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Site and be developed in conjunction with Phase R-1. In the event that the Agency fails to <br />acquire the Segura Parcels on or before September 15, 2010 (if Developer is awarded a <br />reservation of Tax Credits for Phase R-I in the second Tax Credit round of 2010, and otherwise <br />forty-five (45) days prior to submission date of a Tax Credit application to TCAC for Phase R-1 <br />if Developer does not receive a reservation of Tax Credits in the second round of 2010, as all <br />such dates may be extended by a CEQA challenge), the Developer shall redesign Phase R-1 <br />excluding the Segura Parcels, in which event Developer's obligations with respect to Phase R-1 <br />shall be extended by the time necessary for such redesign. <br />209. Separate Phases. The parties acknowledge and agree that Phase R-1, Phase R-2 <br />and Phase FS may be separately owned, financed and developed, and that, in the event of the <br />separate ownership of the Phases, a Default under this Agreement relating to one Phase, the <br />applicable Phase Regulatory Agreement, applicable Phase Promissory Note or Agency Deed of <br />Trust shall not be considered a Default relating to any other Phase; in other words, there shall be <br />no cross-defaults between Phases or between the ownership entities for each Phase. If such <br />separation occurs, the owner of Phase R-1 shall be solely and exclusively responsible for the <br />Phase R-1 rights and obligations under this Agreement, the owner of Phase R-2 shall be solely <br />and exclusively responsible for the Phase R-2 rights and obligations under this Agreement, and <br />the owner of Phase FS shall be solely and exclusively responsible for the Phase FS rights and <br />obligations under this Agreement. <br />210. Timing of Agency Obligations. With respect to the Segura Parcels, the Agency <br />shall, within one hundred twenty (120) days of acquisition of each such parcels, cause each of <br />the following to occur (collectively, the "Agency Site Obligations"): (a) relocate all tenants and <br />other inhabitants thereof in accordance with all existing federal, state and local laws, (b) cause <br />such parcel to be free of all Site Improvements, and (c) complete remediation of any Hazardous <br />Materials it is required to remediate in accordance with the terms of this Agreement. With <br />respect to the Agency Parcels, the Agency shall complete the Agency Site Obligations within <br />sixty (60) days for Phase R-1 and within ninety (90) days for Phase R-2 and Phase FS of the <br />earlier to occur of (x) expiration of the thirty (30) day period following the Date of Agreement <br />within which a CEQA Challenge may be initiated or (y) resolution of any CEQA Challenge. <br />With respect to the Additional Properties, the Agency shall, within one hundred fifty (150) days <br />of acquisition of each of such Additional Properties, cause each of the Agency Site Obligations <br />to occur. <br />300. DEVELOPM ENT OF THE PROJECT. <br />301. Developer's Obligation to Construct Developer Improvements; Scope of <br />Development. The Developer shall construct each Phase of the Developer Improvements <br />substantially in accordance with the Land Use Approvals, the Scope of Development and the <br />plans, drawings and documents submitted by the Developer and approved by the Agency as set <br />forth herein. <br />302. Design Review. <br />302.1 Conceptual Site Plan. Concurrently with approval of this Agreement, the <br />Developer has submitted and the Agency has approved conceptual drawings for the Developer <br />29 <br />DOCSOC/1400673 v 141200272-0001