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EXHIBIT B—SCHEDULE OF PERFORMANCE Developer, and Developer shall accept such conveyance. 6. Commencement of Construction Within six months following submission of Developer shall commence Evidence of Financing. construction of the Improvements no later than this date 7. Completion of Construction Developer Within thirty (30) months following shall complete the construction of the Commencement of Construction. Improvements no later than this date 8. Management Plan City is to review and No later than six (6) months before Completion approve the written Management Plan of Construction. for the Development C. Phase H 1. City's Acquisition of Pleasanton No later than sixty (60) days following Gardens Parcel Completion of Construction of Phase I. 2. Construction Plans Developer shall No later than sixteen (16) months following submit its Construction Plans to the Completion of Construction of Phase I. City for the City's review and approval. to the City for the City's review and approval. 1. Tax Credits Developer shall prepare an In the first application cycle after all public application to TCAC for the Tax financing is committed and Acquisition of Credits Pleasanton Gardens Parcel has occurred. If unsuccessful in first application, Developer shall submit twice annually until Tax Credit award is secured. 1. Evidence of Financing Developer shall Within four(4) years after Planning Approval submit evidence of equity capital and by the City with the ability to extend for an mortgage financing necessary for additional two (2) years provided Developer is development of Phase I. not in default under this Agreement. 2. Permits Developer shall obtain all Within one (1) year following submission of permits and approvals to construct the Financial Proforma for Phase II. Development, including a Planned Unit Development Permit and demolition building permits. 3. Opening of Escrow The City/and or No later than six (6) months following an Developer shall open escrow for the award of Tax Credits. conveyance of Phase II to Developer (or its assignee) 4. Close of Escrow The City shall convey No later than six (6) months following the leasehold title to the Phase II site to Opening of Escrow. Developer, and Developer shall accept such conveyance. 5. Commencement of Construction Within six months following submission of Developer shall commence Evidence of Financing.