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City Draft <br /> 6128/�3 <br /> development covenant set forth in this ARTICLE 5, the City rnay institute an action far <br /> in�unctive relief�egarding such breach. <br /> 5.6.4 Automatic Termination. Upon the expiration of the t�ime periods set <br /> farth in this ARTICLE 5 for each of the special development covenants, such special <br /> developrnent covenant shalZ 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 covena.nt, City agrees to confurn in writing the expiry of such special <br /> development covenant and execute and deliver ta Developer such documents or agreements, <br /> including quitclaim deeds, as are necessary to remove such expired special development <br /> cavenant from any recorded document. <br /> ARTICLE 6 <br /> DEVELOPER FINANCING OF PRQ�ECT <br /> 5.1 Developer's Financing for the Projecf. The Developer shall complete or cause <br /> to be completed a11 actions necessary to secure and grovide 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 financing, 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 prov�ided 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 Praject in accordance with this Agreement. The evidence <br /> pro�ided 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 c�evelopment of the Project. City acl�owledges <br /> that, as of the Effective Date o£this Agreement, Developer has chosen to use JP Morgan Chase <br /> as one of its primary Lender far the Project and that City approves of this Lender, or any private <br /> equity group, nationally chartered bank, national association, federal assaciation 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 /> encumbrance associated with �nancing of the Project that is approved by the City under this <br /> Agreement sha11 be deemed a Permitted Encumbrance. <br /> In the event the City disapproves of Developer's evidence of Equity Investment and Loan <br /> or Developer is unable to obtain and deliver such evidence of fmancing commitments to the City <br /> as provided above, then either party may terminate this A�eeznent as provided herein by giving <br /> wxitten notice to the other party, and thereafter neither party shall have any further rights or <br /> obligations hereunder. <br /> The obligations under this Section 6.1 sha11 automatically terminate upon the issuance of <br /> a Certificate of Completion for the i'roject and shall be of na further force ar effect without the <br /> necessity of notice or further agreement. Upon written request by the Developer, City shall <br /> execute the appropxiate document to confirm such termination., <br /> 824$3.D000917571312.10 42 <br />