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11 <br />Ulif Ii. <br />!!e l! • e ! 1 #! t ! <br />• ! ! e# R f 1 ! 1•< i ! 1 • • 1� 1 t <br />Ut U211111 <br />' 1 " / • ! ' R . V r4 11 " 1 a• 11 <br />Eve nt, b ut a n I v i f wri T.en no t i c e i s ► e I i v e re ! bv th e C i t v <br />UP MWE <br />U.- s #c •! !#} !-r■c 11'1 ■ � � <br />efforts to end the Abatement Force Majeure Event." <br />Section 2.2 Subsection 3.31). of the Development Agreement) is deleted in its entirety <br />and replaced with the following (deletions shown in st.�ut; additions shown as double <br />underlined}: <br />"D. If by the County Segment Outside Date aCity is unable to obtain the <br />County Authorization and complete the Abatement Work _or ii)Developer is unable to <br />obtain the Non -County Authorizations,, then, in lieu of constructing the Blomquist - <br />Developer Segment and Blomquist - County Segment, Developer shall pay to City within <br />forty-five (45) days following City's demand therefor, an amount equal to One -Million <br />Nine Hundred Ninety Two -Thousand Three Hundred and Seventy Dollars ($1,992,370), <br />which amount represents the parties' good faith estimate of the hard costs of constructing <br />the Blomquist Developer Segment and Blomquist County Segment <br />("County/Developer Segments In Lieu Payment"). The amount of the <br />County/Developer Segments In Lieu Payment shall be increased on January 1, 2019, and <br />on January 1 st of each year thereafter during the Term based on increases in the Default <br />Escalator over the prior one-year period. Developer's obligation to make the <br />County/Developer Segments In Lieu Payment shall be memorialized in the Subdivision <br />Improvement Agreement and Developer shall be required to post an irrevocable standby <br />letter or credit or other form of security acceptable to City to ensure payment of the <br />County/Developer Segments In Lieu Payment if and when such payment is due. Upon <br />payment of the County/Developer Segments In Lieu Payment and transfer of the Developer <br />Work Product to City as provided in Section 3.3E below, Developer shall have no further <br />obligation to construct the Blomquist Developer Segment or the Blomquist — County <br />Segment and City shall promptly release to Developer that portion of the performance and <br />labor and materials bonds or other improvement security which Developer has provided to <br />City to secure construction performance and payment of laborers and materialmen with <br />respect to such segments. Notwithstanding any other provision hereof to the contrary, La <br />City's inability to obtain the County Authorization and_complete the Abatement Work or <br />b�LDeveloper's inability to obtain the Non -County Authorization,, by the County Segment <br />Outside Date shall not release Developer from its obligations to (i) convey to City a public <br />right-of-way easement with respect to the Blomquist Developer Segment, (ii) construct <br />4 <br />ATTY/AGR/2022.014.01 /TRI -PARTY AGREEMENT <br />REV: 01-25-2022 VR <br />