5A4 Second Amendment to Development Agreement (The Monreaux) - TABLED

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3 Completion, it shall conduct a final inspection at a date and time agreeable to the Developer. After the final inspection is conducted, the Commission shall provide a determination to the Developer indicating that: (i) the Project is substantially complete, and this Agreement shall immediately terminate; or (ii) one or more components of the Project are not complete, with explanation of how to how to cure the incomplete component(s). (b) Notwithstanding any provision of this Agreement to the contrary, the Developer’s failure to complete the Project or any other obligations the Developer may have under this Agreement by the Mandatory Project Completion Date will constitute a default under this Agreement without any requirement of notice of or an opportunity to cure such failure, and the Developer will be required to repay (i) all Funding Amounts received in accordance with the terms of the Loan Agreement; and (ii) One Hundred Fifty Percent (150%) of the portion of the Funding Amount expended by the Commission for paying the costs associated with the Local Public Improvements procured by the Board of Works to purchase exterior siding materials for certain architectural improvements to the Project, of the as of the date of the Commission’s demand, as further set forth in Section 6.1 of this Agreement. e) The First sentence of Section 3.4(b) shall be deleted and replaced with the following text: On or before June 30 and December 31 of each year following the commencement of construction until substantial completion of the Project, the Developer shall submit to the Commission a report, in the format set forth in Exhibit D, demonstrating the Developer’s good-faith compliance with the terms of this Agreement. f) In Section 3.7, the reference to “Exhibit F” shall be deleted and replaced with “Exhibit E.” g) A new Section 3.9 shall be inserted in SECTION 3. DEVELOPER’S OBLIGATIONS, which states as follows: “3.9 Grant of Easement. Upon assuming ownership of the Developer Property, the Developer will grant to the Commission a temporary, non-exclusive easement on, in, over, under and across any part(s) of the Developer Property (the “Easement”) in the form attached hereto as Exhibit F, to permit the Commission to fulfill its obligations under this Agreement, including the construction,