02/10/2020 BOARD OF SELECTMEN Agenda Packet

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2.4 Term of A reement. In the event that the Developer has not closed on its construction financing for development of the Project by February 28, 2023,*this Agreement shall automatically be extended for a period not to exceed ninety (90) days without notice; and,provided further, at the expiration of said ninety (90) day period, this Agreement may be extended by written notice of either, party until such date Developer closes on its construction financing, in such party's sole discretion. In the event Developer's construction financing is not obtained within the time periods set forth in this paragraph, this Agreement shall terminate, unless further extended by the parties. Article 3. Respective Res onsibinties of Parties. 3.1 Res onsibilities of Developer. All aspects of the development of the.Project as a financially feasible project shall be the sole responsibility of Developer, it being understood that Developer shall only be responsible for the construction and operation of the Project to the extent Developer timely receives all funding, permits and approvals contemplated,in the Proposal or this Agreement or otherwise necessary for the Praj ect. Specific Developer responsibilities include, without limitation,the following: (a) Developer shall provide 'Town on a timely basis with all information with regard to Developer's activities which Town reasonably requests. (b) Developer shall select, coordinate, direct and manage the Pro j ect development and construction teams identified in the Proposal. Upon request, Developer shall provide Town with copies of the contracts with the development and construction teams. (c) Developer shall apply for, secure, and enter into all necessary Project financing and subsidy arrangements. Developer shall keep Town informed of all applications for government assistance and public or private financing with respect to the Project and upon request shall provide Town with copies of formal submissions. (d) Developer shall obtain hazard and liability insurance.reasonably satisfactory to Town. (e) Developer shall use commercially reasonable efforts to adhere to the Project Development Schedule attached as Exhibit C. (f) Developer shall comply with all the Requirements (defined below), and shall obtain all necessary governmental consents and approvals, including a comprehensive permit pursuant to M.G.L. Ch. 40B, a building permit and other permits. (g) Developer shall prepare and carry out a marketing/lottery plan for the marketing of the dwelling units at the Project and submit the same to Town for review. (h) Developer shall manage and supervise the construction of the Project in accordance with the terms of the Ground Lease. (i) Developer shall pay to the Town a onetime capitalized $25,000.00 Ground Lease payment at the time of execution of the Ground Lease in accordance with the terms of the Ground Lease. 3.2 Responsibilities ,of Town. The following matters shall be the primary responsibility of Town: (a) Town shall promptly and without undue delay review any matter submitted to it for review or approval and advise Developer of its approval or denial, and(as appropriate) its reasons for denial. (b) Town shall provide reasonable support for the Project with local, state, and Federal agencies, lenders, and other applicable parties. Town shall provide reasonable assistance requested by Developer in obtaining licenses, approvals, clearances, the comprehensive permit and other permits, or other KH 557741.1 3