8.1 SR 05-17-2021 - Laserfiche WebLink

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Section 3.6. Commencement and Completion of Construction. Subject to the terms and conditions of this Agreement and to Unavoidable Delays, the Developer will commence construction of the Phase One Project by December 31, 2021 and shall substantially complete the Phase One Project by June 30, 2023. Subject to the terms and conditions of this Agreement and to Unavoidable Delays, the Developer will commence construction of the Phase Two Project by December 31, 2023 and shall substantially complete the Phase Two Project by June 30, 2024. The Project will be constructed by the Developer on the Development Property in conformity with the Construction Plans approved by the City. Prior to completion, upon the request of the City, and subject to applicable safety rules, the Developer will provide the City reasonable access to the Development Property. “Reasonable access” means at least one site inspection per week during regular business hours. During construction, marketing and rentals of the Project, the Developer will deliver progress reports to the City from time to time as reasonably requested by the City. Section 3.7. Certificate of Completion. The Developer shall notify the City when construction of each phase of the Project has been substantially completed. The City shall inspect each phase of the Project in order to determine whether the respective phase of the Project has been constructed in substantial conformity with the approved Construction Plans. If the City determines that the respective phase of the Project has not been constructed in substantial conformity with the approved Construction Plans, the City shall deliver a written statement to the Developer indicating in adequate detail the specific respects in which the respective phase of Project has not been constructed in substantial conformity with the approved Construction Plans and Developer shall have a reasonable period of time to remedy such deficiencies. The City shall re-inspect the respective phase of the Project within a reasonable period of time after receiving notice that such deficiencies have been remedied in order to determine whether the respective phase of the Project has been constructed in substantial conformity with the approved Construction Plans and this Agreement. Within a reasonable period of time after determining that the respective phase of the Project has been constructed in substantial conformity with the approved Construction Plans, the City will furnish to the Developer a Certificate of Completion substantially in the form attached hereto as Exhibit F certifying the completion of the respective phase of the Project. The Certificate of Completion issued for respective phase of the Project shall conclusively satisfy and terminate the agreements and covenants of the Developer in this Agreement solely with respect to construction of respective phase of the Project. The issuance of a Certificate of Completion under this Agreement shall not be construed to relieve the Developer of any approval required by any City department in connection with the construction, completion or occupancy of any phase of the Project nor shall it relieve the Developer of any other obligations under this Agreement. Section 3.8. Insurance. The Developer will provide and maintain or cause to be maintained at all times and, from time to time at the request of the City, furnish the City with proof of payment of premiums on insurance of amounts and coverages normally obtained for properties similar to the Project. Section 3.9. Encumbrance of the Development Property. Until the Termination Date, without the prior written consent of the City, neither the Developer nor any successor in interest to the Developer will engage in any financing or any other transaction creating any mortgage or other encumbrance or lien upon the Development Property, or portion thereof, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attach to the Development Property except for the purpose of obtaining funds only to the extent necessary for 12 EL185-50-718703.v2