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proceeds of TIF Notes upon receipt of the Notice of Acquisition or subsequent thereto. ARTICLE III. ACQUISITION OF THE PROPERTY; CONSTRUCTION OF REDEVELOPMENT PROJECT; CITY APPROVALS 3.1 Developer to Acquire the Property by Negotiation. Within 60 days of the execution of this Agreement, Developer shall commence reasonable efforts to acquire the Property by negotiated purchase, donation, option, or lease. Developer shall obtain all title commitments, inspections, tests, surveys and reports, hire and retain all experts, professionals, including attorneys or engineers, and staff~ and advance all Acquisition Costs as necessary to acquire the Property (subject to Developer's right to abandon the Redevelopment Project and terminate this Agreement as set forth in Paragraph 7.1 below). Developer shall have the right to encumber its interest in the Property upon acquisition with such mortgages, deeds of trust, notes or other liens which Developer deems necessary to aid the acquisition of the Property and Developer's advance of Acquisition Costs. All Property acquired by Developer shall be held in the name of Developer and shall be subjected to the terms, conditions and covenants contained herein and in the Redevelopment Plan immediately upon acquisition and prior to any encumbrances placed thereon. Subject to Developer's right to terminate under Paragraph 7.1 of this Agreement, Developer may obtain purchase options on each of the parcels comprising the Property, but shall not be required to take title to any parcel until Developer has enforceable option contracts or leases entitling Developer to acquire all of the Property necessary in the sole determination of Developer to effectuate the Redevelopment Project. 3.1.1 Notice of Acquisition. When Developer has acquired all of the Property necessary for the Redevelopment Project, Developer shall give the City a Notice of Acquisition, in the form of Exhibit D, attached to this Agreement and incorporated by reference. The Notice of Acquisition shall additionally serve as notice to the City that the City should proceed with the issuance of the TIF Notes in accordance with Article V of this Agreement. At the closing on the TIF Notes, Developer shall be reimbursed for Eligible Redevelopment Costs advanced by Developer through that date, subject to the maximum amounts provided in Articles IV and V of this Agreement. 3.2 Developer to Construct the Redevelopment Project. Within 60 days of the City's issuance of permits for construction, Developer shall initiate performance of the Work and shall complete or cause the completion of the Work within 18 - 7 - STL-535046