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<br /> Use, Ownership of Development Property; Restrictions; Use of Development <br />Property. The Developer’s use of the Development Property shall be subject to and in compliance <br />with all of the conditions, covenants, restrictions and limitations imposed by this Agreement, the <br />Restrictions, and all applicable laws, ordinances and regulations. <br /> Ownership of Development Property. The Developer hereby represents and <br />warrants that prior to commencement of construction of the Project that Developer will be the <br />owner in fee simple of the Development Property and that there are no liens, defects or other <br />encumbrances upon title to the Development Property that would hinder the development of the <br />Development Property by the Developer as contemplated by this Agreement. <br /> Declaration of Restrictive Covenants. The Developer shall prepare, execute, and <br />record on the title to the Development Property a Declaration of Restrictive Covenants, in form <br />approved by the City, which includes the Restrictions set forth in Exhibit B. If the Developer <br />determines that operation of the Development Property and the Project would endanger the <br />financial viability thereof or the Developer’s lender(s) requests reasonable modifications, the <br />Developer may request the HRA or City Council to consent to the amendment, modification or <br />termination of any of the restrictions in any respect. The HRA and the City are under no obligation <br />to amend, modify or terminate any of the restrictions and may, in their sole and absolute discretion, <br />refuse to do so. <br /> Damage or Destruction. Subject to any mortgage requirements that would require <br />the Developer to act sooner, upon any damage or destruction of the Project, or any portion thereof, <br />by fire or other casualty, the Developer shall within one hundred twenty (120) days after such <br />damage or destruction, commence the process required to repair, reconstruct and restore the <br />damaged or destroyed Project, or portion thereof, to substantially the same condition or utility <br />value as existed prior to the event causing such damage or destruction and shall diligently pursue <br />such repair, reconstruction and restoration. <br /> Relocation Costs. The Developer shall pay all relocation costs or expenses required <br />under federal or state law to be paid to any owner or occupant of the Development Property as a <br />result of the Project, and shall indemnify and hold harmless the HRA and the City, their governing <br />body members, officers, and agents including the independent contractors, consultants, and legal <br />counsel, servants and employees thereof from any such relocation costs and expenses in <br />accordance with the provisions of Section 4.01. <br /> Assessment Agreement. The Assessment Agreement shall be executed by the <br />Developer and the HRA as of the date hereof, and the Developer shall cause the Assessment <br />Agreement and an executed Assessor’s Certificate attached as Exhibit C thereto to be recorded on <br />the title to the Development Property. <br /> Affordability. <br />(a) The Development Property shall not be used for any purpose other than a senior <br />care facility with independent living, assisted living and memory care meeting the <br />requirements set forth in this Section 2.09, without the prior written approval of the City <br />and the HRA during the period commencing on the date hereof and until no earlier than <br />6 <br /> <br />