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Optionee acknowledges and agrees that no grading, or other construction activities shall be permitted <br />on the Premises until all applicable permits and clearances have been obtained from the City. <br />F. Lease Requirements <br />Optionee shall submit to the Optionor: <br />1) Satisfactory evidence of Optionee's ability to finance the cost of the development planned <br />for said Premises in accordance with the requirements of the Lease, which may be <br />evidenced by commitments from the Optionee's tax credit investor and the lenders <br />providing acquisition and construction financing for Optionee's proposed development of <br />the Premises. If Optionee plans to hypothecate the leasehold as security for a loan, <br />Optionee shall submit substantially final versions of all documents proposed in the loan <br />transaction along with a request for Optionor's consent to the proposed hypothecation in <br />accordance with the terms of the Lease, which consent shall not be unreasonably withheld. <br />2) Evidence that, when the Lease is executed, Optionee will provide assurances of <br />construction completion in accordance with the Lease, or a letter of intent bond that is <br />sufficient to assure Optionor that a bond is forthcoming consistent with the Lease, or <br />Lessee will provide a completion guaranty in accordance with the Lease. <br />3) Evidence of insurance coverage which will be available when the Lease is executed and <br />which fully complies with the Lease. <br />6. REVIEW BY COUNTY AND AGENCY (PM08.1 N) <br />Optionee hereby acknowledges that one of the purposes of this Option Agreement is to afford Optionee and <br />Optionor the opportunity to determine whether Optionee is able to meet the various conditions of this Option <br />Agreement and is able to obtain the required approvals as set forth in this Option Agreement. Several of <br />those conditions involve obtaining reviews and approvals from officers, employees or agents of the <br />Optionor, and/or the City. Each of those reviews shall be conducted in an independent manner and nothing <br />contained herein shall be deemed to limit the jurisdiction or authority otherwise possessed by said officers, <br />employees or agents in the conduct of such review. <br />Nothing contained in this Option Agreement shall be deemed to imply that required approvals will be <br />forthcoming, and the failure to issue any such approval or permit by any officer, employee or agent of the <br />County, and/or the City shall not be deemed in any manner a breach of this Option Agreement, nor shall any <br />such denial give rise to any claim, liability, obligation, or cause of action with respect to this Option <br />Agreement or the Lease. <br />No permit, approval, or consent given by the County, and/or the City, or their officers, employees, or agents, <br />acting in its/their governmental capacity, shall affect or limit Optionee's obligations under this Option <br />Agreement or under the Lease, nor shall any approvals or consents given under this Option Agreement by <br />Optionor, as a Party hereto, be deemed approval as to compliance or conformance with applicable <br />governmental codes, laws, rules, and/or regulations. <br />8GA 125 <br />OPT <br />ION AGREEMENT- CROSSROADS <br />