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ii. Each loan will be secured by a Deed of Trust recorded against the <br />Affordable For -Sale Unit. <br />Developer Responsibilities <br />The Agreement requires the Developer to complete the following activities: <br />Develop the Project in accordance with the Scope of the Development and Schedule of <br />Performance attachments to the Agreement. <br />2. Obtain all the required lard use approvals, entitlements and permits necessary for the <br />development of the Project. <br />3. Prepare and submit the following documents is to the Agency for approval, in accordance <br />with the Schedule of Performance, for each Phase: <br />a. Basic concept drawings and final construction drawings; <br />b. Proof of insurance as required by the Agreement; <br />C. Evidence that sufficient financing has been obtained to construct the Developer <br />Improvements; <br />d. Valid and binding construction contract between the Developer and one or more <br />California-licensed general contractors or a construction budget it the Developer <br />intends to act as the general contractor; and <br />e. Completion guaranty for the construction of each applicable Phase. <br />4. Indemnify the Agency from and against any loss, damage, claim, or action arising from <br />the Agreement or its implementation; the construction of the Project; or the direct or <br />indirect operations of the Developer after the closing date. <br />The Agreement requires the Developer to accept the following responsibilities specifically <br />related to the rental portion of the Project: <br />Fulfill the following requirements regarding the Tax Credit Funding for Phases R -1 and <br />I -2: <br />a. The Developer must use good faith efforts to solicit at least two 2 ) competitive <br />bids from tax credit investors for each of Phase -1 and Phase R-2, and must <br />select as the Investor Limited Partner for each Phase the investor offering overall <br />the most beneficial rates and terms, as approved by the Agency. <br />6 <br />10M1 . A-KHH: ba <br />