Agenda Packets - 1997/12/08 - Laserfiche WebLink

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DRAFT #1 • termination of the agreements and covenants in this Agreement with respect to the obligations of the Developer, and its successors and assigns, to construct the Minimum Improvements, as applicable, and the dates for the beginning and completion thereof. Such certification and such determination shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any Holder of a Mortgage, or any insurer of a Mortgage, securing money loaned to finance the Minimum Improvements, or any part thereof. (b) If the Authority shall refuse or fail to provide any certification in accordance with the provisions of this Section 20.4 of this Agreement, the Authority shall, within thirty (30) days after written request by the Developer,provide the Developer with a written statement, indicating in adequate detail in what respects the Developer has failed to complete the Minimum Improvements in accordance with the provisions of this Agreement, or is otherwise in default, and what measures or acts it will be necessary, in the opinion of the Authority, for the Developer to take or perform in order to obtain such certification. (c) The construction of the Minimum Improvements shall be deemed to be substantially completed when the Minimum Improvements have been approved for use by the responsible inspecting authority. 20.5. Reconstruction of Minimum Improvements. If the Minimum Improvements are damaged or destroyed before the Termination Date, the Developer agrees, for itself and its successors and assigns, to reconstruct the Minimum Improvements so that the Minimum Improvements and the Property have a value equal to the Minimum Market Value as set forth in and required by Section 20.1(e) of this Agreement. The Minimum Improvements shall be reconstructed in accordance with the Construction Plans, or with modifications approved by the Authority in accordance with Section 20.2 of this Agreement. 20.6. Property Taxes: Special Assessments. After closing on the Property, the Developer shall pay all real estate taxes and special assessments on the Minimum Improvements and the Property as they become due. The Developer shall not cause the Property to be removed from the public tax rolls or to become exempt from assessment for general real estate taxes by reason of any conveyance, lease, abatement, or other action prior to the Termination Date. 20.7. Survival of Agreement. The terms of this Section 20 shall survive closing. SJR133725 MU205-9 18