Board Of Aldermen

month per space in the first (1) month and increasing to FIFTY AND NO/100 DOLLARS
($50) per month per space in the twenty-forth (24") month. The Garage
Lease will include a provision to lease the spaces referred to above for $50 per month
through the tenth (10) anniversary of the Project’s certificate of occupancy. After that
time, the lease will include a provision to allow the rate to be modified to a price not more
than that offered to other “wholesale” (20 permits or more) users of the Nashua parking

Bonds shall be supplied to City, and City shall be entitled to maintain a direct action against
the applicable surety/bonding company (and any other parties that may be necessary parties
to such an action). In the event of a default by Developer’s general contractor under its
construction contract, City shall be entitled to participate fully in any action against the
general contractor or the surety/bonding company and the Developer shall not agree to any
compromise or settlement of that action without City’s prior written consent, provided that

such additional time as may be reasonably required to cure the default, provided City
commences the cure within the initial thirty (30) day cure period and then diligently
prosecutes the cure to completion. If City is not able to cure the default during the
applicable cure period, then Developer will be entitled to pursue any remedy available at
law or equity, including the termination of this Agreement and claims for damages
resulting from the breach and termination(s).

2.9 City Improvements. City represents water and wastewater are available at
the Property boundary.

ARTICLE III: DEFAULTS

including regularly scheduled meetings in accordance with the construction schedule, to
update City on Developer's progress of the Project. Developer shall conduct scheduled
meetings on a monthly basis to keep City apprised of the progress of development of the
Project. The meetings shall include the Developer, City representatives and the specialty
consultants. Developer shall prepare and distribute detailed, accurate minutes for all such
meetings.

2.7 Development Standards.

Documents, is sufficient for its purposes under this Agreement. Developer shall have no
right to terminate this Agreement after the Closing for any condition of the Property as set
forth in the Property Documents.

b) Developer shall indemnify and hold harmless City from any and all claims
arising out of the negligent acts or omissions of Developer, its employees, agents,
contractors, or subcontractors in making the Inspections.

2.5 Project.
a) The Development Plan is subject to the City’s -land use and development

approval process.

independent of any obligations binding upon City or Developer pursuant to applicable laws
and ordinances. In no event will any approvals given by City pursuant to the terms of this
Agreement constitute the performance by City of any review or issuance of any permits,
approvals or licenses that it is obligated to conduct or consider pursuant to any law, or
ordinance or both. Nothing in this Agreement or any approvals or consents by City in
connection with this Agreement will in any way stop, limit or impair City from exercising

under this Agreement except any for any obligations that expressly survive the expiration
or other termination of this Agreement. In no event shall the Closing Date be after February
June 304, 2021.

Cc) Conditions Precedent for Closing by Developer:

(i) Issuance to Developer of all governmental permits and licenses
requisite for the construction of the Project in accordance with established procedures;

(i1) Approval by City of the Development Plan and Project Design
Drawings in accordance with established procedures;

1.11 The general benefits to be received by Developer from the implementation
of the Project include without limitation, integration of site plans, urban design elements
land uses, architecture, site engineering, landscape architecture, the pleasure of working
with Director Cummings and Attorney Leonard and mitigation measures over the Property;

1.5 Developer submitted its response to RFP on March 30, 2017 (the
Proposal”), and after being selected by the City has worked with the City to develop a
mutually agreeable Project concept.

1.6 Developer intends to develop the Project to comprise a 160,000 square foot
building comprising approximately 150 apartments and related improvements, all in one

single phase, and public parking.