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9a. Attachment A <br />Date”). All construction shall be in conformity with the approved Construction Plans and the <br />Guidelines. Periodically during construction the Buyer shall make reports in such detail as may <br />reasonably be requested by the Authority concerning the actual progress of construction. If at <br />any time prior to completion of construction the Authority has cause to believe that the Buyer <br />will be unable to complete construction of the Improvements in the time permitted by this <br />Section 4.3, it may notify the Buyer and demand assurances from the Buyer regarding the <br />Buyer’s construction schedule. If such assurances are not forthcoming or are deemed by the <br />Authority at its sole discretion to be inadequate, the Authority may declare an Event of Default <br />and may avail itself of any of the remedies specified in Section 8.2 of this Agreement. <br />. After notification by the Buyer of completion <br />Section 4.4. Certificate of Completion <br />of construction of the Improvements, the Authority shall inspect the construction to determine <br />whether the Improvements have been completed in accordance with the Construction Plans and <br />the terms of this Agreement, including the date of the completion thereof. In the event that the <br />Authority is satisfied with the construction, the Authority shall execute and record a Certificate <br />of Completion in the form attached hereto as Exhibit A and shall release the Letter of Credit. <br />Such certification by the Authority shall be a conclusive determination of satisfaction and <br />termination of the agreements and covenants in this Agreement with respect to the obligation of <br />the Buyer to construct the Improvements. <br />If the Authority shall refuse or fail to provide certification in accordance with the <br />provisions of this Section 4.4, the Authority shall within 15 days of such notification provide the <br />Buyer with a written statement, indicating in adequate detail in what respects the Buyer has failed <br />to complete the Improvements in accordance with the provisions of this Agreement necessary, in <br />the opinion of the Authority, for the Buyer to take or perform in order to obtain such <br />certification. <br />. In the event that construction of the Improvements is <br />Section 4.5. Failure to Construct <br />not completed as provided in Section 4.3 of this Agreement, an Event of Default shall be deemed <br />to have occurred, and the Authority may proceed with its remedies under Section 8.2. <br />ARTICLE V. <br /> <br /> <br />REDEVELOPMENT ASSISTANCE <br /> <br />Buyer acknowledges that although it is purchasing the <br /> Section 5.1. Letter of Credit. <br />Property at its fair market value as raw land, the Authority has incurred significant costs in <br />acquiring and preparing the Property for development by Buyer. At Closing, Buyer will execute <br />and deliver to the Authority a Letter of Credit in the principal amount of $10,000 or shall escrow <br />equivalent funds with Buyer’s chosen title company. The Letter of Credit or escrowed funds will <br />be released if the Buyer receives a Certificate of Completion, and is not otherwise in default of <br />any of its obligations hereunder. If a Certificate of Completion is not issued within the time <br />period specified in Section 4.3, or if the Buyer sells the Property before the issuance of a <br />Certificate of Completion, an Event of Default shall be deemed to have occurred and the <br />Authority may exercise its remedies under Section 8.2. <br />441549v2 MNI RS275-1 <br />6 <br /> <br />