5D2 Development Agreement (Grand Leader) - Signed

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SECTION 3. ACCESS. 3.1 Grant of Easement. Upon execution of this Agreement, the Developers will grant to the Commission a temporary, non-exclusive easement on, in, over, under and across any part(s) of the property described in Exhibit A in the form attached hereto as Exhibit F to permit the Commission to fulfill its obligations under this Agreement, including the construction, equipping, inspection, and delivery of the Local Public Improvements. The grants of easement described in this section shall (i) inure to the benefit of the Commission and the Board of Works or any contractors acting on behalf of the Commission in connection with the construction, equipping, inspection, and delivery of the Local Public Improvements; (ii) shall bind the Developers and their grantees, successors, and assigns; and (ill) shall terminate no later than upon completion of the Local Public Improvements, as determined by the Board of Works. SECTION 4. DEVELOPERS' OBLIGATIONS. 4.1 Generally. The Parties acknowledge and agree that the Commission's agreements to perform and abide by the covenants and obligations set forth in this Agreement are material consideration for the Developers' commitment to perform and abide by the covenants and obligations of the Developers contained in this Agreement and the Purchase Agreement. 4.2 Timeframe for Acquisition of Property. The Developers, individually or jointly, will assume ownership of the property described in Exhibit B no later than July 31, 2025. Notwithstanding any provision of this Agreement to the contrary, the Developer's failure to assume ownership of the property described in Exhibit B by July 31, 2025 will constitute a default under this Agreement without any requirement of notice of or an opportunity to cure such failure, which will relieve the Commission of any obligations under this Agreement to complete the Local Public Improvements and expend the Funding Amount contemplated herein. 4.3 The Project. (a) The Developers will perform all necessary work to complete the improvements set forth in the Project Plan attached hereto as Exhibit C and the plans and specifications to be approved by the City Planner, or his designee, pursuant to Section 4.8 ("Submission of Plans and Specifications for Project") of this Agreement, which improvements shall comply with all zoning and land use laws and ordinances. (b) The Developers will expend the Private Investment to complete the Project in accordance with the Project Plan attached hereto as Exhibit C and the plans and specifications to be approved by the Commission pursuant to Section 4.8 ("Submission of Plans and Specifications for Project") of this Agreement. 4.4 Cooperation. The Developers agree to endorse and support the Commission's efforts to expedite the Local Public Improvements through any required planning, design, public bidding, construction, inspection, waiver, permitting, and related regulatory processes. 4.5 Obtain Necessary Easements. The Developers agree to obtain any and all easements from any governmental entity and/or any other third parties that the Developers or the Commission deems necessary or advisable in order to complete the Local Public Improvements, 3