ATTACHMENT NO. 4
ATTACHMENT NO. 4
SCHEDULE OF PERFORMANCE
ITEM OF PERFORMANCE TIME FOR PERFORMANCE
1. Developer and City open Escrow. W ithin 5 days after the Effective Date
2. Developer submits to the City applications
and materials required to obtain all land use
and other entitlements, permits, and
approvals required for the Project.
Within 20 days after the Effective
Date.
3. Developer submits evidence of insurance. Not less than 10 days prior to the anticipated Closing Date but prior to
any entry onto the Site by Developer.
4. Developer submits to the City architectural
plans for the Project or copies of building
permits, as needed.
Not less than 5 days prior to Closing.
5. Developer submits to the City final
construction drawings for the Project.
Not less than 5 days prior to Closing.
6. City approves final construction drawings
for the Project.
Not less than 5 days prior to Closing.
7. Developer obtains building permits. Not less than 5 days prior to Closing.
8. Developer executes and deposits into
Escrow the City ARPA Loan Deed of
Trust, City ARPA Loan Note, Affordable
Housing Regulatory Agreement, and all
additional funds and documents required
under the Agreement in order to close
Escrow, including all escrow and closing
costs.
At least 1 day prior to the scheduled
Closing Date.
9. City executes and deposits into Escrow the
ARPA Regulatory Agreement and all
additional documents required under this
Agreement in order to close Escrow.
At least 1 day prior to the scheduled
Closing Date.
ATTACHMENT NO. 4
ITEM OF PERFORMANCE TIME FOR PERFORMANCE
10. Escrow closes. After the completion of Items 1-9.
11. Developer completes construction of the
Project.
Within 18 months after
commencement of construction.
12. City issues Release of Construction
Covenants.
Upon approval of Property
Management Agreement and
satisfactory completion of
construction of the Project, within 10
days of written request of Developer.
13. Developer leases the Units to Very Low
Income Households.
No later than 120 days after
Developer’s completion of the
Project, subject to the extensions set
forth in the Agreement.
It is understood that the foregoing Schedule is subj ect to all of the terms and conditions of the Agreement, including, without limitation, extensi ons of times of performance. The summary of items of performance in the Schedule is not intende d to supersede or modify any more complete description in the text; in the event of any conflict or inconsistency between this Schedule and text of the Agreement, the text of the Agreement shall govern. Times of performance under this Agreement may be extended by mutual written agreement of City and Developer. The City Manager shall have the authority on behalf of the City to approve extensions of time.