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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 the completion of the Development Plan from the Building Commissioner of the City of South Bend, Indiana, within twenty-four (24) months after execution of this Contract. C. Value of Property. Developer understands and acknowledges that in offering the Property for sale, the Commission obtained two (2) independent appraisals as required by I.C. 36 -7- 14 and determined that the fair market value for the Property is Eight -Two Thousand Five Hundred Dollars ($82,500) (the "Market Value"). Notwithstanding the foregoing, the Parties understand and agree that in the event that Developer (i) fails to complete construction of Phase I of the Project on or before twenty -four (24) 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. B. Time for Submitting Financial Commitment. Prior to closing on the sale of the Property, the Developer shall submit to the Commission evidence satisfactory to the Commission of binding commitments for financing the Project. C. Developer agrees that it will not seek any further financing assistance from the Commission or from the City of South Bend, Indiana, including tax abatements. SECTION V. COMPLETION. A. Certificate of Completion. Promptly after the Developer completes the Project under this Contract and in substantial accordance with the Development Plan approved by the Commission, the Commission shall furnish the Developer with a Certificate of Completion for the Project. The Certificate shall be a conclusive determination of satisfaction and termination of all K