Demolition Agreement - Demo of Housing Units at Monroe Circle – Housing Authority of SB

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1.Term; Termination. Unless earlier terminated in accordance with its terms, this Agreement will commence upon execution and end upon City’s completion of the Local Public Improvements. Notwithstanding the foregoing, effective immediately upon delivery of a written termination notice to the HASB, the City may terminate this Agreement, in whole or in part, for any reason, if the City determines that such termination is in the best interest of the City. In addition, in accordance with Ind. Code 6-1.1-18, funding of the Local Public Improvements is subject to appropriation by the City. If the City makes a written determination that funds are not appropriated or are otherwise unavailable to support the continuation of this Agreement, it shall be cancelled. A determination by the City that funds are not appropriated or are otherwise unavailable to support the continuation of performance shall be final and conclusive. 2.Funding Amount. “Funding Amount” means an amount not to exceed One Million Six Hundred Thousand Dollars ($1,600,000.00) of tax incremental finance reserves to be used for paying the costs associated with the performance of the Local Public Improvements. 3.Access; Grant of Easement. HASB will grant to BPW a temporary, non-exclusive easement on, in, over, under and across any part(s) of the Property (the “Easement”) in the form attached hereto as Exhibit C, to permit the City to fulfill its obligations under this Agreement, including the performance of the Local Public Improvements. The Easement shall (a) inure to the benefit of the City and BPW or any contractors acting on behalf of the City in connection with the performance of the Local Public Improvements; (b) shall bind HASB and its grantees, successors, and assigns; and (c) shall terminate no later than upon completion of the Local Public Improvements, as reasonably determined by the BPW. 4.HASB Obligations. The Parties acknowledge and agree that the BPW’s agreement to perform and abide by the covenants and obligations set forth in this Agreement are material consideration for HASB’s commitment to perform and abide by the covenants and obligations of HASB contained in this Agreement. HASB agrees to endorse and support the BPW’s efforts to expedite the Local Public Improvements through any required planning, design, public bidding, construction, inspection, waiver, permitting, and related regulatory processes. HASB agrees to obtain any and all easements from any governmental entity and/or any other third parties that HASB or BPW deems necessary or advisable in order to complete the Local Public Improvements, and the obtaining of such easements is a condition precedent to BPW’s obligations under this Agreement. HASB further agrees to provide any and all due diligence items with respect to the Project reasonably requested by BPW. After the Project is completed, HASB agrees that it shall continue to use the Property for residential housing purposes, including, but not limited to, low- income housing. 5.BPW Obligations. The Parties acknowledge and agree that HASB’s agreement to perform and abide by the covenants and obligations set forth in this Agreement is material consideration for BPW’s commitment to perform and abide by the covenants and obligations of BPW’s contained in this Agreement. With regard to the Local Public Improvements, BPW hereby agrees to complete (or cause to be completed) the Local Public Improvements described in Exhibit B attached hereto on a schedule to be reasonably determined and agreed to by BPW and HASB, as may be modified due to unforeseen circumstances and delays. The Local Public Improvements