7.0. EDSR 05-11-1998 - Laserfiche WebLink

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Sent by: DRB MINNEAPOLIS 6123405584; 05/07/98 12:56; Jew #801 ;Page 15139 • (c) Nothing in this Agreement shall be deemed to modify the City's normal construction permitting process as it applies to the Developer's plans for development, and the Developer shall in all respects be required to comply with such process. Section 4.3 commencement and Completion of Construction. Subject to Unavoidable Delays,Developer shall commence construction of the Minimum Improvements within sixty (60) days after approval of a building permit by the City. Subject to Unavoidable Delays, Developer shall complete the construction of the Minimum Improvements within five(5)months after commencement of construction. All work with respect to the Minimum Improvements to be constructed or provided by the Developer on the Development Property shall be in conformity with the Construction Plans, together with any changes approved by the Authority and any changes not requiring the Authority's approval, as submitted by the Developer and approved by the Authority. The Developer agrees for itself, its successors and assigns, and every successor in interest to the Development Property, or any part thereof, that the Developer, and its successors and assigns, shall promptly begin and diligently prosecute to completion the development of the Development Property through the construction of the Minimum Improvements thereon, and that such construction shall in any event be commenced and completed within the period specified in this Section 4,3 of this Agreement, subject to Unavoidable Delays and/or mutual agreement of the parties hereto. Until construction of the Minimum Improvements has been completed, the Developer shall make construction progress reports, at such times as may reasonably be requested by the Authority, but not • more than once a month, as to the actual progress of the Developer with respect to such construction. Upon substantial completion of the Minimum Improvements and upon request by the Developer, the Authority shall provide to the Developer a certificate in recordable form stating that the obligations of the Developer with respect to the construction of the Minimum Improvements under this Agreement have been satisfied. The Minimum Improvements shall be deemed to be completed when a certificate of occupancy has been issued by the City for the Minimum Improvements and the Developer has provided security or other assurances reasonably satisfactory to the Authority assuring that any remaining items, including, without limitation, landscaping, will be completed. ARTICLE V. Insurance an¢ ndemnation Section 5.1 Insurano. (a) The Developer will provide and maintain at all times during the process of constructing the Minimum Improvements and, from time to time at the request of the Authority, furnish the Authority with proof of payment of premiums on: (i) Builder's risk insurance, written on the so-called "Builder's Risk - • Completed Value Basis,"in an amount equal to one hundred percent (100%) of the insurable value of the Minimum Improvements at the date of completion, and with coverage available in nonreporting form on the so called"all risk" form of policy. The interest of the Authority Beck?548664.2 10