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Page 10 <br />Term Sheet for Lakewood Downtown Development <br />March 23, 2022 <br />C. Stormwater quality improvements that implement best practice strategies above and <br />beyond the minimum requirements established by local and State regulations; <br />d. Energy and water efficiency technologies within the building systems that support reduced <br />energy and water consumption; and <br />e. In accordance with the City's tree canopy goals, enhance / increase the tree canopy of the <br />site from the previous condition that existed prior to demolition. <br />6. Timing Requirements. Developer shall provide a construction schedule as soon as reasonably <br />feasible. <br />b. Developer anticipates commencing construction of the Project as soon as feasibly possible <br />and no later than three (3) months after its acceptance of a deed for the Property and <br />anticipates completing construction of the entire Project not later than forty-eight (48) <br />months after the expiration of the Due Diligence Period, subject to "Uncontrollable <br />Delays" (the definition for which shall include customary force maj eure concepts, permit <br />delays of no longer than 180 days and other mutually agreed upon permissible delays in <br />the Development Agreement), as evidenced by delivery of Certificates of Occupancy for <br />each component of the Project. <br />C. Notwithstanding the anticipated schedule reflected in Section 5(a) above, and subject to <br />Uncontrollable Delays, in all events: <br />i. Developer shall complete construction of the office, retail/ commercial <br />components of the Project, including renovation of the Curtis Block, no later than <br />December 31, 2024, as evidenced by a certificate of completion executed by <br />Developer's architect and evidence that such components of the Project have <br />received all applicable City approvals necessary to obtain a Certificate of <br />Occupancy upon completion of any tenant -specific work ("Substantial Completion <br />- Commercial"); <br />ii. Developer shall complete construction of the Community Space and structured <br />parking components of the Project no later than December 31, 2024, as evidenced <br />by sufficient completion to make such components ready for public use <br />("Substantial Completion —Public Components"); <br />Developer shall complete construction of the Residential Component no later than <br />December 31, 2025, as evidenced by: <br />(A) Delivery of Certificates of Occupancy for the "for rent" portion of the <br />Residential Component; and <br />(B) For any "for sale" units, sufficient completion to permit the issuance of a <br />Certificate of Occupancy upon installation of appliances and other finishes <br />to be selected by the end purchaser (as applicable "Substantial Completion <br />— Residential"). <br />17439155v7 <br />