04-28-25 - Council Meeting Agenda

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1. Specific Performance. Following an Event of Default, the City may in writing direct the surety or the Developer to cause the Improvements to be undertaken and completed within a specified reasonable time. If, subject to Force Majeure Delay, the Developer fails to cause the Improvements to be substantially completed within such specified reasonable time, the City may proceed to bring an action for specific performance to require substantial completion of any incomplete Improvements. 2. Completion by the City. Following an Event of Default, the City, after written notice, may enter the Property and proceed to have the Improvements completed either by contract, by day labor or by regular City forces. All such work shall be performed in a reasonable manner, such costs shall be reasonable, and the Improvements must be completed in a good and workman -like manner and in accordance with the Plans. Upon completion of such work, the Developer shall pay the City the full cost thereof as aforesaid within 30 days after receipt of an invoice, final unconditional lien waivers from all contractors and subcontractors, and reasonable supporting documentation of all such costs. 3. Deposit of Financial Guarantee. In the event the financial guarantee has been submitted in the form of a Letter of Credit, the City may, following an Event of Default, draw on the Letter of Credit the sum equal to the reasonably estimated cost of completing the Work, plus the City's reasonably estimated expenses as defined herein, including any other reasonable costs, expenses, and damages for which the surety may be liable hereunder, but not exceeding the amount set forth on the Letter of Credit. The money shall be deemed to be held by the City for the purpose of reimbursing the City for any reasonable costs incurred in completing the Improvements in accordance with the Plans and as specified in this Agreement. Any funds remaining after completion of the Improvements shall be promptly returned to the Developer. IX. OCCUPATION OF PREMISES. The Developer agrees that it will not cause to be occupied any portion of the building or Improvements to be constructed upon the Property until substantial completion of the building and Improvements as more fully described in the Plans and following issuance of a Certificate of Occupancy; provided, however, the City acknowledges and agrees that the stocking of product shall not constitute a violation of the foregoing. X. INSURANCE. Aldi Site Performance Agreement page 9 of 13