5.0. 6.0. 7.0. EDSR 07-12-1999 - Laserfiche WebLink

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FROM GRAY PLANT MOOT? MOOT? & BENNETT (#3) (FRI) 7. 9' 99 9:36/ST. 9:28/NO. 4261218754 P 17 Investors shall provide Authority with funds sufficient to do so upon five (5) days written • notice from Authority. (v) If Authority does acquire title to one or both of these parcels, Authority shall advise Associated Investors of the amount necessary to cover all of Authority's costs for acquiring the parcel, Associated Investors shall tender said amount to Authority within twenty (20) days, and Authority shall, upon receipt of said payment, transfer title to the parcel to Associated Investors. (vi) Failure of Associated Investors to accept title to the Mevisson or Warden parcel, and/or to reimburse Authority for all of its costs related to acquisition of the Mevisson and Warden parcels, shall be a default under the terms of this Redevelopment Agreement. (vii) Associated Investors further agrees to continue pursuing acquisition of these parcels throughout the eminent domain process. Section 3.4 Payment of Reimbursable Redevelopment Costs. Authority's Reimbursement of Redeveloper's Reimbursable Redevelopment Costs shall be by payment of an Initial Payment and issuance of the Note. (a) Initial Payment. The Initial Payment shall be in the amount of no more than $300,000, and shall be made within thirty (30) days of the date on which a Building Permit has • been issued for the Initial Improvements,provided: (i) No Event of Default shall have occurred and be continuing under this Agreement;and (ii) Redeveloper shall have provided to Authority evidence that it has paid land acquisition costs in an amount equal to or greater than the Initial Payment sought. (b) Issuance of Note. The Note shall be in an amount of no more than $2,511,000, and shall be in the form of Note attached to this Agreement as Exhibit B,with all blanks properly filled in and with the payment schedule attached thereto adjusted to take into account the actual date of issuance. The Note shall be issued within twenty (20) days after satisfaction of the following conditions precedent to issuance of the Note: (1) No Event of Default shall have occurred and be continuing under this Agreement; (ii) Redeveloper shall have provided to Authority evidence that it has paid land acquisition costs as described in Section 3.3(a)of this Agreement; (iii) Redeveloper shall have obtained all governmental approvals that must he obtained in order to permit construction and operation of the Initial Improvements; and S -13-