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months and one date from the issuance of the Certificate of Occupancy for the third Specific Plan Phase, then Community Benefit No. 4 shall accrue simple interest at a rate of five percent (5%) per annum until such time as it is paid to the City. Developer may commence construction of the Specific Plan Phases in any order. Notwithstanding the Specific Plan Phase order, Community Benefit Payment No. 1 shall be paid prior to or concurrent with the issuance of the first demolition permit in furtherance of any Specific Plan Phase. 4.2.2. Project Open Space. in accordance with the Specific Plan, Owner shall construct, own, and maintain the Project Open Space. (a) Owner shall design the Project Open Space to promote biodiversity, extend thermal comfort, and to promote biophilic design, health, and wellness. (b) Owner shall provide a total minimum of two (2) free on -site events per year for the general public (e.g., concerts or farmers markets) including programming on sustainability and wellness, subject to Force Majeure events, as follows: a minimum of two (2) free events per year shall be provided commencing one year after the completion of Specific Plan Phase One as set forth in section 6.3.10 of the Specific Plan. Owner's obligation under this Section shall terminate after 25 years after the commencement of the first free on -site event or upon termination of this Agreement whichever occurs later. (c) Owner shall record one or more open space easements against the Property for the benefit of the City concurrent with the recordation of the subdivision maps that implement a given Project Phase or Development phase, as contemplated by the Project Approvals. (d) City shall provide Owner a credit against its park and open space fee obligations (e.g., Park Acquisition and Development Fee) for the hard and soft cost of all land, improvements, construction, operation, and maintenance associated with the Project Open Space. In the event the Project Open Space is less than 7.5 acres, Owner must satisfy any required park and recreation fees or other obligations (including those specified in Chapter 35, Article IV of the Santa Ana Municipal Code) for the amount of the acreage shortfall as calculated by the City. 4.2.3. Construction Standards. (a) Leadership in Energy and Environmental Design (LEED). The Project shall be constructed to a minimum LEED Silver standard, as established by the U.S. Green Building Council. (b) Water Conservation. The Project shall include high -efficiency irrigation, native drought -tolerant plantings, low -flow plumbing fixtures, and Energy Star equipment and appliances. (c) Electric Vehicle ("EV") Parking. No less than 5% of all structured parking stalls in the Project shall be equipped with EV chargers. No less than 10% of all parking stalls located within the parking structures shall be EV ready with sufficient electrical infrastructure to enable the future installation of EV conduit and chargers.