R2015-129 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT Pace Hospitality LLC

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"Substantial Completion or Substantially Complete" means complete construction of the shell and core, with finished interiors of common areas and, as to residential areas of each building, to the point of qualification for the issuance of certificates of occupancy pursuant to codes of the City, except for minor and ancillary alterations or additional work. ARTICLE II: DEVELOPMENT OF THE PROJECT 2.1 Development of the Project. The Redeveloper will utilize its best efforts to develop the Project in a manner that is compatible with this Agreement and Applicable Law. 2.2 Changes in Plans. Any substantial deviation from the Preliminary Plans will require City approval. 2.3 Final Site Plan. No later than the submission of the Construction Plans,the Redeveloper shall submit to the City a Final Site Plan if applicable. The City shall review the Final Site Plan for the purpose of determining compliance with the Preliminary Plans,this Redevelopment Agreement and Applicable Law. 2.4 Construction Plans. The Redeveloper shall submit to the City no later than forty-five(45) days prior to the commencement of construction the construction plans for each Phase of the Project(the "Construction Plans"). The City shall, within thirty(30)days from receipt, approve or disapprove the Construction Plans after reviewing said plans for compliance with Applicable Law, including but not limited to the life safety and zoning regulations, and conformance with the Preliminary Plans and Final Site Plan. If the City disapproves the Construction Plans,the Redeveloper shall submit revised plans within a reasonable time from the date of rejection. Upon resubmission,the City shall review and approve or disapprove such revised plans within ten(10) days of submittal. This process shall repeat until the plans are approved by the City. 2.5 Amended Construction Plans. Prior to completion of the Project if the Redeveloper desires to make any substantial change in the Construction Alans which significantly affects the appearance, function, or structural integrity of the project,the Redeveloper shall submit the proposed change to the City for its approval. If the Construction Plans, as modified by the proposed change, conform to the requirements of this Redevelopment Agreement, meet Applicable Law and do not create a fundamental change in the nature, size or aesthetics of the Project,the City shall approve the proposed change and notify the Redeveloper in writing of its approval. If the City disapproves of such change, it shall notify the Redeveloper in writing with specificity as to the reasons for the disapproval, in which event the Redeveloper may submit a revised change within a reasonable time thereafter. This process shall repeat until the revised plans are approved by the City or the change is abandoned by the Redeveloper. If such change is not so approved or rejected in writing within ten (10)working days of receipt of the submission to the City from the Redeveloper, such change will be deemed approved. City of Decatur/PACE HOSPTTALITY LLC 6