HRA PACKET 06232020 - Laserfiche WebLink

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(f) Adjustment to Principal of Note. If, subject to Unavoidable Delays, Redeveloper fails to commence construction of Phase II of the Minimum Improvements by the date agreed upon for the commencement of construction of such Phase, the principal amount of the Note issued to the Redeveloper shall be reduced by $1,350,000, and the Redeveloper shall deliver the Note to the Authority in exchange for a new Note in the adjusted principal amount upon the Authority’s written request. 3. Amendment of Section 4.3(a) of the Contract. Section 4.3(a) of the Contract is amended as follows: (a) Subject to Unavoidable Delays, the Redeveloper shall commence construction of Phase I of the Minimum Improvements by December 31, 2020, and subject to Unavoidable Delays, shall commence construction of Phase II of the Minimum Improvements by December 31, 2022. Subject to Unavoidable Delays, the Redeveloper shall complete the construction of Phase I of the Minimum Improvements by June 30, 2022, and subject to Unavoidable Delays, shall complete the construction of Phase II of the Minimum Improvements by December 31, 2024. All work with respect to the Minimum Improvements to be constructed or provided by the Redeveloper on the Redevelopment Property shall be in substantial conformity with the Construction Plans as submitted by the Redeveloper and approved or deemed approved by the Authority. 4. Amendment to Section 8.2(a) of the Contract. The following is added to the last sentence of Section 8.2(a) of the Contract: “or (c) any sale, conveyance, or transfer in any form to Kelly J. Doran.” 5. Amendment to References to “Notes” in the Contract. All references in the Contract to “Notes” shall be hereinafter refer to the “Note”. 6. Miscellaneous. Except as amended by this First Amendment, the Contract shall remain in full force and effect. Wherever in the Contact or any other instrument, reference is made to the “Contract” such reference shall be to the Contract, as amended by this First Amendment. Upon execution, Redeveloper shall reimburse the Authority for all out-of-pocket costs incurred by the Authority in connection with negotiating, drafting and approval of this Amendment. Each party hereto represents and warrants to the other parties that such party has the requisite power and authority to enter into this First Amendment; that all necessary and appropriate approvals, authorizations and other steps have been taken to effect the legality of this First Amendment; that the signatories executing this First Amendment are authorized to do so on behalf of such party; and that this First Amendment is valid and binding upon and enforceable against such party. This First Amendment may be executed in any number of counterparts, each of which shall be deemed an original. Facsimile or email copies of the signature pages to this First Amendment shall be deemed to be originals for all purposes of this First Amendment.