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5. CONDITIONS (PM07.1 N) <br />The Option may not be exercised until the following terms and conditions shall have been met. Each time a <br />condition has been met Optionor shall, upon written request therefor from Optionee, provide written <br />confirmation that such condition has been satisfied. <br />A. Preliminary Plans <br />Within one hundred eighty (180) days following the Effective Date of this Option Agreement, and <br />not less than five (5) business days before Optionee intends to submit such documents to the City, <br />Optionee shall submit preliminary plans for the development and use of the Premises for the Project <br />("Preliminary Plans"), for Optionor's approval. The preliminary plans shall be prepared by an <br />architect licensed in the State of California and shall include: <br />1) A detailed site plan of the Premises showing: <br />a. all improvements planned for the Premises <br />b. any existing and/or proposed easements affecting the Premises <br />c. ingress and egress to and from the Premises <br />d. parking <br />e. location of all utilities <br />f. drainage plan <br />g. grade elevations of all structures; <br />2) Detailed landscape development plans; <br />3) Colored rendering or model of the planned development; <br />4) A detailed cost estimate of all improvements; and <br />5) A detailed estimate of the construction schedule. <br />Within ten (10) business days of receipt of the Preliminary Plans, the Optionor will provide Optionee <br />with written comments, if any, on the Preliminary Plans. The Optionor's review shall be limited only <br />to reviewing plans for conformity with this Option Agreement and impacts on flood control <br />operations and shall not provide any representations or warranties regarding the sufficiency of the <br />plans for the required land use approvals or for construction. <br />B. Environmental Requirements <br />Concurrently with or prior to the submission of the Preliminary Plans to the Agency, Optionee shall <br />submit to the City a draft Initial Study, with a copy to the Optionor, prepared at Optionee's expense, <br />in order for the City to determine whether a Negative Declaration or an Environmental Impact Report <br />will be necessary for the proposed development. Such determination will be made in accordance <br />with the City's normal procedures. <br />If the City determines that a Negative Declaration is appropriate, Optionee shall submit all necessary <br />documentation and cooperate with the City in order to provide the Optionor with written proof of <br />environmental clearance on the Project from the appropriate governmental authority. <br />8GA 123 <br />OPTION AGREEMENT- CROSSROADS <br />