AgdaPkt 2013-07-22 - Laserfiche WebLink

Browse Search

7.A. - Page 170 development covenant set forth in this ARTICLE 5, the City may institute an action for injunctive relief regarding such breach. 5.6.4 Automatic Termination. Upon the expiration of the time periods set forth in this ARTICLE 5 for each of the special development covenants, such special development covenant shall be of no further force or effect without the necessity of notice of further agreement. Upon the written request of Developer following the expiration of any special development covenant, City agrees to confirm in writing the expiry of such special development covenant and execute and deliver to Developer such documents or agreements, including quitclaim deeds, as are necessary to remove such expired special development covenant from any recorded document. ARTICLE 6 DEVELOPER FINANCING OF PROJECT 6.1 Developer's Financing for the Project. The Developer shall complete or cause to be completed all actions necessary to secure and provide evidence of adequate sufficient to complete development of the Project in accordance with the Agreement. Funding may be in the form of equity capital, preferred equity, debt financing including both secured and unsecured debt (a "Loan"), disposition proceeds and cash flow from operations, in an amount sufficient to complete the acquisition of the City Property and construction of the Project on the Site, and to comply with all other requirements imposed upon Developer as provided herein. Within the time established in the Performance Schedule (Exhibit D), the Developer shall submit to the City evidence, in a form reasonably acceptable to the City, that it has the funds required to meet commitments to construct the Project in accordance with this Agreement. The evidence provided must demonstrate to the City's reasonable satisfaction that the Developer's Equity Investment and Loan (if applicable) secured by the Developer are equal to or exceed the total costs of the acquisition of the City Property and development of the Project. City acknowledges that, as of the Effective Date of this Agreement, Developer has chosen to use 7P Morgan Chase as one of its primary Lender for the Project and that City approves of this Lender, or any private equity group, nationally chartered bank, national association, federal association bank, savings and loan association, investment bank, state chartered bank, lending institution or other institutional lender which has a net worth of Five Billion Dollars ($5,000,000,000) or more. Any encumbrance associated with financing of the Project that is approved by the City under this Agreement shall be deemed a Permitted Encumbrance. In the event the City disapproves of Developer's evidence of Equity Investment and Loan or Developer is unable to obtain and deliver such evidence of financing commitments to the City as provided above, then either party may terminate this Agreement as provided herein by giving written notice to the other party, and thereafter neither party shall have any further rights or obligations hereunder. 82483.00009\7571312.11 42 ATTY/AGR/2013.118/BLOCK 2 HUNTER STORM REV: 07-19-13 PT