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12 <br />DOCSOPEN\MU205\50\716385.v4-4/22/21 <br />in whole or in part, by written notice by the EDA to the Developer, setting forth in detail the reasons <br />therefor. Such rejection shall be made within ten (10) days after receipt of the written notice of such <br />change from the Developer. <br /> <br /> Section 4.3. Commencement and Completion of Construction. Subject to Unavoidable <br />Delays, the Developer shall commence construction of the Minimum Improvements no later than one <br />year from the Date of Closing. Subject to Unavoidable Delays, the Developer shall have substantially <br />completed the construction of the Minimum Improvements no later than 18 months following <br />commencement of construction. All work with respect to the Minimum Improvements to be <br />constructed or provided by the Developer on the Development Property shall be in conformity with <br />the Construction Plans. The Developer shall make such reports to the EDA regarding construction of <br />the Minimum Improvements as the EDA deems necessary or helpful in order to monitor progress on <br />construction of the Minimum Improvements. <br /> <br /> Section 4.4. Certificate of Completion and Release of Forfeiture. (a) After substantial <br />completion of the Minimum Improvements in accordance with the Construction Plans and all terms <br />of this Agreement, the EDA will furnish the Developer with a Certificate of Completion and Release <br />of Forfeiture in the form of Exhibit C hereto. Such certification by the EDA shall be a conclusive <br />determination of satisfaction and termination of the agreements and covenants in this Agreement and <br />in the Development Property Deed with respect to the obligations of the Developer to construct the <br />Minimum Improvements and the dates for the beginning and completion thereof. The Certificate of <br />Completion and Release of Forfeiture may only be issued after issuance of a certificate of occupancy <br />by the City. <br /> <br /> (b) The Certificate of Completion and Release of Forfeiture provided for in this <br />Section 4.4 shall be in such form as will enable it to be recorded in the proper County office for the <br />recordation of deeds and other instruments pertaining to the Development Property. If the EDA shall <br />refuse or fail to provide such certification in accordance with the provisions of this Section 4.4, the <br />EDA shall, within thirty (30) days after written request by the Developer, provide the Developer with <br />a written statement, indicating in adequate detail in what respects the Developer has failed to complete <br />the Minimum Improvements in accordance with the provisions of the Agreement, or is otherwise in <br />default of a material term of this Agreement, and what measures or acts will be necessary, in the <br />opinion of the EDA, for the Developer to take or perform in order to obtain such certification. <br /> <br /> ARTICLE V <br /> <br /> Insurance <br /> <br /> Section 5.1. Required Insurance. The Developer agrees to provide and maintain at all times <br />during the process of constructing the Minimum Improvements and, from time to time at the request <br />of the EDA, furnish the EDA with proof of payment of premiums on: <br /> <br /> (i) Builder's risk insurance, written on the so-called “Builder's Risk -- Completed <br />Value Basis,” in an amount equal to one hundred percent (100%) of the insurable value of the <br />Minimum Improvements at the date of completion, and with coverage available in <br />nonreporting form on the so called “all risk” form of policy;