BLP PARTNERSHIP LAND DISPOSITION

The terms of the option to purchase and right of first refusal shall be included in the City Ground Lease and shall be in addition to any and all other rights of the City if Developer is terminated pursuant to Section 8.4.c. Section 4.8. Unit Mix. The Ground Lease shall set forth a unit mix detailing the number of units by size, type and affordability. Section 4.9 Maintenance. The Ground Lease shall set forth general maintenance provisions with respect to the Development. ARTICLE 5 CONSTRUCTION OF IMPROVEMENTS Section 5.1 Construction Contract. By not later than fifteen(15) days prior to the proposed commencement of construction of the Improvements, the Developer shall submit to the City for its limited approval the proposed construction contract for the Improvements. The City's review and approval shall be limited exclusively to a determination whether: (1)the guaranteed maximum construction cost set forth in the construction contract is consistent with the approved Financing Plan, and (2)the construction contract contains provisions consistent with and required by this Agreement. The City's approval of the construction contract shall in no way be deemed to constitute approval of or concurrence with any other term or condition of the construction contract. Upon receipt by the City of the proposed construction contract, the City shall promptly review same and approve it within five (5)business days if it satisfies the limited criteria set forth above. If the construction contract is not approved by the City, the City shall set forth in writing and notify the Developer of the City's reasons for withholding such approval. The Developer shall thereafter submit a revised construction contract for City approval,which approval shall be granted or denied in five (5)business days in accordance with the criteria and procedures set forth above. Any construction contract executed by the Developer for the Improvements shall be in the form approved by the City. If the City fails to approve or disapprove the forms of construction contract within the five(5)business day review period,the form of construction contract shall be deemed approved by the City. Section 5.2 Commencement of Improvements. The Developer shall commence construction of the Improvements as provided in the City Ground Lease. Section 5.3 Completion of the Improvements. The Developer shall diligently prosecute to completion the construction of the Improvements as provided in the City Ground Lease. ARTICLE 6 INSURANCE REQUIREMENTS Section 6.1 Insurance Requirements. 144\105\105296.4 8