05 - JOINT PH - Vista Del Rio DDA

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"Closing Statement" means the final statement of Vista Del Rio's Escrow account for the purchase of the Property pursuant to the DDA. "Construction" means the demolition and construction activities required to construct the 41 residential unit, multi-family project specified in City Site Plan Review No. 2009- 02. "Construction Contract" means each and every contract between Vista Del Rio, the General Contractor, and/or any subcontractor for the construction of the Improvements, or any part thereof, including construction of any on-site or off-site improvements included in the Scope of Development, the land use entitlement approved by the City. The Construction Contract between Vista Del Rio and the General Contractor shall be for a fixed fee to complete all work to be performed or caused to be performed by the General Contractor under such Construction Contract. Each Construction Contract shall be reviewed and reasonably approved (or disapproved) by Executive Directors, with each contract to include: (i) a full recitation of Section 3 and the Section 3 Clause with an express acknowledgement and agreement by the General Contractor and each subcontractor, as applicable, to fully comply with the Section 3 Clause, (ii) an express acknowledgement and agreement by the General Contractor and each subcontractor, as applicable, that as a condition precedent to the final payment under its contract, the General Contractor or subcontractor, as applicable, shall provide written evidence, in form reasonably satisfactory to the Executive Directors and/or HUD, that it and all its subconh~actor(s) have complied with the Section 3 Clause in completing the development of the Project, and (iii) reference to all other applicable federal regulations and laws based on the final federal funding sources, if any, to which such General Contractor or subcontractor, as applicable, must comply in undertaking the construction and development of the Project; provided it is understood by the parties that it is and shall remain primarily the Vista Del Rio's obligation to obtain and submit all required Section 3 Clause documentation. The Construction Contract shall include any and all provisions required by the CRL, the Section 8 requirements and the HOME Regulations, as applicable. "Construction Lender" means the maker of the Construction Loan. "Construction Loan" means that certain construction loan from the Construction Lender to Vista Del Rio. "County" means the County of Orange, California. "Deeds of Trust" means the Agency Loan Deed of Trust and the City/HOME Loan Deed of Trust. "DDA" means that Disposition and Development Agreement entered into by Agency, Authority and Vista Del Rio and dated as of July 20, 2009, as amended by the First Amendment to Disposition and Development Agreement dated as of March 15, 2010, that Second Amendment to Disposition and Development Agreement dated as of December 20, 2010, and that Third Amendment to Disposition and Development Agreement dated as of "Environmental Laws" means any federal, state or local law, statute, ordinance or regulation pertaining to environmental regulation, contamination or cleanup of any Hazardous Materials including, but not limited to: (i) sections 25115, 25117, 25122.7,or 25140 of the California Health and Safety Code, Division 20, Chapter 6.5 (Hazardous Waste Control Law), 4 D O C S O C/ 147 5 221 v5 /200272-0004