4.2. SR 11-22-1993 - Laserfiche WebLink

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e NOW, THEREFORE, the parties hereto agree as follows: 1. Developer Obliqations. Developer covenants and agrees as follows: to acquire fee title to the Development Property; to demolish and clear existing structures from the Development Property; To develop and construct an 8,900 gross square foot or larger office condominium building with a minimum market value of $565,000; and to complete construction of the Project and obtain a Certificate of Occupancy for the office condominium building no later than January 1, 1995. 2. City Obliqations. City covenants and agrees to reimburse the Developer for: e the actual cost of demolition and removal of the existing structures on the Development Property; and the actual cost of site preparation of the Development Property for construction of the Project. 3. Chuba Obligations. The obligation of Chuba under this Development Agreement shall be as guarantor of the performance of Developer. If Developer fails to perform pursuant to the terms of this Development Agreement, Chuba agrees that the City may pursue either Developer or Chuba individually, or both, to recover any sums due the City pursuant to this Development Agreement. 4. Reimbursement Procedure. Developer will be reimbursed for its actual costs of demolition and site preparation, upon satisfaction of the following conditions: e Developer must complete demolition of the existing structures on the Development Property and complete site preparation of the Development Property for the Project;