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Construction Plans shall be deemed approved by the City unless rejected in writing within fifteen (15) days by the City with a written statement of the City's reasons for such rejection. Approval of Construction Plans hereunder is solely for purposes of this Agreement and shall not constitute approval for any other City purpose. Section 3.4 Development Covenants of the Developer. The Developer makes the following covenants: (1) The Developer shall cause the Project to be constructed in accordance with the terms of this Agreement, the Development Program, the PUD, the Construction Plans and all local, state and federal laws and regulations (including, but not limited to, environmental, zoning, energy conservation, building code and public health laws and regulations), and the Developer shall obtain all permits and licenses required by any federal, state, regional or local agency. (2) The Developer will cooperate with the City with respect to any litigation commenced with respect to the Project but only to the extent that the City and the Developer are not adverse parties to the litigation. (3) The Developer will cooperate with the City in resolution of any traffic, parking, trash removal or public safety problems which may arise in connection with the construction and operation of the Project. (4) The Developer shall commence construction of the Project no later than the date of this Agreement and barring Unavoidable Delays, shall substantially complete the Project by December 31, 2009. (5) The City's issuance of an occupancy permit shall be conclusive evidence that all Developer's obligations /covenants under this Agreement with respect to Sections 3.3, 3.40) and 3.4(4) have been satisfactorily fulfilled or satisfied. Section 3.5 Termination of Tax Increment District. The City will apply the Tax Increments, when and as available, to pay the principal of and interest on the Bonds at the earliest date authorized under the terms of the Bonds. The Developer may request a schedule of the debt service and call dates on the Bonds and a copy of the City's annual tax increment report filed with the Office of the State Auditor in order to monitor compliance with this provision. The Developer acknowledges that the Tax Increment District includes properties other than the Development Property and the City is not obligated to apply the tax increments derived from other properties in the Tax Increment District, as determined by the City, which have been received and retained by the City in accordance with the provisions of Minnesota Statutes, Section 469.177 to the payment of the Bonds. The City agrees that, so long as any portion of the Phase III Shortfall Note or the Guaranty Note remains outstanding, it will not terminate the Tax Increment District prior to its statutory term limit except as required by law or in connection with a termination of this Agreement as provided in Section 5.2. Section 3.6 Phase IV Public Improvements. To the extent legally authorized and otherwise available, the City will (a) apply for, with the assistance and cooperation of the Developer, grant funding available from the State for the construction of the Phase IV Public 2139197v6 Doc# 2561638 \9 13