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Project Agreement - University of Notre Dame du Lac and FREG Stephenson Mill Assoc.
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Project Agreement - University of Notre Dame du Lac and FREG Stephenson Mill Assoc.
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4/4/2025 2:32:53 PM
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6/25/2019 3:20:05 PM
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Board of Public Works
Document Type
Contracts
Document Date
6/25/2019
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for any reduction in income below the Income Baseline. FREG Stephenson will provide <br />documentation of the total income collected for the applicable quarter. During the <br />performance of the Project, FREG Stephenson will maintain a standard operating <br />environment with respect to maintenance and landlord -tenant interaction/relations and <br />will continue to provide services to tenants at a minimum at the level provided prior to <br />commencement of the Project. <br />2. The University's reimbursement obligation pursuant to Section 3.C.1. above <br />will only occur during the period of commencement of the University Project until six <br />months after the University Project is complete and the City's reimbursement <br />obligation pursuant to Section 3.C.1. above will only occur during the period of <br />commencement of the City's Project until six months after the City Project is complete <br />(each, a "Recovcy lcitl_d"). <br />For purpose of clarity: <br />a) The University Project is anticipated to be complete within 12 months <br />after the Closing. <br />b) The City Project is anticipated to be complete within 12 months <br />following the completion of the University Project. <br />c) All construction under the Project will be deemed concluded once <br />normal traffic and access has been restored to the University site related to the <br />Project and Seitz Park, and the City has (i) repaved and restriped the parking <br />areas on the property owned by FREG Stephenson and (ii) rebuilt the trash <br />enclosure to match the condition depicted in Exhibit JJ attached hereto, which <br />includes 48 parking stalls directly south of the Property and 13 parking stalls <br />directly West of the Property as depicted on Exhibit K attached hereto and <br />comprised of Lot 2 of the Seitz Park Subdivision. <br />d) Notwithstanding anything to the contrary contained in this Agreement, <br />if the Project is not completed within 30 months after the Closing (the "Outside <br />Completion Date"), then the University or the City shall pay FREG <br />Stephenson additional consideration of $200.00 per day for each day from the <br />expiration of the Outside Completion Date until the Project is complete. <br />4. The provisions of this Section 3.C. shall survive the Closing or any termination <br />of this Agreement. <br />D. P ect Documentation, <br />1. FREG Stephenson shall allow the University to install not more than two (2) <br />
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