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Hoffman Hotel Property; (b) inure to the benefit of the Commission and its contractors acting on behalf of the Commission in connection with the construction, equipping and completion of the Local Public Improvements; (c) bind the Developer (as owner of the Hoffman Hotel Property) and its grantees, successors and assigns; and (d) terminate upon completion of the Local Public Improvements. SECTION 4. DEVELOPER'S 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 of Developer's commitment to perform and abide by the covenants and obligations of Developer contained in this Agreement. 4.2 The Project. (a) Developer shall develop or cause to be developed The Hoffman Hotel in accordance with the specifications set forth on Exhibit B attached to this Agreement and made a part hereof which will comply with all zoning and land use laws and ordinances in all material respects. (b) As part of the development of the Hoffman Hotel, Developer shall construct or cause to be constructed the improvements being funded by the Private Investment by the date set forth on Exhibit D attached to this Agreement and made a part hereof. 4.3 Private Investment. Developer agrees to Private Investment for the Project of Four Million and 00/100 Dollars ($4,000,000.00) and other valuable consideration, as more particularly described in Exhibit D which amount Developer shall use commercially reasonable efforts to invest in the development of the Project, whether through equity, debt, and/or third- party investment. 4.4 Cooperation. Developer and Commission each agree to endorse and support the other party's efforts to expedite the Project through the required planning, design, permitting, waiver, and related regulatory processes. 4.5 Employment of Local Labor and MBE/WBE Contractors. (a) Employment of Local Labor. Developer hereby agrees to provide notice to local contractors and to business agents of skilled trade unions of all requests for bids, of pre-bid meetings and of related meetings and information with respect to the Project so as to use commercially reasonable efforts to employ qualified local contractors and other related local labor during construction of the Project. (b) Employment of MBE/WBE Contractors. In awarding contracts for the purchase of work, labor, services, supplies, equipment, materials, or any combination of the foregoing including, but not limited to, public works contracts awarded under public bidding laws or other contracts in which public bids are not required by law, the Developer agrees to exercise good faith efforts to obtain participation by those {20142670.DOCX}