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No. 2246 approving a form of dev agreement with JF+A Properties,LTD/CII&P, County Mayo/SB LLC and related matters
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No. 2246 approving a form of dev agreement with JF+A Properties,LTD/CII&P, County Mayo/SB LLC and related matters
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10/18/2012 1:30:59 PM
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satisfactory to the Commission of a binding commitment by a financial institution for financing of <br />the Project. <br />C. Apportionment of Current Taxes. The Commission shall bear the portion of the <br />current taxes (if any) on the Property which are a lien on the date of delivery of the Deed to the <br />Developer. <br />D. Recordation of Deed. The Commission shall promptly record the Deed in the St. <br />Joseph County Recorder's Office and shall pay the costs for recording the Deed. <br />E. Title Insurance. The Commission shall furnish the Developer a title insurance policy <br />which insures the Developer's title in a sum equal to the Purchase Price and subject only to those <br />items provided for in the Agreement. <br />F. Condition Precedent to Closing. Prior to, and as a condition precedent to closing, the <br />Commission shall provide to Developer an ALTA Land Survey of the Property. <br />SECTION 1II. FAITHFUL PERFORMANCE GUARANTEE <br />A. Amount. At or prior to the time of executing this Agreement, the Developer shall <br />deliver to the Commission a faithful Performance Guarantee ( "Deposit ") in a form satisfactory to the <br />Commission in the amount of Thirty Three Thousand Nine Hundred Twenty and 00 /100 Dollars <br />($33,920.00) as security for performing its obligations under this Agreement. <br />B. Retention by Commission. If before the issuance of a Certification of Completion as <br />provided in Section VI of this Agreement, the Developer defaults in its obligations under this <br />Agreement and fails to cure such defect as this Agreement provides, then the Commission may <br />exercise any and all rights it may have pursuant to the Deposit without any reduction, offset, or <br />recoupment, as liquidated damages. Exercise of these rights shall be in addition to any other <br />remedies and shall not waive any other right under this Agreement or other laws. <br />C. Return to Developer. Upon issuing the Certificate of Completion upon completion of <br />redevelopment as required by this Agreement, the Commission shall return the Deposit to the <br />Developer. <br />SECTION IV. NATURE OF IMPROVEMENTS; TIME FOR COMMENCEMENT <br />AND COMPLETION. <br />A. Nature of Improvements. The construction of Project on the Property shall be <br />substantially of the same size, scope and nature as that specified in the advertisement for bids and as <br />proposed by the Developer in its bid to the Commission for disposition and development of the <br />Property. In awarding the bid to the Developer, the Commission relied upon all representations, <br />descriptions, discussions, drawings and other representations by the Developer of the Project. Those <br />
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