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