CC PACKET 04261983 - Laserfiche WebLink

Home Browse Search

(b) Subject to Unavoidable Delays, Redeveloper shall or acts will be necessary, in the opinion of the Agency, for commence construction bf the Minimum Improvements in. a Phase. Redeveloper to obtain the Certificate of Completion. within 90 days after delivery of the Deed for the Phase or on such other date as the 'parties shall mutually agree. Subject (c) ,-The construction of the Minimum Improvements for to Unavoidable Delays, Redeveloper shall complete construction a Phase will be deemed substantially completed when the City of the Minimum Improvements in accordance with the Time Table. has issued a certificate of occupancy. for the. all of the All work`with.r'espect to the.Minimum, Improvements shall be in Minimum Improvements. in that Phase and has made a,.finding that conformity with 'the Construction Plans approved by the Agency. the improvements conform to the Construction Plans. Redeveloper shall promptly begin and diligently prosecute to completion the redevelopment of the Redevelopment Property Section 4.5 Security for Performance. through the construction of the Minimum Improvements. Redeveloper shall.make ,reports, in such detail and at such (a) If Redeveloper (i) fails to submit Construction times as may reasonably be requested by the Agency, as to the Plans which conform to the Proposal, or fails to submit actual progress of Redeveloper with respect to construction of Mortgage commitments which are approved by the Agency, in the the Minimum Improvements. time periods required; (ii) fails to accept a Deed and pay the portion of the Purchase Price for any Phase as required under (c) Redeveloper shall not interfere with, or construct this Agreement; or (iii) fails to commence or complete any improvements over, any public street or utility easement construction of the Minimum Improvements as required under this without the prior written approval of the City. All Agreement; then the Agency may give written notice to connections to public utility lines and facilities shall be Redeveloper of the occurrence of such event. If Redeveloper subject to approval of the City .and any private utility company has not cured such failure or failures within 30 days (or such involved. Except for public improvements which are assessable shorter period as may remain prior to expiration of any Letter h., he Ciry nr �r e. rt anonr�i � a�a,net nt__?r _ane_ired of Credit) after delivery of such notice, (or, if the failure nr`nar ��ll street and utility installations, relocations, is by its nature incurable within 30 days, has not furnished to alterations and restorations shall be at Redeveloper's expense -. the Agency assurances acceptable to the Agency. that the and without expense to the City or the Agency. Redeveloper at Redeveloper can and will •cure such failure or failures) then its own expense shall replace any public facilities or the Agency may (i) draw on any Letter of Credit which it then utilities damaged during demolition or construction. holds, (ii) take possession of and utilize in completion of the work such materials .and equipment as may be on the site of the Section 4.4 Certificate of Completion. work and necessary therefor, (iii) sell all or any part of the4 Phase w' to which the default has occurred to another -, (a).Promptly after completion of the Minimum re eve oper and iv dispose or all or any part or he hase Improvements in a Phase .in accordance with this Agreement; with re * ham jGnurred .as the Agency Agency will furnish Redeveloper with an appropriate Certificate deems to be in the public interest. of Completion for that Phase as conclusive evidence of satisfaction and termination of the agreements and covenants of (b) As security for performance by Redeveloper of all this.Agreement and the Deed for that Phase (except. as to the of its obligations under this Agreement, Redeveloper (i) has restrictions in -the Deed which expressly survive the filing of delivered the First Letter of Credit to the Agency concurrently the Certificate of Completion) with respect to the obligations with the execution of this Agreement, and (ii) shall deliver of Redeveloper to construct the Minimum Improvements in that the Second Letter of Credit to the Agency on or before the date Phase. The Certificate of Completion shall not constitute for adoption of a resolution by the Agency or the City setting evidence of compliance with or satisfaction of any obligation i a date for the first sale of- Bonds or other financing. of Redeveloper to'any Mortgagee. (c) On or before November 30, 1983, Redeveloper shall (b) If the Agency shall refuse or fail to.provide a. either authorize the Agency to proceed with acquisition of the Certificate.of Completion, the Agency shall, within 30 days Phase II and Phase III property, or shall give the.Agency a after written request by Redeveloper, provide Redeveloper with i written statement detailing the reasons why acquisition should a written statement specifying in what respects Redeveloper has be deferred. In any event, Redeveloper shall give the Agency failed to complete the Minimum Improvements in accordance with written authorization prior to December 31, 1984 to proceed this Agreement, or is otherwise in default, and what measures with acquisition of the Phase II and Phase III property. If -11- i —12—