Preferred Financing Structure. Developer shall use its reasonable and best efforts to apply for and secure an allocation of 9% Tax Credits for Phase I.
Preferred Financing Structure. Developer shall use its reasonable and best efforts to apply for and secure an allocation of 9% Tax Credits and additional gap financing for each Project pursuant to Title 4, California Code of Regulations Section 10323(c)(2). The parties acknowledge and agree that the specific financing for the Projects is not assured, and that the possible financing structures and varied funding sources and scenarios for each Project shall be pursued in the following order of preference and priority. In addition, the parties acknowledge and agree that due to the shared subterranean parking structure, the Projects must be constructed simultaneously; thus, any financing structure selected for the Projects must permit simultaneous closings, as well as simultaneous commencement and completion of construction, conversion to permanent financing and commencement of operations of each Project.
