Extract to table

First, the GMP Contract must be finalized and acceptable to all parties in advance of the signing of the JV Agreement and Operating Agreement on January 12, 2026

Third, the initial equity funding and land closing are targeted for January 30, 2026, by which date the principal commercial terms of the GMP Contract must be settled

The insurance requirements and performance bond provisions must be reviewed for adequacy and must include naming requirements for all JV members and the Lender, as well as a dual obligee rider on the performance bond

As noted above, the GMP Contract procedures must be harmonized with the JV governance framework established under the Operating Agreement

Accordingly, the change order approval procedures in the GMP Contract must be harmonized with the JV governance framework

Because Owner-directed changes represent voluntary decisions by the JV, they must be carefully evaluated against the approved budget and the JV governance framework, including Prescott's major decision consent rights