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., - <br />a <br />~... <br />determines that the Developer has not negotiated in good faith, the Good Faith Deposit <br />shall be forfeited to Tri-Met as agreed to and liquidated damages. <br />2. The selected Developer must progress diligently and expeditiously to <br />complete the negotiation of the DDA during the negotiation period. <br />3. During the negotiation period, the Developer and Committee will: <br />(a) Refine and finalize commitments made by the Developer in the Memo <br />of Understanding with regard to business terms, design, schedule and other aspects of <br />the Development Proposal. <br />(b) Negotiate with the Committee, in good faith, the terms of the DDA <br />between the Tri-Met and the Developer. The DDA is an agreement that details <br />contractual responsibilities of the Committee, Tri-Met and the Developer, the method <br />and terms of the land sale, approval of the design and all other terms and conditions of <br />the transaction. A general outiine of the DDA is attached as Exhibit A and, as a <br />minimum, will incorporate the following issues <br />• The Finalized Buiiding Concept <br />• Project schedule <br />• Assurances and security to guarantee performance <br />• The terms and conditions outlined in this Proposal, as applicable <br />• The terms and conditions agreed to as a result of negotiations <br />• Provisions for the Committee to review design drawings for compliance with <br />Design Review Commission approval and the Finalized Building Concept. <br />PROGRESS MEETINGS <br />The selected developer wiil meet with the Committee at least monthly during the period <br />of time between approval of the DDA and the completion of construction. The <br />developer will update the Committee on progress of the Project at these meetings, <br />including status of schedule, design, and sales. The intent of the Committee in these <br />meetings is to <br /> <br />. <br /> <br />assist the developer with any issues pertaining to City or neighborhood approval, <br />ensure compliance with and recommend action on any requested changes to the <br />business terms, design, schedule, or other terms of the DDA, and <br />review and approve design drawings for compliance with Design Review <br />Commission and the Finalized Building Concept negotiated in the DDA. <br />.=1 ppenc~ices' <br />Pn~~ .-1 <br />