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8/30/07 <br />provided to the Developer pursuant to the Development Agreement and repaid <br />in accordance with the terms thereof. In the event the City and Developer fail to <br />enter into a Development Agreement with respect to a particular Project within <br />the time provided in this Predevelopment Loan, the Developer shall have no <br />obligation to repay the predevelopment loan except to assign to the City the <br />Plans, and the City shall be entitled to an assignment of said Plans. <br />e) The parties acknowledge and agree that the Project is contingent upon the City's <br />approval of the numerous discretionary acts, permits and entitlements, for which <br />the parties further acknowledge that the city is fully entitle to approve, approve <br />with conditions or deny for any reason in accordance with the applicable laws. <br />4) Rights of Access. <br />For the purpose of assuring compliance with this Agreement, Developer and <br />representatives of Developer shall have the reasonable right of access to the Site, without <br />charges or fees, at normal business hours during the period of this Agreement for the <br />purposes of this Agreement, including but not limited to the investigation and testing of <br />the Site, surveying the Site, photographing the Site, etc. Developer shall indemnify, <br />defend, and hold harmless City and its officers, employees, volunteers, and agents from <br />any damage caused or liability arising out of the sole negligence of Developer, its <br />officers, officials, employees, volunteers, agents, or representatives in their exercise of <br />this right of access. Any fencing around the Site shall be maintained by the City until the <br />parties enter into a Development Agreement and the title to the property is transferred. <br />5) Construction Estimates. <br />On the basis of the completed and approved conceptual design drawings for the <br />Project, Developer will obtain competitive construction estimates for all contractor work <br />to be performed by third party contractors and City shall have the right to review and <br />approve all bids. <br />6) Project Budget. <br />Upon completion, and approval, of the conceptual design drawings, and prior to the <br />execution of the Development Agreement, Developer shall prepare a project budget <br />covering all soft costs and hard costs (the "Development Costs ") to be incurred in the <br />development and construction of the Project ( "Project Budget "), to be approved by the <br />City as part of the Development Agreement. <br />7) Preparation of Development Agreement(s). <br />On the basis of the approved project budget, the City staff and Developer shall <br />prepare one or more Development Agreements with respect to the Project, providing for <br />the conveyance of the Site to Developer, construction loans by City, and the use of the <br />units to be constructed on the Site as affordable housing, which agreement shall be <br />0 <br />