Agenda Packets - 1987/12/14 - Laserfiche WebLink

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(b) The certificate provided for in this Section 4.4 of this Agreement shall be in such form as will enable It to be recorded in the proper office for the recordation of deeds and other instruments pertaining to the Redevelopment Property. If the City shall refuse or fall to provide any certification in accordance with the provisions of this Section 4.4 of this Agreement, the City shall, within thirty (30) days after written request by the Redeveloper, provide the Redeveloper with a written statement, indicating in adequate detail in what respects the Redeveloper has failed to complete the Minimum improvements In accordance with the provisions of the Agreement, or is otherwise in default, and what measures or acts It will be necessary, In the opinion of the City, for the Redeveloper to take or perform in order to obtain such certification. (c) The construction of the Minimum improvements on a Parcel shell be deemed to be completed when such improvements are substantially completed, as determined by the City In the exercise of Ito reasonable discretion. Section 4.5. Development Letter of Credit. (a) Prior to the issuance by the City of the Bonds the Redeveloper shell provide to the City can irrevocable bank letter of credit, substantially in the form of Schedule F attached hereto and satisfactory to the City, in an amount equal to the City's costs and expenses incurred in connection with the Issuance of the Bonds. This letter of credit and any other letter of credit provided pursuant to this Section 4.5 of this Agreement shall be referred to as the "Development Letter of Credit" b- .sil.bl f Any Deveiopmeni Leifer of Credit shall, payments to the City pursuant to any demand for payment by the City until the earlier of: (1) completion of construction of the Minimum improvements and delivery of the final Certificate of Completion pursuant to Seelion 4.4 of this Agreement; or (if) delivery to the City of the Guarantee Letter of Credit pursuant to Section 6.1(b). Any Development Letter of Credit may have an expiration date at least one year from the date when the City receives the Developnent Letter of Credit; provided, however, that in the event the Redeveloper has not completed the construction of the Minimum Improvements and received the Certificate of Completion thirty-five (35) days prior to the expiration date of the Development Letter of Credit, then the Redeveloper shall provide a substitute Development Letter of Credit to the City, in the same form and in the same amount, with an expiration date of at least one year from the expiration date of the orior Development Letter of Credit. Upon tender by the Redeveloper of the substitute Development Letter of Credit, the City will exchange the prior Development Letter of Credit for such substitute. (b) The Development Letter of Credit shall provide that (1) in the event the Redeveloper. (A) falls to submit a substitute Development Letter of Credit to the City In a timely and satisfactory manner as required by Section 4.6(a) of this Agreement or fails to deliver the Guarantee Letter of Credit as required pursuant to Section 6.1 of this Agreement; (B) fails to submit Construction Plans tc the City pursuant to Section 4.2 of this Agreement which are approved by the City; (C) falls to submit satisfactory evidence of financing sufficient to construct the Minimum Improvements pursuant to Article VII of this Agreement; (D) subject to Unavoidable Delays fails to commence construction of the Minimum improvements In a timely manner or in conformity with the Construction Plans pursuant to Article IV of this Agreement; or (E) subject to Unavoidable Delays fails to complete construction of the Minimum Improvements In a timely manner or In 20