Resolution 99-EDA118 - Laserfiche WebLink

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. . . Exhibit 1. Previously approved Section 7.5: 7.5. Prior to commencement of construction of the Minimum Improvements, the Developer agrees to furnish to the Authority a performance bond, certified check, certificate of deposit, irrevocable letter of credit, or cash escrow in the amount of 100% of the Minimum Improvements (the "Financial Guarantee"). The value of the Minimum Improvements is $181,250. Upon a breach by the Developer of this Agreement, and in addition to and notwithstanding any other remedy the Authority has under this Agreement or otherwise, the Authority may declare the Developer to be in default under this Agreement and, upon failure of the Developer to cure the default within 30 days of written notice, may demand the Financial Guarantee be paid over to the Authority. From the proceeds of the Financial Guarantee, the Authority shall be reimbursed for any attorneys' fees, engineering fees or other technical, administrative or professional assistance, and the remainder thereof shall be used by the Authority to complete the Minimum Improvements. The Developer shall be liable to the Authority in the event and to the extent that the Financial Guarantee is inadequate to reimburse the Authority for its costs and pay for the completion of the Minimum Improvements. Revised Section 7.5: 7.5. Prior to construction of thc Minimum Improvcmcnts, thc Dcveloper agrees to furnish to the Authority one of the following: (a) a performance bond, certified check, certificate of deposit, irrevocable lettcr of credit, or cash escrow in the amount of 100% of thc Minimum Improvements (the "Financial Guarantee," i.e., $181,250 in this instance) or (b) adequatc evidence of financing in an amount equivalent to the difference between the value of the Minimum Improvements ($181,250) and the Purchase Price of the Property ($47,250). Upon a breach by the Developer of this Agreement, and in addition to and notwithstanding any other remedy the Authority has under this Agreement or otherwise, the Authority may declare the Developer to be in default under this Agreement and, upon failure of the Developer to cure the default within 30 days of written notice, may demand that the Financial Guarantee, if any, be paid over to the Authority. From the proceeds of any such financial Guarantee, the Authority shall be reimbursed for any attorney's fees, engineering fees or other technical, administrative or professional assistance, and the remainder thercof shall be used by the Authority to complete the Minimum Improvements. Whether or not the Developer furnishes a financial Guarantee, the Developer shall be liable to the Authority for any costs that the Authority incurs in the event of a breach of this Agreement by the Developer, including but not limited to the cost of completing the Minimum Improvements.