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of final endorsement, the Purchase Price for the Phase I Parcel will bE reduced pro rata upon conveyance of the balance of said Phase I Parcel and such amount will be paid through escrow by the Redeveloper to the Agency at such time as the Agency delivers said strip of land to the Redeveloper, as otherwise provided for in this Agreement. SEC. 3. TIME FOR CO[~.MENCEMENT AND COMPLETION OF IHPROVEMENTS AND OTtIER ACTIONS The phased construction of the improvements referred to in Section 301 hereof and all other actions required to be taken under this Agreement shall be commenced and completed within the times set forth in tile Schedule of Performance. Such periods of time may be extended in writing from time-to-time by the Agency and the Authority. Time periods specified in the Schedule of Perform- ance may be extended for forty-five (45 working days) upon the written approval of the Executive Director of the Agency and the Authority. However, further extensions may only be granted with the prior approval of the Agency and Authority Boards. SEC. 4. TIM!~ FOR CERTAIN OTIIER ACTIONS (a) Time for Submission of Construction Plans. The time within which the Redeveloper shall subn~i-t--~t-J--P-Construction Plans" (as defined in Section 301 hereof) to the Agency in any event shall be not later than tile dates set forth ill the Sch- edule of .Performance. (b) Time for Submission of Corrected Construction Plans. Except as provided'-i-~ Paragraph ~-cT¥~--th--iq-~Y6i~-f6B--¥i-~K~ time within which the Redeveloper sha].l submit any new or corrected Constructioll Plans as provided ,=.or in Section 301 hereo~f shall 'be not later than thirty (30) days after the date tile Redeveloper receives written notice from tile Agency of the Aqency's rejec- tion of tile Construction Plans referred to in the latest such notice. (c) Maxinium Time for Approved Construction PI. ans. In any event, -~{~-i~6-~-i'~l{'~-~:lii¥ii--~l'{~--l~-dJ~-~iB~-~--~[fa~-f' submit Construction Plans which conform to tile re(luirements of Section 301 hereof and are ap})roved by tho Agency shall be not later than dates sent forth in the Schedule of Performance for the approval of such plans by the Agency. (d) Time for Agency Action on Chanqe in Construction Plans. The time w~f~--w-~-i-6']~ tile Agency may re~ct any change in the Construction Plans, as provided ill Section 302 hereof, shall be fifteen (].5) days after the date of tile A(jency's receipt of no- tice of such change. -10-