10-25-01 6. DEVELOPMENT AGREEMENT

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ARTICLE IV. CONSTRUCTION OF IMPROVEMENTS Section 4.1 Construction of Improvements. The Developer agrees to construct the Improvements and complete the Project in accordance with the PUD Agreement on or prior to December 1, 2002. This covenant to construct the Improvements shall run with the land. When the Project is completed, as evidenced by a Certificate of Completion, the Development Property shall be released from the requirements of this Article IV and shall no longer be encumbered by the obligations imposed under this Article IV. Section 4.2 Building Plans. When the Developer completes the design for the Improvements, it may submit the plans and specifications to the City as part of its application for a building permit. If the proposed Improvements for that phase are substantially consistent with the definition of the Improvements set forth herein and the Developer has complied with all other applicable requirements for the issuance of a building permit, the permit shall be issued in accordance with standard City practices. The City shall not be required to provide a building permit or otherwise permit construction of any improvements on the Development Property if, in its reasonable judgment, such improvements would interfere with the ability of the Developer to complete the Improvements described herein within applicable land-use regulations. Any change in the approved plans for a phase which substantially alters the construction of the Improvements shall be subject to approval by the City. Section 4.3 Completion of Construction. All construction shall be in conformity with the plans. Periodically during construction, but at intervals of not less than 30 days, the Developer shall make reports in such detail as may reasonably be requested by the City concerning the actual progress of construction. Section 4.4 Certificate of Completion. Promptly after notification by the Developer of completion of the Improvements, the City shall inspect the construction to determine whether it has been completed in accordance with the terms of this Agreement. In the event that the City determines that the construction has been completed in accordance with the plans and applicable regulations, the City shall furnish the Developer with a Certificate of Completion in the form provided in Exhibit D. Such certification by the City shall be a conclusive determination of satisfaction and termination of the agreements and covenants in this Article IV with respect to the obligation of the Developer to construct the Improvements. The Certification of Completion provided for in this Section 4.4 shall be in recordable form. If the City shall refuse or fail to provide certification in accordance with the provisions 12