Common use of Project Development Clause in Contracts

Project Development. (a) Borrower shall at all times maintain and operate the Project and use its best efforts to market the individual development parcels within Project in accordance with the business plans, projections and plans and specifications provided to and approved by Administrative Agent. The Project will be a single family residential subdivision consisting of approximately 190 acres zoned for approximately 1,508 residential units. Regardless of whether Advances are available, Borrower shall pay all costs and expenses arising in connection with the management, operation, development and sale of the Project. The Improvements shall be constructed and developed in substantial conformity with the plans and specifications therefor, and in strict conformity with all applicable laws, rules and regulations of all Governmental Authorities and, except for certain off-site Improvements, shall be contained wholly within boundary lines of the Land and will not encroach on any other real estate, easements, building lines or setback requirements. The Improvements shall be completed free and clear of all defects, Liens and Encumbrances (except Permitted Exceptions), and Borrower shall cause all Improvements to be accepted and approved by the appropriate Governmental Authorities on or before the completion dates required pursuant to this Agreement. Within fifteen (15) days after Borrower receives notice or knowledge thereof, Borrower shall proceed with diligence to correct any material departure from applicable plans and specifications and any departure from applicable laws, rules and regulations of any Governmental Authority. The making of Advances shall not constitute a waiver of Administrative Agent’s right to require compliance with this covenant with respect to any such defect or departure from plans and specifications or applicable laws, rules and regulations. (b) Whether or not otherwise required pursuant to the Loan Documents, upon entering into any Purchase Contract, Borrower shall cause such Purchase Contract to be included in the property covered by the Security Agreement, Administrative Agent on behalf of the Banks shall have a first priority security interest in such Purchase Contract, as applicable, and Borrower shall execute and deliver such assignments, financing statements and other documents as Administrative Agent may reasonably require. (c) With respect to those portions of the Project which are to be “open space” or otherwise constitute streets and other common areas to be dedicated and transferred to homeowners’ associations or other Governmental Authorities, and are not otherwise included within the portions of the Project to be developed by Borrower, Borrower shall take such actions as may be necessary to cause such dedications to be made promptly and in accordance with applicable covenants, conditions and restrictions and laws, rules and regulations. Administrative Agent may, in its reasonable discretion, notify Borrower that such transfers and dedications are required by Administrative Agent, in which case Borrower shall cause such transfers and dedications to occur within thirty (30) days. (d) The Project shall be developed in substantial accordance with the master plans and site plans delivered to Banks prior to the date hereof and in accordance with all subsequent changes to such master plans and site plans approved by Administrative Agent.

Project Development. For each Qualified Project: (a) Borrower shall at all times maintain and operate the Project and use its best efforts to market the individual development parcels within Project in accordance with the business plans, projections and plans and specifications provided to and approved by Administrative Agent. The Project will be a single family residential subdivision consisting of approximately 190 acres zoned for approximately 1,508 residential unitseach Qualified Project. Regardless of whether Advances are available, Borrower shall pay all costs and expenses arising in connection with the management, operation, development and sale of the said Qualified Project. The Improvements for each Qualified Project shall be constructed and developed in substantial conformity with the plans Plans and specifications Specifications therefor, and in strict conformity with all applicable laws, rules and regulations of all Governmental Authorities and, except for certain off-site Improvements, with jurisdiction over said Qualified Project and shall be contained wholly within boundary the lot lines of the Land included within the Qualified Project and will not encroach on any other real estate, easements, building lines or setback requirements. The Improvements shall be completed free and clear of all defects, Liens and Encumbrances (except Permitted Exceptions), and Borrower shall cause all Improvements to be accepted and approved by the appropriate Governmental Authorities on or before the completion dates required pursuant to this Agreement. Within fifteen (15) days after Borrower receives notice or knowledge thereof, Borrower shall proceed with diligence to correct any material departure from applicable plans and specifications and any departure from applicable laws, rules and regulations of any Governmental AuthorityAuthority with jurisdiction over said Qualified Project. The making of Advances shall not constitute a waiver of Administrative AgentLender’s right to require compliance with this covenant with respect to any such defect or departure from plans and specifications or applicable laws, rules and regulations. (b) Whether or not otherwise required pursuant to the Loan Documents, upon entering into any Purchase Contract, Borrower shall cause such Purchase Contract to be included in the property covered by the Security Agreement, Administrative Agent on behalf of the Banks shall have a first priority security interest in such Purchase Contract, as applicable, and Borrower shall execute and deliver such assignments, financing statements and other documents as Administrative Agent may reasonably require. (c) With respect to those portions of the each Qualified Project which are to be “open space” or otherwise constitute streets and other common areas to be dedicated and transferred to homeowners’ associations or other Governmental AuthoritiesAuthorities with jurisdiction over said Qualified Project, and are not otherwise included within the portions of the Project Land to be developed by Borrower, Borrower shall take such actions as may be necessary to cause such dedications to be made promptly and in accordance with applicable covenants, conditions and restrictions and laws, rules and regulations. Administrative Agent Lender may, in at its reasonable discretionsole option, notify Borrower that such transfers and dedications are required by Administrative AgentLender, in which case Borrower shall cause such transfers and dedications to occur within thirty (30) days. . In the event that Borrower is not able to comply with the covenants set forth herein for a Qualified Project or portion thereof for a period of thirty (d30) The Project days following written notice from Lender (provided that if Borrower cannot reasonably cure such non-compliance within such thirty (30) day period, such thirty (30) day period shall be developed extended for a reasonable period not in substantial accordance with the master plans and site plans delivered to Banks prior to excess of ninety (90) days from the date hereof of Lender’s notice to cure such non-compliance provided that Borrower shall have commenced such cure within such thirty (30) day period and in accordance with all subsequent changes shall diligently thereafter proceed to effect such master plans and site plans approved by Administrative Agentcure), then said Qualified Project (or portion thereof, as the case may be) shall cease to be a part of the Borrowing Base until Borrower shall so comply.

Project Development. (a) Borrower shall at Except as set forth on Schedule 3.21, Development and Project LLC have submitted all times maintain and operate documentation required by the Transmission Provider to interconnect the Project to the transmission or distribution system of the Transmission Provider and use its best efforts to market has obtained all approvals required by the individual development parcels within Project in accordance with the business plans, projections and plans and specifications provided to and approved by Administrative Agent. The Project will be a single family residential subdivision consisting of approximately 190 acres zoned for approximately 1,508 residential units. Regardless of whether Advances are available, Borrower shall pay all costs and expenses arising Transmission Provider in connection with the management, operation, development and sale interconnection of the ProjectProject to the Transmission Provider’s transmission or distribution system. The Improvements shall be constructed All easements or rights-of-way necessary to interconnect the Project to the Transmission Provider have been obtained. Development has provided to the Investor a true and developed in substantial conformity with the plans complete copy of each such application, approval and specifications thereforrelated documents, and Project LLC is and will be in strict conformity compliance with all applicable laws, rules and regulations of all Governmental Authorities and, except for certain off-site Improvements, shall be contained wholly within boundary lines requirements of the Land and will not encroach on any other real estate, easements, building lines or setback requirements. The Improvements shall be completed free and clear of all defects, Liens and Encumbrances (except Permitted Exceptions), and Borrower shall cause all Improvements to be accepted and approved by the appropriate Governmental Authorities on or before the completion dates required pursuant to this Agreement. Within fifteen (15) days after Borrower receives notice or knowledge thereof, Borrower shall proceed with diligence to correct any material departure from applicable plans and specifications and any departure from applicable laws, rules and regulations of any Governmental Authority. The making of Advances shall not constitute a waiver of Administrative Agent’s right to require compliance with this covenant with respect to any such defect or departure from plans and specifications or applicable laws, rules and regulationsTransmission Provider. (b) Whether or not otherwise Except as set forth on Schedule 3.21, Development and Project LLC have submitted all documentation required pursuant by the Power Purchaser to make arrangements to deliver and sell to the Loan DocumentsPower Purchaser at the interconnection point any and all output of the Project and has entered into the Power Purchase Agreement with the Power Purchaser for the delivery and sale of such output, upon entering into any and Project LLC is in compliance with the terms and conditions of the Power Purchase ContractAgreement. All approvals and actions necessary to make such Power Purchase Agreement effective to enable Project LLC to commence delivery thereunder have been undertaken, Borrower shall cause such and there are no facts or circumstances that would be expected to result in non-compliance with the terms and conditions of the Power Purchase Contract to be included Agreement in the property covered by future. Development has provided to the Security Agreement, Administrative Agent on behalf Investor a true and complete copy of the Banks shall have a first priority security interest in such applicable Power Purchase Contract, as applicable, Agreement and Borrower shall execute any other related documentation and deliver such assignments, financing statements and other documents as Administrative Agent may reasonably requireagreements. (c) With Except as set forth on Schedule 3.21, Project LLC has completed and is in compliance with the requirements of the Rhode Island Public Utilities Commission with respect to those portions of the Project which are to be “open space” or otherwise constitute streets all filings and other common areas to be dedicated and transferred to homeowners’ associations or other Governmental Authorities, and are not otherwise included within the portions of the Project to be developed by Borrower, Borrower shall take such actions as may be necessary to cause such dedications approvals required to be made promptly and or obtained in accordance connection with applicable covenants, conditions and restrictions and laws, rules and regulations. Administrative Agent may, in its reasonable discretion, notify Borrower that such transfers and dedications are required by Administrative Agent, in which case Borrower shall cause such transfers and dedications to occur within thirty (30) daysthe Project. (d) The Except as set forth on Schedule 3.21, neither Development nor Project shall LLC has received written notice (or, to the Knowledge of Development, any oral notice) from the Power Purchaser, specific to the Project or otherwise, that such Power Purchaser has taken or has determined to take any action with respect to termination or impairment of any rights under any the Power Purchase Agreement, system impact or interconnection studies, system facilities agreements or other Contracts relating to interconnection of and purchase of power from the Project. Except as set forth on Schedule 3.21, Development and Project LLC, as applicable, have timely made all material deposits and other payments, and filed all reports and other information, required in order to maintain the Power Purchase Agreement, system impact or interconnection studies, system facilities agreement or any other Contract relating to interconnection of and purchase of power from the Project. (e) Development shall, following the Closing, cooperate with Project LLC in order to effectuate all further notices, filings and consents that may be developed required in substantial accordance connection with the master plans Power Purchase Agreement, requirements of the Rhode Island Public Utilities Commission (and site plans delivered to Banks prior all permits, approvals, authorizations and registrations therewith and related thereto), FERC or otherwise by the Transmission Provider or Power Purchaser with respect to the date hereof and in accordance with all subsequent changes change of control of the Project LLC, including taking such reasonable actions requested by the Investor to such master plans and site plans approved by Administrative Agentfacilitate or otherwise assist therewith.

Project Development. For each Qualified Project: (a) Borrower shall at all times maintain and operate the Project and use its best efforts to market the individual development parcels within Project in accordance with the business plans, projections and plans and specifications provided to and approved by Administrative Agent. The Project will be a single family residential subdivision consisting of approximately 190 acres zoned for approximately 1,508 residential unitseach Qualified Project. Regardless of whether Advances are available, Borrower shall pay all costs and expenses arising in connection with the management, operation, development and sale of the said Qualified Project. The Improvements for each Qualified Project shall be constructed and developed in substantial conformity with the plans Plans and specifications Specifications therefor, and in strict conformity with all applicable laws, rules and regulations of all Governmental Authorities and, except for certain off-site Improvements, with jurisdiction over said Qualified Project and shall be contained wholly within boundary the lot lines of the Land included within the Qualified Project and will not encroach on any other real estate, easements, building lines or setback requirements. The Improvements shall be completed free and clear of all defects, Liens and Encumbrances (except Permitted Exceptions), and Borrower shall cause all Improvements to be accepted and approved by the appropriate Governmental Authorities on or before the completion dates required pursuant to this Agreement. Within fifteen (15) days after Borrower receives notice or knowledge thereof, Borrower shall proceed with diligence to correct any material departure from applicable plans and specifications and any departure from applicable laws, rules and regulations of any Governmental AuthorityAuthority with jurisdiction over said Qualified Project. The making of Advances shall not constitute a waiver of Administrative AgentLender’s right to require compliance with this covenant with respect to any such defect or departure from plans and specifications or applicable laws, rules and regulations. (b) Whether or not otherwise required pursuant to the Loan Documents, upon entering into any Purchase Contract, Borrower shall cause such Purchase Contract to be included in the property covered by the Security Agreement, Administrative Agent on behalf of the Banks shall have a first priority security interest in such Purchase Contract, as applicable, and Borrower shall execute and deliver such assignments, financing statements and other documents as Administrative Agent may reasonably require. (c) With respect to those portions of the each Qualified Project which are to be “open space” or otherwise constitute streets and other common areas to be dedicated and transferred to homeowners’ associations or other Governmental AuthoritiesAuthorities with jurisdiction over said Qualified Project, and are not otherwise included within the portions of the Project Land to be developed by Borrower, Borrower shall take such actions as may be necessary to cause such dedications to be made promptly and in accordance with applicable covenants, conditions and restrictions and laws, rules and regulations. Administrative Agent Lender may, in at its reasonable discretionsole option, notify Borrower that such transfers and dedications are required by Administrative AgentLender, in which case Borrower shall cause such transfers and dedications to occur within thirty (30) days. . In the event that Borrower is not able to comply with the covenants set forth herein for a Qualified Project or portion thereof for a period of thirty (d30) The Project days following written notice from Lender (provided that if Borrower cannot reasonably cure such non-compliance within such thirty (30) day period, such thirty (30) day period shall be developed extended for a reasonable period not in substantial accordance with the master plans and site plans delivered to Banks prior to excess of ninety (90) days from the date hereof of Lender’s notice to cure such noncompliance provided that Borrower shall have commenced such cure within such thirty (30) day period and in accordance with all subsequent changes shall diligently thereafter proceed to effect such master plans and site plans approved by Administrative Agentcure), then said Qualified Project (or portion thereof, as the case may be) shall cease to be a part of the Borrowing Base until Borrower shall so comply.

Project Development. A. The Parties agree that the Lease is subject to a “Due Diligence Period” as provided in the Comprehensive Agreement prior to the Commencement Date. Tenant accepts the Property (a) Borrower subject to receipt of Governmental Authorizations and any other entitlements for the Project), except for Unforeseen Conditions as otherwise expressly provided in the Lease [NOTE: insert any items negotiated with City during Due Diligence Period]. Notwithstanding anything herein to the contrary, the Plans and Specifications are a condition precedent to the effectiveness of this Lease. The Plans and Specifications for the Project mean the final working drawings and specifications prepared according to Governmental Authorizations, and include without limitation: definitive architectural drawings; definitive foundation and structural drawings; definitive electrical and mechanical drawings including without limitation, plans for al lighting facilities affecting the exterior appearance of the buildings and structures; and final specifications. B. Except for activity required of Landlord to support development and related activities by ▇▇▇▇▇▇ and Landlord’s obligations expressly set forth in this Exhibit and the Lease, and subject to Tenant’s rights with respect to Unforeseen Conditions, Tenant shall at its cost and expense be responsible and liable for the management, supervision, and performance of all times maintain services relating to the development and operate construction of the Project Project, including the payment of all fees, costs and use its best efforts expenses incurred in connection with procuring Building Permits and any other Governmental Authorization required for the development and construction of the Project, and the arrangement and closing of all funding and financing necessary for the Demolition Work and Construction Work and for equipping and furnishing the Project, pursuant to market the individual development parcels within Project terms of this Exhibit and applicable Law, including any Change in accordance with Law. Tenant’s relief in the business plans, projections and plans and specifications provided to and approved by Administrative Agent. The Project event of any Change in Law will be a single family residential subdivision consisting mutually agreed upon extension of approximately 190 acres zoned time and deadlines for approximately 1,508 residential units. Regardless performance of whether Advances are availableaffected obligations, Borrower which shall pay all costs and expenses arising in connection be commensurate with the management, operationimpact of the Change in Law on the design, development and sale of the Project. The Improvements shall be constructed and developed in substantial conformity with the plans and specifications therefor, and in strict conformity with all applicable laws, rules and regulations of all Governmental Authorities and, except for certain off-site Improvements, shall be contained wholly within boundary lines of the Land and will not encroach on any other real estate, easements, building lines or setback requirements. The Improvements shall be completed free and clear of all defects, Liens and Encumbrances (except Permitted Exceptions), and Borrower shall cause all Improvements to be accepted and approved by the appropriate Governmental Authorities on or before the completion dates required pursuant to this Agreement. Within fifteen (15) days after Borrower receives notice or knowledge thereof, Borrower shall proceed with diligence to correct any material departure from applicable plans and specifications and any departure from applicable laws, rules and regulations of any Governmental Authority. The making of Advances shall not constitute a waiver of Administrative Agent’s right to require compliance with this covenant with respect to any such defect or departure from plans and specifications or applicable laws, rules and regulations. (b) Whether or not otherwise required pursuant to the Loan Documents, upon entering into any Purchase Contract, Borrower shall cause such Purchase Contract to be included in the property covered by the Security Agreement, Administrative Agent on behalf of the Banks shall have a first priority security interest in such Purchase Contract, as applicable, and Borrower shall execute and deliver such assignments, financing statements and other documents as Administrative Agent may reasonably require. (c) With respect to those portions and/or construction of the Project which are (as applicable) and the Parties agree to be “open space” or otherwise constitute streets and other common areas amend this Lease to be dedicated and transferred to homeowners’ associations or other Governmental Authorities, and are not otherwise included within the portions of the Project to be developed by Borrower, Borrower shall take such actions as may be necessary to cause such dedications to be made promptly and in accordance with applicable covenants, conditions and restrictions and laws, rules and regulations. Administrative Agent may, in its reasonable discretion, notify Borrower that such transfers and dedications are required by Administrative Agent, in which case Borrower shall cause such transfers and dedications to occur within thirty (30) days. (d) The Project shall be developed in substantial accordance comply with the master plans and site plans delivered to Banks prior to the date hereof and Change in accordance with all subsequent changes to such master plans and site plans approved by Administrative AgentLaw.

Project Development. For each Qualified Project: (a) Borrower shall at all times maintain and operate the Project and use its best efforts to market the individual development parcels within Project in accordance with the business plans, projections and plans and specifications provided to and approved by Administrative Agent. The Project will be a single family residential subdivision consisting of approximately 190 acres zoned for approximately 1,508 residential unitseach Qualified Project. Regardless of whether Advances are available, Borrower shall pay all costs and expenses arising in connection with the management, operation, development and sale of the each Qualified Project. The Improvements for each Qualified Project shall be constructed and developed in substantial conformity with the plans Plans and specifications Specifications therefor, and in strict conformity with all applicable laws, rules and regulations of all Governmental Authorities and, except for certain off-site Improvements, with jurisdiction over such Qualified Project and shall be contained wholly within boundary the lot lines of the Land included within the Qualified Project and will not encroach on any other real estate, easements, building lines or setback requirements. The Improvements shall be completed free and clear of all defects, Liens and Encumbrances (except Permitted Exceptions), and Borrower shall cause all Improvements to be accepted and approved by the appropriate Governmental Authorities on or before the completion dates required pursuant to this Agreement. Within fifteen (15) days after Borrower receives notice or knowledge thereof, Borrower shall proceed with diligence to correct any material departure from applicable plans and specifications and any departure from applicable laws, rules and regulations of any Governmental AuthorityAuthority with jurisdiction over such Qualified Project. The making of Advances shall not constitute a waiver of Administrative AgentLender’s right to require compliance with this covenant with respect to any such defect or departure from plans and specifications or applicable laws, rules and regulations. (b) Whether or not otherwise required pursuant to the Loan Documents, upon entering into any Purchase Contract, Borrower shall cause such Purchase Contract to be included in the property covered by the Security Agreement, Administrative Agent on behalf of the Banks shall have a first priority security interest in such Purchase Contract, as applicable, and Borrower shall execute and deliver such assignments, financing statements and other documents as Administrative Agent may reasonably require. (c) With respect to those portions of the each Qualified Project which are to be “open space” or otherwise constitute streets and other common areas to be dedicated and transferred to homeowners’ associations or other Governmental Authorities, Authorities with jurisdiction over such Qualified Project and are not otherwise included within the portions of the Project Land to be developed by Borrower, Borrower shall take such actions as may be necessary to cause such dedications to be made promptly and in accordance with applicable covenants, conditions and restrictions and laws, rules and regulations. Administrative Agent Lender may, in at its reasonable discretionsole option, notify Borrower that such transfers and dedications are required by Administrative AgentLender, in which case Borrower shall cause such transfers and dedications to occur within thirty (30) days. . In the event that Borrower is not able to comply with the covenants set forth herein for a Qualified Project or portion thereof for a period of thirty (d30) The Project days following written notice from Lender (provided that if Borrower cannot reasonably cure such non-compliance within such thirty (30) day period, such thirty (30) day period shall be developed extended for a reasonable period not in substantial accordance with the master plans and site plans delivered to Banks prior to excess of ninety (90) days from the date hereof of Lender’s notice to cure such non-compliance provided that Borrower shall have commenced such cure within such thirty (30) day period and in accordance with all subsequent changes shall diligently thereafter proceed to effect such master plans and site plans approved by Administrative Agentcure), then such Qualified Project (or portion thereof, as the case may be) shall cease to be a part of the Borrowing Base until Borrower shall so comply.

Project Development. For each Qualified Project: (a) Borrower shall at all times maintain and operate the Project and use its best efforts to market the individual development parcels within Project in accordance with the business plans, projections and plans and specifications provided to and approved by Administrative Agent. The Project will be a single family residential subdivision consisting of approximately 190 acres zoned for approximately 1,508 residential unitseach Qualified Project. Regardless of whether Advances are available, Borrower shall pay all costs and expenses arising in connection with the management, operation, development and sale of the said Qualified Project. The Improvements for each Qualified Project shall be constructed and developed in substantial conformity with the plans Plans and specifications Specifications therefor, and in strict conformity with all applicable laws, rules and regulations of all Governmental Authorities and, except for certain off-site Improvements, with jurisdiction over said Qualified Project and shall be contained wholly within boundary the lot lines of the Land included within the Qualified Project and will not encroach on any other real estate, easements, building lines or setback requirements. The Improvements shall be completed free and clear of all defects, Liens and Encumbrances (except Permitted Exceptions), and Borrower shall cause all Improvements to be accepted and approved by the appropriate Governmental Authorities on or before the completion dates required pursuant to this Agreement. Within fifteen (15) days after Borrower receives notice or knowledge thereof, Borrower shall proceed with diligence to correct any material departure from applicable plans and specifications and any departure from applicable laws, rules and regulations of any Governmental AuthorityAuthority with jurisdiction over said Qualified Project. The making of Advances shall not constitute a waiver of Administrative Agent’s Lender's right to require compliance with this covenant with respect to any such defect or departure from plans and specifications or applicable laws, rules and regulations. (b) Whether or not otherwise required pursuant to the Loan Documents, upon entering into any Purchase Contract, Borrower shall cause such Purchase Contract to be included in the property covered by the Security Agreement, Administrative Agent on behalf of the Banks shall have a first priority security interest in such Purchase Contract, as applicable, and Borrower shall execute and deliver such assignments, financing statements and other documents as Administrative Agent may reasonably require. (c) With respect to those portions of the each Qualified Project which are to be “open space” " or otherwise constitute streets and other common areas to be dedicated and transferred to homeowners’ ' associations or other Governmental AuthoritiesAuthorities with jurisdiction over said Qualified Project, and are not otherwise included within the portions of the Project Land to be developed by Borrower, Borrower shall take such actions as may be necessary to cause such dedications to be made promptly and in accordance with applicable covenants, conditions and restrictions and laws, rules and regulations. Administrative Agent Lender may, in at its reasonable discretionsole option, notify Borrower that such transfers and dedications are required by Administrative AgentLender, in which case Borrower shall cause such transfers and dedications to occur within thirty (30) days. (d) The Project shall be developed in substantial accordance . In the event that Borrower is not able to comply with the master plans and site plans delivered to Banks prior to the date hereof and in accordance with all subsequent changes to such master plans and site plans approved by Administrative Agent.covenants set forth herein for a Qualified Project or portion thereof for a period of thirty (30) days following

Project Development. (a) Borrower The Lessee shall be required to complete the construction of the project and its related services and facilities as per the project Development Milestones defined under Clause 6 and obtain Completion certificate b) The Lessee shall develop the project as per the Clause 6 and as per the concept plan of the project, approved by the authority, within the project Development milestones specified under clause 6 or such extended date as may be approved by the Authority. c) Entrust responsibility for Project management and construction to professionally competent Person d) The Lessee shall obtain permissions from Town and Country Planning Organization (TCPO), building permission, environmental clearances; e) Obtain all necessary Approvals from all the statutory authorities, and such other Approvals and permits as may be needed during the construction/operation of the Project; f) Comply with Applicable Laws and give priority to safety in its construction and planning activities in order to protect life, health, property and environment. g) Provide to the representative(s) of the NRDA, at all times maintain and operate any time access to the Project Land to review progress in construction and use operation of Project and to ascertain compliance with any of the requirement of this Agreement. h) Promptly carry out at its best efforts cost such further works as may be necessary to market remove any defects or deficiencies observed by the individual development parcels Steering Group and NRDA’s representative to ensure completion of construction of the Project in all respects in accordance with the provisions of this Agreement. i) Furnish operational information as and when requested for by NRDA, within a reasonable time j) Meet all the costs of operation, maintenance and repairs of the Project or any part thereof; as per the provisions of this agreement k) Maintain the Project in accordance with the business plans, projections and plans and specifications provided to and approved by Administrative Agent. The Project will be a single family residential subdivision consisting of approximately 190 acres zoned for approximately 1,508 residential units. Regardless of whether Advances are available, Borrower shall pay all costs and expenses arising in connection Good Industry Practice with the management, operation, development objective of providing adequate service standards and sale of the Project. The Improvements shall be constructed and developed in substantial conformity with the plans and specifications therefor, and in strict conformity with all applicable laws, rules and regulations of all Governmental Authorities and, except for certain off-site Improvements, shall be contained wholly within boundary lines of the Land and will not encroach on any other real estate, easements, building lines or setback requirements. The Improvements shall be completed free and clear of all defects, Liens and Encumbrances (except Permitted Exceptions), and Borrower shall cause all Improvements to be accepted and approved by the appropriate Governmental Authorities on or before the completion dates required pursuant to this Agreement. Within fifteen (15) days after Borrower receives notice or knowledge thereof, Borrower shall proceed with diligence to correct any material departure from applicable plans and specifications and any departure from applicable laws, rules and regulations of any Governmental Authority. The making of Advances shall not constitute a waiver of Administrative Agent’s right to require compliance with this covenant with respect to any such defect or departure from plans and specifications or applicable laws, rules and regulations. (b) Whether or not otherwise required pursuant to the Loan Documents, upon entering into any Purchase Contract, Borrower shall cause such Purchase Contract to be included in the property covered by the Security Agreement, Administrative Agent on behalf of the Banks shall have a first priority security interest in such Purchase Contract, as applicable, and Borrower shall execute and deliver such assignments, financing statements and other documents as Administrative Agent may reasonably require. (c) With respect to those portions of the Project which are to be “open space” or otherwise constitute streets and other common areas to be dedicated and transferred to homeowners’ associations or other Governmental Authorities, and are not otherwise included within the portions of ensuring that the Project to be developed by Borrower, Borrower shall take such actions as may be necessary to cause such dedications to be made promptly and in accordance with applicable covenants, conditions and restrictions and laws, rules and regulations. Administrative Agent may, in its reasonable discretion, notify Borrower that such transfers and dedications are required by Administrative Agent, in which case Borrower shall cause such transfers and dedications to occur within thirty (30) days. (d) The Project shall be developed in substantial accordance with the master plans and site plans delivered to Banks prior transferred to the date hereof NRDA/buyers/members upon expiry of the Development Period are in good condition, normal wear and in accordance with all subsequent changes to such master plans tear excepted; l) Pay taxes and site plans approved by Administrative Agent.duties as per applicable laws including GST