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SECTION III. NATURE OF IMPROVEMENTS; TIME FOR COMMENCEMENT; AND COMPLETION; PHASING OF PROJECT AND LIQUIDATED DAMAGES. A. Nature of Improvements. The construction of improvements on the Property (the "Project") shall be substantially of the same size, scope and nature as that specified in the Development Plan and as proposed by the Developer to the Commission for disposition and development of the Property. The Commission has relied upon all representations, descriptions, discussions, drawings and other representations bythe Developer of the Project. Those matters are incorporated into this Contract by reference as well as the Final Site Plan and Development Specifications of the Project, as approved by the Commission pursuant to Section IV(A). B. Time for Commencement and Construction. This Project shall begin as soon as possible following closing as defined in Section II and shall qualify for the award of a certificate of occupancy of all units contemplated in the Development Plan from the Building Commissioner of the City of South Bend, Indiana, within thirty-six (36) months after execution of this Contract. Notwithstanding anything to the contrary herein, the easternmost building (furthest East, away from the river) shall not be subject to the completion or certificate of occupancy requirements. C. Value of Property Developer understands and acknowledges that in offering the Property for sale, the Commission obtained two (2) independent appraisals asrequired byI.C. 36-7- 14 and determined that the fair market value for the Property is Three Hundred Thirty Seven Thousand Five Hundred Dollars ($337,500) (the "Market Value"). Notwithstanding the foregoing, the Parties understand and agree that in the event that Developer (i) fails to complete construction of the Project, excluding the easternmost building, on or before thirty-six (36) months from the date of execution of this Agreement, or (ii) Developer defaults in its obligations under this Contract and fails to cure such default as provided in this Contract before the issuance of a Certificate of Completion as described in SECTION V, below, then Developer shall pay as liquidated damages to the Commission the Market Value described above without any reduction, offset, or recoupment. The payment of liquidated damages under this Subsection C shall be in addition to any other remedies and shall not waive any other right or remedy under this Contract or other laws. SECTION IV. TIME FOR CERTAIN OTHER ACTIONS. A. Time for Submitting Plans for Design Development Review. The Developer shall submit for approval by the Department of Redevelopment a Final Site Plan and Development Specifications of the Project in accordance with the Project Concept depicted in Exhibit B and detailing building materials, construction, and landscaping which must be approved by the Commission prior to the commencement of construction. The approved Development Plans shall be recorded as an addendum to this Contract for Sale of Land and serve the Commission in its determination that Developer has completed the Project and is entitled to the Certificate of Completion as provided in Section V. 3