6B(3) Dev Agr LaSalle Hotel - Laserfiche WebLink

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i 5.2 Completion of Local Public Improvements. (a) The Commission hereby agrees to complete (or cause to be completed) at its expense,the Local Public Improvements on a schedule to be reasonably determined and agreed to by the Commission and Developer, as may be modified due to unforeseen circumstances and delays. (b) The Commission agrees to enter into the Construction Management Agreement with the Developer as more particularly described in Section 6.1 of this Agreement. (c) Notwithstanding anything contained herein to the contrary, in the event the costs to construct the Local Public Improvements are in excess of the Funding Amount, Developer, at its sole option, may determine to pay to the Commission the amount of the excess costs to permit timely completion of the Local Public Improvements by the Commission, or an agent of the Commission, which amounts shall be applied for such purpose. If Developer chooses not to pay any such excess costs of the Local Public Improvements(above the Funding Amount), the Commission may reduce the scope of the Local Public Improvements to the amount which may be fimded with the Funding Amount. 5.3 Lease of Support Parcel,Parking Lot and Easement. (a) The Commission agrees, during all periods of construction of the Project and Local Public hnprovements,the Commission will provide,upon request by Developer, all reasonable access to and use of the Support Parcel for construction staging, storage and related activities(which area of the Support Parcel reasonably required shall be fenced by Developer in a manner to be agreed upon by Commission and Developer). (b) The Commission agrees, upon substantial completion of the Project by Developer,to enter into a lease agreement with Developer to lease both the Support Parcel and Parking Lot to Developer for One Dollar and 00/100 cents ($1.00)per year, and other valuable consideration, for an initial term of twenty (20) years, which term shall automatically renew for seven (7) successive periods of ten (1 0) years each, unless earlier terminated (i) pursuant to its terms or (ii) by either party, upon at least sixty (60) days advance written notice in the event of construction of a New Building and Parking Garage (each as defined below) as described herein on the Support Parcel and/or Parking Lot(with such termination being only with respect to the area required for such construction). During the lease term, the Commission covenants and agrees not to impose any liens, encumbrances, covenants or restrictions on such Support Parcel which would result in an impairment of the Developer's rights under the lease described herein. In addition, in the event such lease expires or is otherwise terminated,the Commission agrees, upon request of Developer, to consider providing a perpetual easement over a portion of such Parking 1 Lot for ingress/egress purposes to and from the Project Site to Main Street(or other named public right of way). 5.4 Cooperation. Consistent with City policy, the Commission hereby agrees to endorse and support Developer's efforts to expedite the Project through the required planning, - 9 - dms.us.52637413.08 ¢p R