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03-22-2021 EDA
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03-22-2021 EDA
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Last modified
5/20/2021 10:38:23 AM
Creation date
5/20/2021 10:37:27 AM
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MV EDA
EDA Document Type
Packets
Date
3/22/2021
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DRAFT NOT APPROVED <br />5 <br />MU205\52\637644.v5 <br />This Agreement is effective from the Effective Date until December 31, 2022. After such <br />date, neither party shall have any obligation hereunder except as expressly set forth to the contrary <br />herein. The parties may mutually extend the term of this Agreement for one (1) year, until <br />December 31, 2023, in writing and prior to December 31, 2022. <br />7. Costs; Escrow. <br />Developer shall be solely responsible for all costs incurred by Developer. In addition, upon <br />the full execution of this Agreement the Developer will pay the EDA an initial non-refundable <br />sum of $25,000.00 as reimbursement of its Administrative Costs (as defined below) for its <br />evaluation of the Developer’s proposal. For the purposes of this Agreement, the term <br />“Administrative Costs” means out of pocket costs incurred by EDA together with staff and <br />consultant (including engineering, legal, financial adviser, environmental advisor, planning <br />advisor, etc.) costs of EDA, all attributable to or incurred in connection with the review of the <br />development agreement or contracts (together with any other agreements entered into between the <br />parties hereto contemporaneously therewith) and review and approvals of any land use, zoning <br />and subdivision applications for the Property, the negotiation and preparation of this Agreement, <br />and other documents and agreements in connection with the Development, excluding Studies that <br />result in the Administrative Costs exceeding the initial $25,000.00 deposit, unless such excess <br />costs are approved by the Developer as provided below. Developer acknowledges that the <br />Developer’s proposal will require review by and/or consultation with the EDA’s financial advisors, <br />engineers, legal advisors, and other advisors or consultants and staff. Additionally, the EDA may <br />incur expenses of advisors, consultants and staff related to the preparation of the development <br />agreement for said Development. If at any time after full execution and acceptance of this <br />Agreement, the EDA determines that the amount deposited by Developer will be insufficient to <br />pay the EDA’s fees and expenses listed above, the EDA may notify the Developer in writing as to <br />any additional amount required to be deposited. The Developer must deposit such additional funds <br />within 10 business days after receipt of the EDA’s notice. Any additional funds beyond the initial <br />non-refundable $25,000 deposited by Developer and not expended by the EDA for its <br />Administrative Costs will be returned to the Developer on the Closing Date. Any public subsidies <br />applied for by the Developer will require separate application fees and deposits from the fees stated <br />in this Agreement as it pertains to the appropriate public subsidy application. The foregoing funds <br />will not be credited towards the purchase price or returned if the transaction does not close. This <br />Section 7 shall survive termination of this Agreement and shall be binding on the Developer and <br />the EDA regardless of the enforceability of any other provision of this Agreement. <br />8. Termination. <br />This Agreement may be terminated if Developer ceases to negotiate in good faith with the <br />EDA, and such failure to negotiate in good faith is not cured after 30 days written notice of such <br />failure by EDA to Developer. <br />9. Sole Developer. <br />The Developer is designated as sole developer and shall have exclusive rights of the <br />Development of the Property through the entire term of this Agreement. The EDA agrees not to <br />market the Property or to make, accept, negotiate, or otherwise pursue any other offers for sale or
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