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modifications, in which case, construction of the Project shall proceed on the basis of the Project
design previously approved by EDA, or (b) revise the proposed modifications in response to
EDA's objections, and resubmit such modifications to EDA for review and approval within thirty
(30) days after such notification from EDA.
Section 2.5. Construction Schedule.
(a) The Parties desire that the Project be Substantially Complete on or before the date
falling sixty (60) months after the later of (i) the Closing Date (as defined in the Purchase Contract)
or (ii) the date on which Design Approval is received by Developer and all necessary construction
permits have been issued by the City ("Permit Issuance") for the Project (such deadline for
Substantial Completion plus one day for each day of Unavoidable Delay that delayed Substantial
Completion of the Project, is referred to herein as, the "Outside Substantial Completion Date");
therefore, Developer shall commence construction on or before the later of the date that is twelve
(12) months following (y) the Closing Date and (z) the date of Permit Issuance (such date, plus
one day for each day of Unavoidable Delay that delayed the commencement of construction of the
Project, the "Construction Commencement Date"), and thereafter prosecute the construction
thereof on such schedule as is reasonably required to achieve this desired Substantial Completion
on or before the Outside Substantial Completion Date. Developer shall commence and diligently
prosecute all investigations, studies, applications, architectural and engineering work, negotiation,
letting and execution, as the case may be, of construction, demolition, and utility relocations or
abandonment, contracts or commitments, necessary or appropriate for the commencement of
construction. The Developer has provided EDA with a Development Timeline. Developer shall
provide a construction schedule for the Project to EDA prior to completion of design.
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