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• NOW, THEREFORE, the parties hereto agree as follows : <br /> 1 . Developer Obligations . <br /> Developer covenants and agrees as follows : <br /> - to acquire fee title to the Development Property; <br /> - to demolish and clear existing structures from <br /> the Development Property; <br /> - To develop and construct an 8, 900 gross square <br /> foot or larger office condominium building with a <br /> minimum market value of $565,000; and <br /> - to complete construction of the Project and <br /> obtain a Certificate of Occupancy for the office <br /> condominium building no later than January 1, <br /> 1995. <br /> 2 . City Obligations . <br /> City covenants and agrees to reimburse the Developer <br /> for: <br /> - the actual cost of demolition and removal of the <br /> • existing structures on the Development Property; <br /> and <br /> - the actual cost of site preparation of the <br /> Development Property for construction of the <br /> Project. <br /> 3 . Chuba Obligations . <br /> The obligation of Chuba under this Development <br /> Agreement shall be as guarantor of the performance of <br /> Developer. If Developer fails to perform pursuant to <br /> the terms of this Development Agreement, Chuba agrees <br /> that the City may pursue either Developer or Chuba <br /> individually, or both, to recover any sums due the <br /> City pursuant to this Development Agreement. <br /> 4 . Reimbursement Procedure. <br /> Developer will be reimbursed for its actual costs of <br /> demolition and site preparation, upon satisfaction of <br /> the following conditions : <br /> - Developer must complete demolition of the <br /> existing structures on the Development Property <br /> • and complete site preparation of the Development <br /> Property for the Project; <br />