CC PACKET 08222000 - Laserfiche WebLink

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54 • this Agreement is prevented by, limited by, conflicts with, or results in a breach of, any restriction, agreement or instrument to which Redeveloper is now a party or by which he is bound. (e) The Redeveloper(i) is not in default in the payment of the principal of or interest on any indebtedness for borrowed money;or(ii) is not in default under any instrument or agreement under and subject to which any indebtedness for borrowed money has been issued. (f) The Redeveloper would not undertake the Project but for the tax increment financing assistance being provided by the HRA hereunder. (g) Redeveloper has no knowledge or information that any member of the governing body of the City or HRA or any other officer of the City and HRA has any direct or indirect financial interest in the Redeveloper, the Redevelopment Property or the Project. ARTICLE 3 Use of Redevelopment Property; Restrictions, Eminent Domain Section 3.1 Use. Redeveloper's use of the Redevelopment Property shall be subject to and in compliance with all of the conditions, covenants, restrictions and limitations imposed by this Agreement, the Restrictions and all applicable laws, ordinances and regulations. Section 3.2 Declaration of Restrictions. Redeveloper shall prepare, execute, and record on the title to the Redevelopment Property a Declaration of Restrictive Covenants, in form approved by the HRA, which includes the Restrictions set forth on Exhibit B, and shall cause each existing Mortgagee to execute an appropriate instrument in form satisfactory to the HRA consenting to and agreeing to be bound by the Restrictions in the event it becomes a record owner of all or a part of the Redevelopment Property. Section 3.3 Acquisition of Parcels, Eminent Domain. The Redeveloper will attempt to obtain the consent of the lessee under the Lease to the Project, as required by the Lease, or to cancel or terminate the Lease. If Redeveloper is unsuccessful in its attempt,to obtain such consent or to cancel or terminate the Lease, then the HRA, to the extent permitted by law, will acquire any right, title, interest or estate in the Lease necessary in order to construct the Project,that the Redeveloper is not able to acquire; provided, however, that the Redeveloper shall pay all of the HRH's Acquisition Costs as and when required pursuant to this Section 3.3. The HRA will submit invoices to the Redeveloper not more than once a month for all Acquisition Costs incurred by the HRA in acquiring any Parcels pursuant to this Section, and the Redeveloper will pay all such costs within thirty (30) days after receipt of each invoice. Any such amounts which are not paid within thirty (30) days after receipt by Redeveloper of an invoice for such amounts shall bear interest from the date thirty (30) days after the • -6-