />construction of the Park Element with Developer’s construction of Project Elements adjacent to <br />the Park Element. <br /> <br />Developer substantially completes Park Element <br />Parking Lot and improvements to Mulford Point <br />Drive <br />Prior to the first to occur: 1) Issuance of a <br />Certificate of Occupancy for the Developer <br />Hotel Element or Developer Restaurant <br />Element or 2) Substantial Completion of <br />the Park Element <br />Developer substantially completes improvements <br />to Pescador Point Drive <br />Prior to the first to occur: 1) Issuance of a <br />Certificate of Occupancy for the <br />Multifamily Element or 2) Substantial <br />Completion of the Park Element