7.3 SR 03-01-2021 - Laserfiche WebLink

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ARTICLE III UNDERTAKINGS BY DEVELOPER AND CITY Section 3.1 Construction of Project and Reimbursement of Project Cost. (1) The costs of the Project shall be paid by the Developer or Sportech and none of such costs shall be paid by the City except as reimbursed as specifically provided in this Agreement. The Developer will construct the Project or cause the Project to be constructed in accordance with the approved construction plans and at all times prior to the termination of this Agreement will operate and maintain, preserve and 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) Upon submission to the City of paid invoices for costs of the Project in an amount not less than the Reimbursement Amount, the City shall reimburse the Developer for costs of the Project actually incurred in an amount not to exceed $362,880 (the "Reimbursement Amount") pursuant to the Tax Abatement Program as provided in Section 3.9. Section 3.2 Limitations on Undertaking of the City. Notwithstanding the provisions of Section 3.1, the City shall have no obligation to reimburse the Developer for the costs of the Project, 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. Subject to Unavoidable Delays, the Developer shall complete the Project or cause the Project to be completed by December 31, 2021. All work with respect to the Project to be constructed or provided by or on behalf of 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 procedures, rights or responsibilities under its zoning laws or construction permit processes and policies. Section 3.4 Damage and Destruction. In the event of damage or destruction of the Project the Developer shall repair or rebuild the Project or cause the Project to be repaired or rebuilt. Section 3.5 Change in Use of Project. The City's obligations pursuant to this Agreement shall be subject to the continued operation of the Project as a manufacturing facility by the Developer and Sportech. A failure to comply with this Section 3.5 shall be an Event of Default in accordance with Section 4.1 hereof. Section 3.6 Prohibition Against Transfer of Project and Assignment of Agreement. The Developer represents and agrees that prior to the termination date of this Agreement the 6 LL185\31\703544.v1