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5.6.2 Survival. Each such special development covenant shall survive the <br /> Close of Escrow, execution and recordation of the City Deed and issuance and recordation of <br /> each and every document related to conveyance of the City Property or construction or <br /> installation of the Project on the Site, for the time period specifically set forth in each such <br /> special development covenant. <br /> 5.6.3 Enforcement. These special development covenants may be enforced <br /> by the City regazdless of whether the City currently owns or continues to own an interest in any <br /> property benefited by any such covenants. The Developer irrevocably stipulates and agrees that <br /> breach of any of the special developnnent covenants set forth in this ARTICLE 5 will result in <br /> great and irreparable damage to the City, and will result in damages to the City that are either <br /> impracticable or extremely difficult to quantify. Accordingly, upon the breach of any special <br /> development covenant set forth in this A,RTICLE 5, the City may institute an action for <br /> injunctive relief regarding such breach. <br /> 5.6.4 Automatic Termination. Upon the expiration of the time periods set <br /> ' forth in this ARTICLE 5 for each of the special development covenants, such special <br /> development covenant shall be of no further force or effect without the necessity of notice of <br /> further agreement. Upon the written request of Developer following the expiration of any <br /> special development covenant, City agrees to confirm in writing the expiry of such special <br /> development covenant and execute and deliver to Developer such documents or agreements, <br /> including quitclaim deeds, as are necessary to remove such expired special development <br /> covenant from any recorded document. <br /> ARTICLE 6 <br /> DEVELOPER FINANCING OF PROJECT <br /> 6.1 Developer's Financing for the Project. The Developer shall complete or cause <br /> to be completed all actions necessazy ta secure and provide evidence of adequate sufficient to <br /> complete development of the Project in accordance with the Agreement. Funding may be in the <br /> form of equity capital, preferred equity, debt fmancing, including both secured and unsecured <br /> debt (a "Loan"), disposition proceeds and cash flow from operations, in an amount sufficient to <br /> complete the acquisition of the City Property and construction of the Project on the Site, and to <br /> comply with all other requirements imposed upon Developer as provided herein. Within the <br /> time established in the Performance Schedule (Exhibit D), the Developer shall submit to the <br /> City evidence, in a form reasonably acceptable to the City, that it has the funds required to meet <br /> commitments to construct the Project in accordance with this Agreement. The evidence <br /> provided must demonstrate to the City's reasonable satisfaction that the Developer's Equity <br /> Investment and Loan (if applicable) secured by the Developer are equal to or exceed the total <br /> costs of the acquisition of the City Property and development of the Project. City acknowledges <br /> that, as of the Effective Date of this Agreement, Developer has chosen to use JP Morgan Chase <br /> as one of its primazy Lender for the Project and that City approves of this Lender, or any private <br /> equity groug, nationally chartered bank, national association, federal association bank, savings <br /> and loan association, investment bank, state chartered bank, lending institution or other <br /> institutional lender which has a net worth of Five Billion Dollars ($5,000,000,000)or more. Any <br /> 42 <br /> 2013.118/BLOCK 2 HUNTER STORM <br /> REV:07-26-13 PT <br />