Laserfiche WebLink
<br />11 <br /> <br />5.02 Supporting Public Infrastructure. The City Bodies shall undertake the construction <br />of public infrastructure improvements to support the Project to include streets, sidewalks and <br />utilities and including utility relocation as necessary as described at Exhibit H, which shall be <br />funded either by READI 2.0 funding or alternatively from TIF Revenues available to the <br />Redevelopment Commission from Allocation No. 1. <br />5.03 Bond Limitations Acknowledgements. The Company shall (i) expressly agree that <br />non-payment of the principal or interest on the Bonds due to the insufficiency of Pledged TIF <br />Revenues relating to such series shall not be deemed to be a default by the City or the <br />Redevelopment Commission under the Bonds, (ii) acknowledge and agree that the Bonds, and the <br />interest thereon, if any, are payable solely from the Pledged TIF Revenues allocable to the Bonds, <br />plus any payments under a related Loan Agreement or Taxpayer Agreement, and, in the event of a <br />shortfall of such Pledged TIF Revenues or payments under a related Loan Agreement, do not and <br />shall not represent or constitute a debt of the City or the Redevelopment Commission within the <br />meaning of the provisions of the Constitution or Statutes of the State of Indiana or a pledge of the <br />faith and credit of the City or the Redevelopment Commission, and (iii) covenant that it will not <br />sell, convey, pledge or otherwise transfer the Bonds without prior compliance with applicable state <br />and federal securities laws. <br />ARTICLE VI. CONDITIONS TO CLOSING <br />6.01 Conditions to Closing. The obligations of the Parties with respect to Closing are <br />subject to the satisfaction or waiver in writing, of the following prior to the applicable period <br />specified in this Section 6.01: <br />(a) Title. Within thirty (30) days after the Execution Date, the Company shall <br />have obtained the Title Commitment. <br />(b) Survey. Within forty-five (45) days after the Execution Date, the Company <br />shall have obtained the Survey. <br />(c) Permits. The Company shall have completed and filed all necessary <br />documentation to secure all Required Permits and approvals for construction and <br />installation of the Project. <br />(d) Title and Survey Conditions. On or before Closing, the Company shall have <br />determined that there are no exceptions or matters of record reflected in the Title <br />Commitment that would constitute Title Defects and shall have also determined that, upon <br />recordation of the Plat, the Survey: (i) describes the perimeter of the Project Site as a single <br />parcel without gaps, gores, or overlaps; (ii) shows no encroachments thereto; (iii) shows <br />no Title Defects thereto; (iv) establishes that no part of the Project Site upon which building <br />improvements are to be constructed is located within: (A) a “flood hazard zone”, as shown <br />on the applicable Federal Insurance Rate Map; or (B) a “floodway” or “flood plain”, as <br />shown on the applicable Flood Control District Map, unless otherwise agreed to by the <br />Company; and (v) otherwise reasonably is acceptable to the Company. The Company shall <br />be responsible, at its cost, for obtaining the policy of title insurance contemplated pursuant