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01-04-1999 WS & CC
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01-04-1999 WS & CC
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6/14/2018 6:20:25 AM
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MV City Council
City Council Document Type
City Council Packets
Date
1/4/1999
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BRIGGS&MORGRN Fax:6512236645 Dec 11 '98 16:57 P. 14 <br /> (i) The City is entitled under Section 10.2 of this <br /> Agreement to exercise any of the remedies set forth therein <br /> as a result of an Event of Default; <br /> (ii) There has been, or there occurs, a substantial <br /> change for the worse in the financial resources and ability <br /> of the Developer, or a substantial decrease in the financing <br /> commitments secured by the 'Developer for construction of the <br /> Minimum Improvements, which change (s) makes it substantially <br /> more likely, in the reasonable judgment of the City, that <br /> the Developer will be unable to fulfill its covenants and <br /> obligations under this Agreement . <br /> Section 3 .5. Ad_acent Develo meat Property. <br /> (1) The Cit a rees to ac ire the Adjacent Development <br /> Property subject to the following conditions. <br /> (a) The cost of ac- irin- the AdiacentDevelopment <br /> Property and related expenses does not exceed 5550 000 and <br /> (b)4 The closin- of the ac- isition of the Adjacent <br /> Development Proflerty shall not occur until the Developer has <br /> acQuired all of the Development Pro erty. <br /> 121 The Cit shall cone the Ad'acent Develoment ProAerty <br /> to the Develo•er u-on sati-faction of the conditions set forth i <br /> Section 3 .6. Regional Storm Water Holding Pond. <br /> In the ev-nt the Cit determines to install a re-conal storm <br /> water holding pond the Developer, within 30 days of the re est <br /> of the City, shall convey to the Cit the land described in <br /> Exhibit F. <br /> • <br /> ,69316.Red <br /> V2 to VI; 12/11/98 10 <br />
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