6.C.(1) Development Agreement - Laserfiche WebLink

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to WV~IT. Upon request, the Donated Property also shall be returned to WNI~h should the Project tail to be completed by the Commission ~~~ithin a reasonable time. if w'NI"T fails to substantially complete its renovation plans to the Property ~~~°ithin a reasonable time.. the Commission may reconvey the Property to WHIT and WN[T ~~~ill pay to the Commission all documented expenses incurred t~~r the Donated Propa-ty, less anv expenses reimbursed by the title insurance policy_ if partial rehabilitation is due to anv title defects or nearly discovered encumbrances. WNIT ~~~ill also pay all expenses incui~-ed should the overall building project is not finished so as to be open f<~r scr~ ice within eighteen (I K) months after the recon~~eyancc of the Donated Property by the Commission. 6. WNIT will invest approximately 53.7 million in non-Commission funds to rcno~ate. furnish and equip the Property as a full service media broadcasting center, and shall provide ongoing operational and building maintenance expenses ("Operational Obli~,ations" ur ~~Operatirnls~~). The Commission shall require WNI"h to fulfill Operational Obligations tax a minimum of ten (fU) years from the date of opening. General expectations of WNIT that accompany the Operational Obligations or Operations arc further described on Exhibit E attached heretoVJNIT represents and wm-rants that WNiT ~~ill pay the Commissions actually incun~cd Project expenses, up to One Million Dollars (51.(100.000), prorated on annual basis over the term.. if Operations cease during this term for three (3) consecuti~~e months fix causes fbr which it is responsible or that arc within its control. By ~a~ay of example, should WNI"h cease Operations iu the fifth (5th) year of Operations, its obligation to the Commission shall be Fivc Hundred Thousand Dollars (S500.000). 7. The Operational Obligations specified in paragraph 6 shall run ~~~ith the land and anv mortga~~c obligation of W'~ I"h shall be subordinate to the Operational Obligations. H. This Agreement shall be binding upon the parties hereto and their respecti~ e successors and assigns. 9. The Parties agree to take such actions, including the execution and delivery of documents and instruments, as may be necessan or appropriate to carry out the terms and intent of this Agreement and to aid and assist each other in carrying out the tams and intent. ] 0. No recourse under or upon any obligation, co~~enant, or agreement of this Agreement or for any claim based thereon or othen~~~ise in respect thereof shall be had against the appointed or elected public officials of the City or the Commission or their respecti~°e officers, agents, and employees, in any amount subject to the terms and conditions herein. and no liability, ri~~ht or claim at lu~~~ or in equity shall attach to or shall be incm~red by the public officials of the City. the Commission or their respecti~~e officers, agents, and employees and all such claims arc hereby expressly ~tiaiecd and released as a condition of and as a consideration tier the execution of this A~~reement by the Commission. pro~~ided such elected officials, officers, agents, and employees arc acting pursuant to lawful authority and arc uniformly entbrcing andlor administain~z the lags. ordinances. practices and procedures of the City and the Commission. 1\o recow~se under or upon any obligation aivenant or agreement of this Agreement or fin- anv claim based thereon or other«~ise in respect thereon shall he had against the ofticers_ agents, employees, or shareholders of WN[T in any amount subject to the terms and conditions herein. Pa~~e . of I I