Proposed Development Impact Project Plan for 125 Summer Street

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The giving of such notice shall constitute instruction to the escrowee pursuant to the Escrow Agreement to refrain from any further release of amounts held pursuant to the Escrow Agreement, including any undisbursed interest earned on the sums held thereunder, to the Partnership. Such events shall be: (i) the Final Zoning Approval Date not having occurred within four months after the date of formation of the Partnership, the Class B Limited Partner hereby agreeing to use reasonable efforts to c...ause such date to occur within such period.
(ii) the failure or refusal of the Authority to grant tentative designation to the Partnership as the redeveloper of disposition parcel R-1 in the South Cove Urban Renewal Area, or of such other parcel in such Urban Renewal Area or adjacent area as the Authority and the General Partner(s) shall determine to be a feasible location for the proposed Affordable Housing Project, within one year after the Final Permit Date; (iii) the failure or inability of the Partnership to obtain a commitment for construction mortgage financing of the Affordable Housing Project within eighteen months after the Final Permit Date; or (iv) the failure of the Partnership to close the construction mortgage financing for and commence construction of the Affordable Housing Project within two years after the Final Permit Date.


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