07-23-2003 Council Agenda - Laserfiche WebLink

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documents or any contractual restriction, evidence of indebtedness, agreement or instrument of whatever nature to which the Developer is now a party, or by which the Developer is bound, or constitutes a default under any of the foregoing. (g) The Developer would not undertake the Project but for the assistance provided by the EDA pursuant to this Agreement. 4.3. Opinion of Developer's Counsel. Contemporaneously with Developer's execution of this Agreement, Developer must deliver an opinion of Developer's counsel to the EDA in substantially the form attached as Exhibit F. 5. ACQUISITION OF THE MELLGREN PROPERTY AND PURCHASE AND SALE OF THE RUTZIK/CARDINAL /VENETIAN PROPERTY. 5.1. Acquisition of the Mellgren Property. Developer has entered into a contract for deed with the owner of the Mellgren Property for the acquisition of fee title to the Mellgren Property. The Developer must fully perform the Developer's obligations under the Contract for Deed and must acquire fee title to the Mellgren Property on or before June 30, 2004; provided, however, if the Developer is unable to acquire fee title to the Mellgren Property on or before June 30, 2004 as a result of the Mellgren Property owners' default in the performance of their obligations under the Contract for Deed and the Developer uses commercially reasonable efforts to promptly enforce the Contract for Deed, the date by which the Developer must acquire title is extended to December 31, 2005. 5.2. Purchase and Sale of the Rutzik/Cardinal /Venetian Property. Contemporaneously with the execution of this Agreement, the EDA and the Developer are executing a purchase agreement describing the terms and conditions upon which the EDA will sell the Rutzik/CardinalNenetian Property to the Developer and the Developer will purchase the Rutzik/Cardinal /Venetian Property from the EDA (the "Purchase Agreement "). If the EDA terminates the Purchase Agreement pursuant to Section 14(a) or Section 16(a) thereof or if the Developer terminates the Purchase Agreement pursuant to Section 14(b) or 16(b) thereof, this Agreement automatically terminates. 6. CONSTRUCTION OF THE MINIMUM IMPROVEMENTS. 6.1. Construction Plans. The EDA has approved the Construction Plans. The EDA's approval of Constriction Plans constitutes approval for the purposes of this Agreement only. The EDA's review and approval or disapproval of the Construction Plans pursuant to this Agreement is not intended to and does not satisfy any requirements of the City's ordinances and is not intended as a substitute for any plan review provided for therein. The EDA's approval of the Construction Plans does not relieve the Developer of any obligation to comply with the terms and provisions of this Agreement or the provisions of any applicable federal, state or local laws, ordinances or regulations. 6.2. Compliance with Governmental Regulations. The Developer must obtain, in a timely manner, all governmental approvals, licenses and permits required for the lawful construction of the Minimum Improvements on the Development Property 1450998v8