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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 ~esponsbilit~e <br /> the Agreer~ent 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 /> obtain all the required land use approvals, entitlements and permits necessary far the <br /> development of the Project. <br /> Prepare and submit the following dacurnent 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 /> 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 ar more <br /> alifarnia-licensed general contractors ar a construction budget if the Developer <br /> intends to act as the general contractor; and <br /> e, Dampletion 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 ofthe Project; or the direct ar <br /> indirect operations of the Developer after the closing date, <br /> <br /> The Agreement requires the Developer to accept the fallowing responsibilities specifically <br /> related to the rental portion of the Project: <br /> ~ . Fulfill the following requirements regarding the Tax Dredit Funding far Phases and <br /> P-2. <br /> a. The Developer must use goad faith efforts to solicit at least two competitive <br /> bids from tax credit investors far each of Phase R-~ and Phase R~~, and must <br /> select as the investor ~,irnited Partner for each Phase the investor offering overall <br /> the vast beneficial rates and terms, as approved by the Agency, <br /> ~oo~~.s~~~~:~~ <br /> i805'~.ODi.Q6T <br /> <br />