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coNVEYANCE D-ND DEVELOPMENT <br />OF SECOND SUB PARCEL <br /> <br />Acquisition of Second Sub Parcel. <br />Agency shall acquire title to all <br />properties within the Second <br />Sub Parcel. <br /> <br />Possession. Agency shall have <br />obtained possession of all pro- <br />perties within the Second Sub <br />Parcel. <br /> <br />Submission - Evidence of Equity <br />Capital and Mort age Financin . <br />Redeveloper shal~ submit t0 t~e <br />Agency satisfactory evidence <br />that Redeveloper has the neces- <br />sary equity capital and mortgage <br />financing commitments for the <br />construction of the improvements <br />for the Second Sub Parcel. <br /> <br />Openin~ of Escrow. Agency shall <br />open escrow for conveyance of <br />the Second Sub Parcel. <br /> <br />Deposit of the Deed in Escrow. <br />Agency shall deposit the deed <br />to the Sub Parcel in escrow. <br /> <br />Conveyance of Title. Agency <br />shall convey title to Redeveloper <br />and Redeveloper shall accept <br />conveyance of the Second Sub <br />Parcel. <br /> <br />Commencement of Construction. <br /> <br />Redeveloper shall commence <br />construction of the Phase II <br />improvements on the Second <br />Sub Parcel. <br /> <br />Completion of Construction. <br />Redeveloper shall complete <br />construction of the Phase II <br />improvements on the Second <br />Sub ParCel. <br /> <br />Within 180 days after conveyance of <br />the First Sub Parcel, or as extended <br />one year from filing of condemnation <br />actions. <br /> <br />Within one hundred (100) days after' ~ <br />acquiring tit~e to the last pro- <br />perty in such Sub Parcel. <br /> <br />No later than 30 days prior to the <br />date for conveyance of title to <br />the Second Sub Parcel. <br /> <br />At the Agency's option or within <br />5 days after receipt of written <br />request from Redeveloper. <br /> <br />Not later than 5 days prior to the <br />date for conveyance. <br /> <br />Within 30 days after Agency notifies <br />Redeveloper that Agency has acquired <br />title to the Second Sub Parcel, all <br />occupants have been relocated and <br />the Agency is prepared to deliver <br />title and possession to Redeveloper <br />but in any event not later than three <br />years after the date of execution <br />of this Agreement by the Agency. <br /> <br />Within 30 days after conveyance of <br />title to such Sub Parcel. <br /> <br />Within 360 days after commencement <br />of construction. <br /> <br />-10- <br /> <br />'t4AR 18 1977 <br /> <br /> <br />