Common use of Developer Responsibilities Clause in Contracts

Developer Responsibilities. The Developer, directly or through one or more affiliates and/or Owner Partnerships, shall initiate, coordinate, and carry out or contract for all design, financing, and construction activities in connection with the development, construction and completion of all New Improvements for each Approved Phase as further provided in and subject to the terms of this Agreement (and subject more particularly to delivery by the City to the Developer or appropriate Owner Partnership of a Development Site in Clean and Rough-Graded condition and approval and availability of City Funds for the subject Phase). The services and activities to be performed by Developer in its capacity as developer of a Rental Phase (the “Developer Services”) include the following (in each case subject to the recognition that (i) Developer Services described in this Agreement as belonging to the Developer may be performed or caused to be performed by the Developer, an Owner Partnership and/or an affiliate of the Developer, and (ii) services performed pursuant to a CDBG Agreement do not constitute Developer Services): (a) Developer shall be responsible for obtaining commitments for all sources of construction, gap and permanent financing needed for each Approved Phase, in accordance with the Phase Development Budget, other than City Funds. Each Phase Development Budget established at closing of a Phase shall be subject to the review and approval of the City; (b) Developer shall be responsible for applying for, obtaining and preserving through Closing allocations of Federal low-income housing tax credits, and for the tax and financial structuring of syndications thereof; (d) Developer shall be responsible for the design, engineering and implementation of all New Improvements with respect to each Approved Phase. (e) Developer shall be responsible for coordinating, directing and managing the progress of the Development in accordance with this Agreement. (f) Developer shall enter into a Small Disadvantaged Business Enterprise agreement and a Workforce Development Plan, both as approved by the City prior to or concurrently with the execution of this Agreement; and (g) At the Closing of each Rental Phase Developer will execute a guaranty of construction completion for the benefit of the City and will execute such further guarantees as may reasonably be required by the Investor and third-party lenders including, as applicable, construction completion, development deficit guarantees, operating deficit guarantees, tax credit recapture guaranties and environmental indemnities. Developer reserves the right to negotiate the terms of such guarantees with the Investor and such third-party lenders on a commercially reasonable basis.