5.1. SR 10-17-2005 - Laserfiche WebLink

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TABLE OF CONTENTS Pa2e ARTICLE I DEFINITIONS ............ .............. ....... .............. .................. ............. .............. ..... 3 Section 1.1 Definitions............................................................................................ 3 ARTICLE II REPRESENTATIONS AND WARRANTIES.............................................. 12 Section 2.1 Representations and Warranties of the City....................................... 12 Section 2.2 Representations and Warranties by the Developer ............................ 13 ARTICLE III CONVEYANCE OF Jackson Block Property............................................... 15 Section 3.1 Purchase and Sale of Jackson Block Property................................... 15 Section 3.2 As Is Conveyance ..............................................................................16 Section 3.3 Title Review Process...... ................... ........... .............. ........................ 16 Section 3.4 Purchase Price. ....... .......... ............ ............. ............ ........ ......... ............ 17 Section 3.5 Acquisition of the Bluff Block Property. ........................................... 17 Section 3.6 Contingencies to Closing on Jackson Block Property....................... 19 Section 3.7 Closing ......... ......... ....... ....... ........ ............... ......... ..... ....... .......... ......... 20 Section 3.8 Closing Costs ........ ......... ........ .... ... .... ...... ................. ............. ....... ...... 22 ARTICLE IV CONSTRUCTION OF MINIMUM IMPROVEMENTS ..............................23 Section 4.1 Construction Plans. ............................................................................23 Section 4.2 Construction of Minimum Improvements ......................................... 23 Section 4.3 Commencement and Completion of Construction............................. 24 Section 4.4 Effect of Delay.. ..... .... ........ ........ ....... ......... ..... ............. ........... ........... 25 Section 4.5 Compliance with Environmental Requirements ................................ 25 Section 4.6 Additional Responsibilities of the Developer ....................................25 Section 4.7 Certificate of Completion .................................................................. 26 ARTICLE V TAX INCREMENT ASSISTANCE; DEVELOPER PAyMENTS.............. 27 Section 5.1 Creation of Tax Increment District and Amendment of Tax Increment Financing Plan ....... ..... ..... ... ...... ....... .... ..... ............. ........... 27 Issuance of Tax Increment Revenue Note .........................................27 Reduction of Assistance...... ........ ............. ..... ............ ............. ............ 29 Review of Taxes .... .... ........ .... ....... ........ ... ...... ......... .... ... ... .............. ... 30 Use of Tax Increments ..... ........;... ..... ......... ......... ... ...... ..... ................. 31 Business Subsidy Act...... ............. ............. ...... ...... ..... ............. ........... 31 Developer Payments and Reimbursement ......................................... 32 Issuance of Tax Increment Revenue Refunding Bonds..................... 33 Issuance of Parking Lot Note................ ............... ............. ....... .......... 33 Section 5.2 Section 5.3 Section 5.4 Section 5.5 Section 5.6 Section 5.7 Section 5.8 Section 5.9 ARTICLE VI ENCUMBRANCE OF THE DEVELOPMENT PROPERTy.................. %3..5 Section 6.1 Encumbrance of the Development Property.................................. %3..5 Section 6.2 Copy of Notice of Default to Mortgagee ....................................... %3..5 Section 6.3 Mortgagee's Option to Cure Events of Default.............................. %3..5 Section 6.4 Defaults Under Mortgage .............................................................. %3..5 Section 6.5 Subordination of Agreement.......................................................... %3..5 I824344vRED V2 to VI; 10/12/05 1