5.2. SR 03-08-2004 - Laserfiche WebLink

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ARTICLE III UNDERTAKINGS BY DEVELOPER AND CITY Section 3.1 Construction of Project and Conveyance of Tax Abatement Property. (1) The costs of the construction of the Project shall be paid by the Developer. The Developer will construct the Project in accordance with the approved construction plans and at all times prior to the termination of this Agreement will operate and maintain, preserve auld keep the Project or cause the Project to be maintained, preserved and kept with the appurtenances and every part and parcel thereof, in good repair and condition. (2) The City shall convey the Tax Abatement Property to the Developer by quit claim deed for a purchase price of $1.00 simultaneously with the Developer's closing with the provider of financing sufficient to complete the construction of the Project provided the Developer has delivered an executed copy of this Agreement to the City and has obtained a building permit for the Project~ (3) If the Developer fails to substantially complete the Project by December 31, 2005, then the Developer shall, at its option, either (i) shall re-convey the Tax Abatement Property to the City by quit claim deed, or (ii) shall remit to the City the sum of $201,520, which is agreed upon by the parties hereto to represent the fair market value of the Tax Abatement Property, it being the intent of this Agreement that the conveyance or transfer of the Tax Abatement Property to the Developer shall be conditioned on the Developer's construction of the Project, and that upon the failure by the Developer to construct the Project, all the rights and interest in and to the Tax Abatement Property conveyed to the Developer, and that all rights and interests of the Developer, and any assigns or successors in interest to and in the Tax Abatement Property shall revert to the City, and the Developer shall be released from its obligations under this Agreement. Section 3.2 Limitations on Undertaking of the City. Notwithstanding the provisions of Sections 3.1, the City shall have no obligation to the Developer under this Agreement convey the Tax Abatement Property to the Developer, if the City, at the time or times such payment is to be made, is entitled under Section 4.2 to exercise any of the remedies set forth therein as a result of an Event of Default which has not been cured. Section 3.3 Commencement and Completion of Construction. The DeVeloper shall complete the Project by December 31, 2005. All work with respect to the Project to be constructed or provided by the Developer shall be in conformity with the construction plans as submitted by the Developer and approved by the City. Nothing in this Agreement shall be deemed to impair or limit any of the City's rights or responsibilities under its zoning laws or construction permit processes. Section 3.4 Damage and Destruction. In the event of damage or destruction of the Project the Developer shall repair or rebuild the Project. 1623869vl 5