HRA PACKET 11242020 - Laserfiche WebLink

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Redeveloper to the Phase II Owner and Redeveloper as permitted transfers under the Contract. 2. 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 Phase I Redeveloper shall commence construction of Phase I of the Minimum Improvements by May 31, 2021, and subject to Unavoidable Delays, the Phase II Owner and Redeveloper shall commence construction of Phase II of the Minimum Improvements by May 31, 2023. Subject to Unavoidable Delays, the Phase I Redeveloper shall complete the construction of Phase I of the Minimum Improvements by April 1, 2023, and subject to Unavoidable Delays, the Phase II Owner and Redeveloper shall complete the construction of Phase II of the Minimum Improvements by May 31, 2025. 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. 2. Amendment to Section 7.2 of the Contract. Section 7.2 of the Contract is amended as follows: Section 7.2. Authority's Option to Cure Default on Mortgage. In the event that any portion of the Redeveloper's construction costs for either Phase of the Minimum Improvements is provided through mortgage financing authorized pursuant to this Article VII of this Agreement, and there occurs a default under such Mortgage, the Redeveloper shall cause the Authority to receive copies of any notice of default received by the Redeveloper from the Holder of such Mortgage, but only to the extent the default described therein is reasonably likely to have a material adverse effect on the Redeveloper’s ability to perform its obligations under this Agreement. Thereafter, the Authority shall have the right, but not the obligation, to cure any such default on behalf of the Redeveloper within the cure period(s) afforded to the Redeveloper under such Mortgage or any loan documents relating thereto, subject to the terms of such Mortgage or loan documents. 3. Miscellaneous. Except as amended by this Second 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 Second 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 Second Amendment; that all necessary and appropriate approvals, authorizations and other steps have been taken to effect the legality of this Second Amendment; that the signatories executing this Second Amendment are authorized to do so on behalf of such party; and that this Second Amendment is valid and binding upon and enforceable against such party. This Second 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 Second Amendment shall be deemed to be originals for all purposes of this Second Amendment.