Redeveloper’s Representation. The Redeveloper represents that it shall remain the owner of record of the Property throughout the development of the Project and construction of same, subject to its right of Transfer in accordance with Section 8.1 hereof and the terms of the Redevelopment Agreement. The Redeveloper represents that a construction firm related to the Redeveloper as of the date hereof may be contracted to undertake the construction of the Project. The Redeveloper also represents that prior to or after completion of the Project, as evidenced by the issuance of all Certificates of Occupancy and recording of the Certificate of Completion in substantially the form provided in Exhibit D of the Redevelopment Agreement, it may transfer membership interests in the Redeveloper in their entirety to new investor member(s). It further represents that the Redeveloper will execute a lease for the entire Property with another company, as tenant, which will be related to RH, a Delaware corporation, as constituted as of the Effective Date which lease shall be for a term of not less than 20 years, with two five-year options to renew the lease. Each option period shall include 8.5% increases over the prior five year period in the Annual Gross Revenue. The Redeveloper represents and covenants that upon completion, the Project, including the Property and Improvements, shall be used, managed and operated for the purposes set forth in the Application and in accordance with the Redevelopment Plan and Applicable Law. The Redeveloper represents and agrees that there will be no retail sales to the general public which will take place at the Project until the ASC Commencement Date.
