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6B (1)
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06-28-11 Packet
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6B (1)
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6/28/2011 10:19:27 AM
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6/24/2011 11:28:34 AM
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Specifications of the Project in accordance with the Project Concept depicted in Exhibit C and <br />detailing building materials, construction, and landscaping which must be approved by the <br />Commission prior to the commencement of construction. The approved Development Plans shall be <br />recorded as an addendum to this Contract for Sale of Land and serve the Commission in its <br />determination that Developer has completed the Project and is entitled to the Certificate of <br />Completion as provided in Section V. <br />B. Time for Submitting Financial Commitment. Prior to closing on the sale of the <br />Property, the Developer shall submit to the Commission evidence satisfactory to the Commission of <br />binding commitments for financing the Project. <br />C. Developer agrees that it will not seek any further financing assistance from the <br />Commission or from the City of South Bend, Indiana, including tax abatements. <br />SECTION V. COMPLETION. <br />A. Certificate of Completion. Promptly after the Developer completes the Project under <br />this Contract and in substantial accordance with the Development Plan approved by the <br />Commission, the Commission shall furnish the Developer with a Certificate of Completion for the <br />Project. Completion of the commercial buildings, the northern most building and future <br />southernmost building, shall not be required prior to the issuance of a Certificate of Completion. It <br />shall be Developer's option to complete the commercial buildings subsequent to its obtaining the <br />Certificate of Completion. The Certificate shall be a conclusive determination of satisfaction and <br />termination of all covenants, requirements, obligations and the like in the Contract and Deed for the <br />Project, except the covenants of Section VI of the Contract and Section III of the Deed. After the <br />final issuance of the Certificate of Completion for the Project by the Commission, neither the <br />Commission nor any other party shall thereafter have or be entitled to exercise any rights, remedies <br />or controls otherwise available with respect to the Property as a result of a default in or breach of any <br />provisions of the Contract or the Deed by the Developer or any successor in interest or assign, <br />unless: <br />1. the Developer, any lessee, or any other successor in interest or assign defaults <br />or breaches the covenants of Section VI of the Contract or Section III of the <br />Deed, and <br />2. the right, remedy or control relates to such default or breach. <br />B. Form of Certification. The Certificate provided for in this Section shall be in such <br />form as to be recordable in the St. Joseph County Recorder's Office. <br />C. Refusal or Failure to Provide Certificate. If the Commission refuses or fails to <br />provide the Certificate within thirty (30) days after the Developer's written request, the Commission <br />shall provide the Developer with a written statement indicating how the Developer failed to comply <br />with the provisions of this Contract and giving the measures necessary, in the Commission's <br />opinion, for the Developer to take in order to obtain such Certificate. <br />
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