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

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1 from and against any and all claims, demands, causes of action (including causes of action in tort [i.e., negligence and strict liability]), losses, damages, liabilities, costs and expenses (including attorneys'fees and court costs)of any kind and every kind or character,known or unknown,which Developer might have asserted or alleged against Commission at any time by reason of or arising out of any construction defects, physical and environmental conditions regarding the LaSalle Property. SECTION 4. DEVELOPER'S OBLIGATIONS. 4.1 Generally. The Parties acknowledge and agree that the Commission's agreements to perform and abide by the covenants and obligations set forth in this Agreement are material consideration of Developer's commitment to perform and abide by the covenants and obligations of Developer contained in this Agreement. 4.2 The Project. I (a) Developer shall develop or cause to be developed The LaSalle as a mixed- use, imiltifarnily residential building which will comply with all zoning and land use laws and ordinances in all material respects. (b) As part of the retail, restaurant and events use of The LaSalle, Developer shall construct or cause to be constructed approximately 8,000 square feet of retail and restaurant/event space by the date set forth on Exhibit D attached to this Agreement and made a part hereof. (c) As part of the multi-family use of The LaSalle,Developer shall construct or cause to be constructed approximately 67 apartment units by the date set forth on Exhibit D. 4.3 Private Investment. Developer agrees to Private Investment for the Project of , Seven Million Five Hundred Thousand Dollars and 00/100 cents ($7,500,000.00) and other valuable consideration,as more particularly described in Exhibit D which amount Developer shall use commercially reasonable efforts to invest in the development of the Project, whether through equity, debt,and/or third-party investment. 4.4 Cooperation. Developer hereby agrees to endorse and support the Commission's efforts to expedite the Project through the required planning, design, permitting, waiver, and related regulatory processes. 4.5 Employment of Local Labor. Developer hereby agrees to provide notice to local contractors including business agents of all skilled trade unions of all requests for bids, of pre-hid meetings and of related meetings and information with respect to the Project so as to use commercially reasonable efforts to employ qualified local contractors and other related local labor during construction of the Project 4.6 Timeframe for Completion. Developer hereby agrees to reach Substantial Completion for development of the Project and any other obligations the Developer may have in - 6 - Amsars.52637413.08