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TERMS AND CONDITIONS NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants contained in this Agreement, the Parties agree as follows: 1. Improvements. Owner shall construct or have constructed at its own costs, expense, and liability the improvements described as Immediate Conditions in Exhibit "C" ("Immediate Conditions") prior to the issuance of a Business Occupancy Permit. In no event shall the construction of the Immediate Conditions described in Exhibit "C" commence later than April 17, 2009, unless the Parties mutually agree to amend this Agreement. In no event shall City issue Owner or a tenant of Owner a business occupancy permit other permit to use the Property until the Immediate Conditions are constructed and/or fulfilled to the satisfaction of the City. Owner shall construct or have constructed at its own costs, expense, and liability the Improvements described as Deferred Conditions in Exhibit "C" ("Deferred Conditions"). The Deferred Conditions described in Exhibit "C" shall be completed no later than three (3) years from the date of the issuance of the Business Occupancy Permit, unless the City agrees to extend the deferment period pursuant to Section 1.7 of this agreement. Owner shall perform at its own cost, expense, and liability the Ongoing Conditions described in Exhibit C. The owner is obligated to perform the Ongoing Conditions for the life of this agreement. The City Engineer shall notify Owner in writing to begin construction of the Improvements identified as Deferred Conditions. The City Engineer shall mail notice to the Owner and/or the current owner of the Property as shown on the latest adopted County assessment roll. The notice shall describe the Improvements to be completed by Owner, the time within which the construction of the Improvements shall begin and the time within which the Improvements must be completed. The City Engineer may require the installation of all or a portion of the Improvements. Owner agrees to begin and complete the construction of the Improvements identified as Deferred Conditions within the time specified in the notice given by the City Engineer and to notify the City at least forty-eight (48) hours before starting work. 1.1 Permits; Notices. Prior to commencing any work, Owner shall, at its sole cost, expense, and liability, obtain all necessary permits and licenses and give all necessary and incidental notices required for the lawful construction of the Improvements and performance of Owner's obligations under this Agreement. Owner shall conduct the work in full compliance with the regulations, rules, and other requirements contained in any permit or license issued to Owner. 1.2 Pre -approval of Plans and Specifications. Owner is prohibited from commencing work on the Improvements until all plans and specifications for such Improvements have been submitted to and approved by the City Engineer, or his or her designee. Approval by the City Engineer shall not relieve Owner from ensuring that all Improvements conform with all other requirements and standards set forth in this Agreement. Deferred Improvement Agreement Page 2 of 12 ORANGE\C WILKES\54393.2