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(f) the Affordability Restrictions. 601.2 Design Approvals. The Developer shall have obtained approval by the Agency of the Design Development Drawings as set forth in Section 302. 601.3 Land Use Approvals. The Developer shall have received all land use approvals and permits required pursuant to Section 303. 601.4 Construction Contract; General Contractor. Developer shall have provided to Agency and City (within a reasonable time for Executive Director to review, comment and approve or disapprove) a signed copy of the Construction Contracts between Developer and the General Contractor and between Developer's General Contractor and each subcontractor for the construction of the Improvements inclusive of all on-site and off-site improvements required to be constructed in connection therewith, if any, certified by the General Contractor to be a true and correct copy thereof, and Executive Director shall have reasonably approved such General Contractor) as having the experience and financial resources (based on audited or unaudited financial statements submitted to Executive Director) necessary to construct and complete the Project. Developer shall submit to Agency and City evidence regarding each entity serving as a subcontractor for the construction of each portion of the Improvements, along with satisfactory evidence of necessary license(s), certification(s), bonding (with respect to the General Contractor's license bond required by the State of California) and insurance, all as required by this Agreement and as reasonably requested by Executive Director. Each Construction Contract (and all subcontracts) shall include the Section 3 Clause set forth in Section 309.2 hereof. The Construction Contract with the General Contractor shall be for a fixed, all-inclusive fee to complete all work to be performed by the General Contractor to construct the Improvements, subject to approved change orders. Selection of the General Contractor (and any and all subcontractors) and the form of the Construction Contract (and any and all subcontracts) shall comply with all applicable requirements of the Redevelopment Law, the HOME Regulations and the NSP Requirements. 601.5 Construction Security. Developer shall have obtained (or shall have required the General Contractor to obtain) and shall have delivered to Agency and City payment and performance bonds in favor of Agency and City, as co-obligees, in the amount of one hundred percent (100%) of the full amount of the Construction Contract or such other construction security as may be approved by the Executive Director, subject to compliance with all applicable requirements of the Redevelopment Law, the HOME Regulations and the NSP Requirements. Executive Director shall have no obligation to approve any form of substitute construction security that does not (a) provide substantially equivalent protection to the City and Agency as 100% payment and performance bonds and (b) comply with all applicable requirements of the Redevelopment Law, the HOME Regulations and the NSP Requirements. 601.6 Financing. The Agency shall have approved Developer's evidence of financing of the Improvements on the Property as provided in Section 311.1 and such financing shall be available for development of the Improvements or, to the extent said financing consists of a third party loan or loans, said loan or loans shall have closed and funded or be ready to close and fund concurrently with the Loans. 601.7 Final Project Budget and Construction Schedule. Developer shall have submitted to Agency/City and Agency/City shall have approved the final/updated Project Budget and updated construction schedule for the construction of Improvements. 21 DOCSOC/ 1469583 v5/200272-0003