7.5 SR 06-17-2024 - Laserfiche WebLink

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TABLE OF CONTENTS Page ARTICLE I DEFINITIONS.............................................................................................................3 Section1.1 Definitions.......................................................................................................3 ARTICLE II REPRESENTATIONS, WARRANTIES AND COVENANTS.................................6 Section 2.1 Representations and Warranties of the City....................................................6 Section 2.2 Representations and Warranties of the Developer..........................................6 Section 2.3 Representations and Warranties of the Company...........................................7 ARTICLE III PROJECT AND FINANCIAL ASSISTANCE...........................................................9 Section 3.1 Construction of Project...................................................................................9 Section 3.2 Commencement and Completion of Construction..........................................9 Section 3.3 Construction Plans..........................................................................................9 Section 3.4 Conveyance Subject to Right of Re-entry....................................................10 Section 3.5 Certificate of Completion.............................................................................10 Section 3.6 Purchase Price Note......................................................................................I I Section 3.7 Agreement to Pay Note Pledged Tax Increment Shortfall ............................I I Section3.8 Energy Rebate...............................................................................................12 Section 3.9 Business Subsidy Agreement........................................................................12 Section 3.10 Developer to Pay City Fees and Expenses....................................................13 Section 3.11 Restrictions on Use in Economic Development TIF District .......................14 Section 3.12 Compliance with Environmental Requirements...........................................15 ARTICLE IV INSURANCE; ASSESSMENT AGREEMENT; TAXES........................................16 Section4.1 Insurance.......................................................................................................16 Section 4.2 Assessment Agreement.................................................................................17 Section 4.3 Right to Collect Delinquent Taxes................................................................18 ARTICLE V CHANGE IN USE OF PROJECT; PROHIBITIONS AGAINST ASSIGNMENT AND TRANSFER; INDEMNIFICATION.....................................19 Section 5.1 Change in Use of Project..............................................................................19 Section 5.2 Prohibition against Transfer of Property and Assignment of Agreement.....................................................................................................19 Section 5.3 Release and Indemnification Covenants.......................................................19 ARTICLE VI DEVELOPER AND COMPANY EVENTS OF DEFAULT....................................20 Section 6.1 Events of Default Defined............................................................................20 Section 6.2 Remedies on Default.....................................................................................20 Section 6.3 No Remedy Exclusive...................................................................................21 Section 6.4 No Implied Waiver.......................................................................................21 Section 6.5 Agreement to Pay Attorney's Fees and Expenses........................................21 ARTICLE VII ADDITIONAL PROVISIONS..................................................................................22 Section 7.1 Conflicts of Interest; City Representatives Not Individually Liable ............22 Section 7.2 Titles of Articles and Sections......................................................................22 Section 7.3 Notices and Demands...................................................................................22 Section7.4 Counterparts..................................................................................................22 Section7.5 Recording......................................................................................................22 Section7.6 Law Governing.............................................................................................23 Section 7.7 Conflicts of Interest.......................................................................................23 i EL185\77\951254.v6 Page 295 of 372