Item A: Beam Development Purchase and Sale Agreement Terms

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13.4.1.4 Before commencing construction of the Project, Contractor shall provide Agency a written statement certifying that Beam, its contractors and subcontractors are exempt or have filed public works bonds as required under ORS 279C.836. 13.4.1.5 Beam shall retain twenty-five percent (25%) of any amount earned by any of its contractors until the certified statements of wage rates and payment on forms prescribed by the Bureau of Labor and Industries have been filed and shall thereafter pay a contractor within fourteen (14) days after the contractor verifies that proper certificates have been filed. Beam’s contractors shall retain twenty-five percent (25%) of any amount earned by a first tier subcontractor until the certified statements of wage rates and payment on forms prescribed by the Bureau have been filed. Each of Beam’s contractors shall verify that the first tier subcontractor has filed the certified statements before such contractor pays a subcontractor the amount retained, which shall be within fourteen (14) days after the first tier subcontractor files the certificates. 13.4.1.6 During construction of the Project, Beam or its contractors and subcontractors shall file certified statements with Agency regarding payment of prevailing wage rates in accordance with ORS 279C.845. 13.4.1.7 As used in this Agreement, the term “prevailing wage rate laws” means all state, federal and local statutes, regulations and ordinances, including 40 USC 3141 et seq. and ORS 279C.800 to ORS 279C.870. 13.5 P-CCB. To induce Seller to sell the Property to OSTLOSING OVENANTS OF UYER Buyer under the terms and conditions described herein, Buyer hereby makes the following representations and covenants, for the benefit of Seller: CC. 13.5.1Pursuant to ORS 457.230, the OMMENCEMENT OF ONSTRUCTION Parties have agreed that construction of the Project will commence on or before May 1, 2009, provided that Buyer may extend the commencement date for up to an additional thirty (30) days, if necessary due to events or circumstances beyond Buyer’s reasonable control, upon Buyer providing written notice of extension. Buyer’s written notice shall be provided to Agency on or before April 15, 2009 and shall state the reasons Buyer wishes to extent the commencement date. DCC; 13.5.1.1 EFINITION OF OMMENCEMENT OF ONSTRUCTION N. Construction will be deemed to commence on the date on which Buyer has (i) OTICE obtained building permits from the City, (ii) obtained construction financing, in an amount sufficient to complete redevelopment of the Project in accordance with this Agreement, on terms acceptable to Beam AND (iii) issued a notice to proceed to the general construction contractor for the Project pursuant to a binding contract for construction. Buyer shall provide written notice to Seller once Buyer determines it has commenced construction. The notice shall include copies of the building permits, construction loan commitments and the notice to proceed. Within two (2) days of receiving Buyer’s notice, Seller shall determine whether Seller agrees that construction Page 18 - PURCHASE AND SALE AGREEMENT – DRAFT #3 (20 May 2008)