6E1 - Laserfiche WebLink

Home Browse Search

shall equal the amount of $792,575.00 payable as follows: (i) $214,573.09 (the "Dedication Funds ") will be paid by the Commission to Developer within thirty (30) days of the execution of this Amendment and such amount will be used by Developer for the purpose of completing the Remaining Infrastructure Improvements; and (ii) the balance of such consideration (the "Remaining Amount ") shall be applied as a credit to any Development Delay Fee due from time to time from the Developer to the City until such Remaining Amount is exhausted, it being agreed and understood that the first source of payment of any Development Delay Fee shall be a credit against the Remaining Amount. In the event that no Development Delay Fee is due pursuant to the terms of the Original Development Agreement as amended hereby, the City shall pay Developer the Remaining Amount upon the satisfaction of the requirements set forth in items (i) and (ii) of Section 4.10(f) of the Development Agreement as amended hereby. It is further agreed and understood that the Developer shall not otherwise seek or be entitled to payment of such consideration. 11. Exhibit G and Exhibit L to the Original Development Agreement are hereby deleted and replaced with the corresponding exhibits attached to this Amendment. 12. Exhibit M to the Original Development Agreement is hereby amended as follows: (i) references to the "M' fee percentage are hereby changed to "2 %" to be consistent with the modifications to Section 4.10(c)(ii) set forth in this Amendment, and (ii) references to the "2 %" fee percentage are hereby changed to "M' to be consistent with the modifications to Section 4.10(c)(iii) set forth in this Amendment. 13. Exhibit P to the Original Development Agreement is amended only as to the "Hotels" component as reflected on the amended Exhibit P attached to this Amendment. 14. The Parties acknowledge and agree that, to the knowledge of any signatory, no party is in default. The Parties further acknowledge and agree that the Development Agreement, as modified by this Amendment, is hereby reaffirmed, ratified and confirmed in its entirety to be in full force and effect. Except as specifically amended or modified by this Amendment, all terms and conditions contained in the Development Agreement shall remain in full force and effect. 15. This Amendment may be executed in several counterparts by the Parties, and all such counterparts, when taken together, shall constitute this Amendment. 16. This Amendment shall be governed by and construed and enforced in accordance with the law of the State of Indiana. [The signature pages follow.]