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VI. CONSTRUCTION <br />15. <br />Issuance of Demolition and Grading <br />Within 90 days of closing of escrow. <br />Permit and Issuance of Building <br />Permits for all of the Developer <br />Improvements. Developer shall <br />obtain building permits from the <br />Planning and Building Agency for all <br />of the Developer Improvements. <br />16. <br />Commencement of Construction. <br />Within 60 days from completion of demolition <br />Developer shall commence grading <br />and grading and site preparation. <br />of the Site and construction of the <br />Developer Improvements. <br />17. <br />Completion of Construction. <br />On or before 24 months from start of <br />Developer shall complete <br />construction. <br />construction of all of the Developer <br />Improvements. <br />18. <br />Opening Date. A Conforming Hotel <br />A conforming hotel shall open for business to <br />shall open for business <br />the Public within ninety (90) days after the <br />completion of construction. <br />Exhibit `B" <br />Performance Schedule <br />55394.00049\33239203.12 <br />75A-272 <br />