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04-26-2021 EDA
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04-26-2021 EDA
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4/23/2021 9:56:05 AM
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4/23/2021 9:55:41 AM
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MV EDA
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Packets
Date
4/26/2021
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11 <br />DOCSOPEN\MU205\50\716385.v4-4/22/21 <br /> <br /> Section 3.10. Early Start Agreement. The Developer and EDA acknowledge that the <br />Developer desires to utilize the Development Property prior to completion of the activities <br />contemplated by Section 3.8 of this Agreement and the closing for the Development Property <br />pursuant to this Agreement. The EDA is willing to allow the Developer’s utilization of the <br />Development Property as referenced herein upon the entering into of an Early Start Agreement <br />detailing the terms and conditions of the Developer’s utilization of the Development Property prior <br />to the closing of the Development Property pursuant to this Agreement. Such Early Start <br />Agreement shall be separately agreed to and approved by the EDA and Developer prior to any <br />activities of the Developer taking place on the Development Property. <br /> <br /> ARTICLE IV <br /> <br /> Construction of Minimum Improvements <br /> <br /> Section 4.1. Construction of Minimum Improvements. The Developer agrees that it will <br />construct the Minimum Improvements on the Development Property in accordance with the <br />Construction Plans and at all times prior to the Termination Date will maintain, preserve and keep the <br />Minimum Improvements or cause the Minimum Improvements to be maintained, preserved and kept <br />in good repair and condition. The Developer recognizes that it is because the Developer has agreed <br />to construct the Minimum Improvements that the EDA is willing to sell the Development Property to <br />the Developer. The Developer acknowledges that, in addition to the requirements of this Agreement, <br />construction of the Minimum Improvements will necessitate compliance with other reviews and <br />approvals by the EDA and other governmental agencies and agrees to submit all applications for and <br />pursue to their conclusion all other approvals needed prior to constructing the Minimum <br />Improvements. <br /> <br /> Section 4.2. Construction Plans. (a) Within 90 days after execution of this Agreement, the <br />Developer shall submit Construction Plans to the EDA. The Construction Plans shall provide for the <br />construction of the Minimum Improvements and shall be in substantial conformity with the Developer <br />Proposal and this Agreement. The EDA will approve the Construction Plans if they (1) conform to <br />the Developer Proposal contained in Exhibit B attached hereto; (2) conform to all applicable federal, <br />State and local laws, ordinances, rules and regulations; (3) are adequate to provide for the construction <br />of the Minimum Improvements; (4) conform to the State building code; and (5) if there has occurred <br />no uncured Event of Default on the part of the Developer. No approval by the EDA shall relieve the <br />Developer of the obligation to comply with the terms of this Agreement, the terms of any applicable <br />federal, State and local laws, ordinances, rules and regulations in the construction of the Minimum <br />Improvements. No approval by the EDA shall constitute a waiver of an Event of Default. <br /> <br /> (b) If the Developer desires to make any change in the Construction Plans after their <br />approval by the EDA, including any change to the design or materials of the Minimum Improvements <br />or any other change which would also require review or re-approval under any applicable code, <br />ordinance or regulation, the Developer shall submit the proposed change to the EDA for its approval. <br />If the proposed change conforms to the requirements of this Section 4.2 with respect to the original <br />Construction Plans or is otherwise acceptable to the EDA, the EDA shall approve the proposed <br />change. Such change in the Construction Plans shall be deemed approved by the EDA unless rejected,
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