7.1 SR 10-05-2020 - Laserfiche WebLink

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TABLE OF CONTENTS ARTICLE I DEFINITIONS...................................................................................................... 2 Section 1.1 Definitions.............................................................................................. 2 ARTICLE II REPRESENTATIONS AND WARRANTIES...................................................... 5 Section 2.1 Representations and Warranties of the City ............................................. 5 Section 2.2 Representations and Warranties of the Developer ................................... 5 ARTICLE III UNDERTAKINGS BY DEVELOPER AND CITY ............................................ 7 Section 3.1 Costs of the Project................................................................................. 7 Section 3.2 Reimbursement: TIF Note...................................................................... 7 Section 3.3 Effect of Delay....................................................................................... 8 Section 3.4 Business Subsidy Law............................................................................ 9 Section 3.5 Real Property Taxes............................................................................. 10 Section3.6 ............................................................................................................. 10 Section 3.7 Change in Use of Minimum Improvements ........................................... 10 Section 3.8 Legal and Administrative Expenses...................................................... 11 Section 3.9 Compliance with Environmental Requirements...................................101 Section 3.10 Right to Collect Delinquent Taxes.......................................................102 ARTICLE IV PROJECT COVENANTS................................................................................. 13 Section 4.1 Construction and Completion of Improvements by the Developer......... 13 Section 4.2 Certificate of Completion..................................................................... 13 Section4.3 Insurance.............................................................................................. 14 Section 4.4 Condemnation, Damage or Destruction ................................................ 15 ARTICLE V PROHIBITS AGAINST ASSIGNMENT AND TRANSFER ............................. 13 Section 5.1 Transfer of Substantially All Assets ...................................................... 17 Section 5.2 Prohibition Against Transfer of Property and Assignment of TIF Note..................................................................................................... 17 ARTICLE VI EVENTS OF DEFAULT.................................................................................. 19 Section 6.1 Events of Default Defined.................................................................... 19 Section 6.2 Remedies on Default............................................................................ 20 Section 6.3 No Remedy Exclusive.......................................................................... 20 Section 6.4 No Implied Waiver............................................................................... 20 Section 6.5 Agreement to Pay Attorney's Fees and Expenses .................................. 20 Section 6.6 Indemnification of City......................................................................... 20 ARTICLE VII ADDITIONAL PROVISIONS........................................................................ 22 Section 7.1 Conflicts of Interest.............................................................................. 22 Section 7.2 Titles of Articles and Sections.............................................................. 22 Section 7.3 Notices and Demands........................................................................... 22 Section7.4 Counterparts......................................................................................... 22 Section 7.5 Law Governing..................................................................................... 22 Section7.6 Expiration............................................................................................. 22 Section 7.7 Provisions Surviving Rescission or Expiration ...................................... 23 Section7.8 Amendment.......................................................................................... 23 LL185\61\675612.v1