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iv. Developer shall complete construction of the Residential <br />Component no later than December') 1, 2023, as evidenced by (A) <br />delivery of certificates of occupancy for the "for rent" portion of <br />the Residential Component and (B) sufficient completion to permit <br />the issuance of a certificate of occupancy upon installation of <br />appliances and other finishes to be selected by the end purchaser <br />(as applicable "Substantial Completion — Residential "). In the <br />event that the Developer has not commenced construction of the <br />Residential Component on or before an agreed upon outside date <br />than the portion of the Project Site comprising the Residential <br />Component may be re- conveyed to the City on the terms and <br />subicet to the conditions set forth in the Development and Use <br />Agreement. <br />C. Developer will submit a detailed timeline and master schedule for Project <br />milestones for the City's review within 60 days after execution of this <br />letter, which timeline will be incorporated into the Development and Usc <br />Agreement. Such master schedule may be subject to amendment from <br />time to time as development of the Project progresses, without the City's <br />approval, except where the outside commencement date or outside <br />completion dates in Section 5(b) are changed, in which event the <br />Developer shall seek approval of the City not to be unreasonably <br />conditioned, withheld, or delayed. <br />d. The parties agree to revisit the outside completion dates set forth in this <br />Section 5(b) in the event the Development and Use Agreement is not <br />executed by both parties by July 1, 2018. <br />6. Community Engagement and Reporting Requirements. <br />a. Developer acknowledges that community engagement is a critical <br />component of the Project and will cooperate with the City during the <br />planning stages of the Project to gather and incorporate input from the <br />Lakewood community and will specifically engage with property and <br />business owners and organizations in the Downtown Lakewood district, as <br />well as residents on residential streets surrounding the Project Site. <br />b. Developer and the City will agree to a mutually acceptable schedule of <br />status updates and meetings throughout the design and construction of the <br />Project as well as a communication plan to be incorporated into the master <br />schedule. <br />Maintenance and Programming. <br />Developer will maintain the Project in a first class manner, consistent with the <br />operations and maintenance plan submitted in response to the RFP and other high <br />quality mixed use developments in Northeast Ohio, including necessary <br />4832- 1246a749.18 <br />