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6.B.(1)&(2) Staff report 118 N. Main St.
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6.B.(1)&(2) Staff report 118 N. Main St.
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(b). the De~cloper does ^ot submit reasonable satisfactory architectural and silt <br />plans. or c~idence of necessary aluih capital and nu~rtaagc fiinancing. in <br />sitisfactun~ form and in the manner and b~~ the dates respccti~ cly pro~~idcd in <br />the Contract therefore: or <br />(cl. the Dc~eloper does not grant. con~cv. transfer and assign to the Commission <br />a perpetual Easement in and to the Fa4ade of the Building and take title to the <br />Property upon tauter of com~cyance by t1~e Commission pursuant to the <br />Conu~act. <br />then the C'cmtract and any rights ofthe De.~eloper in the Contract and the Property shall at the option <br />of the Cumin fission. ~~ithout need of the consent ofthe Dc~eloper, be terminatal: Pro~idcd_ ho~~~e~cr- <br />that with respccl to an~~ default or failure referred to in suhdi~isions (a)_ (b). or (c) of this Section I\. <br />Subsection C ^ period ol~thirh- (,U) days shall be gi~cn to cure such failure or default after the dale <br />of ~~~ritten demand by the Commission shall be gi~~cn to cure such (<iilme or default. <br />U. Re~estin~~ hitJe in Commission upon Hap~enin~ of E:~ent Subsequent to Conveyance <br />tu_De~~elo per. If subscyucnt to con~eving anv part of the Property to the De~~cloper <br />and prior to completion of the Project as ccrtiiled by the Commissiom <br />the Developer (or successor in interest) shall default in or violate its <br />obligations ~yith respect to the construction of the Project. including the <br />nature and the dates for the beginning and completion thereof. or shall <br />abandon or substantially suspend construction ~york, and anv such default. <br />violation, abandonment or suspension shall not be cured. ended. orrcmedied <br />~~~ithin three (~) months [sip (C,) months, if the default is ~yith respccl to the <br />date of completion of the construction] after ~~~ritten dunand by the <br />Commission so to do: or <br />?. the Developer (or successor in interest) shall fail to pa}~ real estate taxes or <br />assessments on the Property ~yhen due. or shall place thereon anv <br />encumbrance or lien unauthorized he the Contact. or shall cause anv levy or <br />attachment to he made. or any materialmcn~s or mechanics lien. or anv other <br />unauthorized encumbrance or lien to attach. and such taxes or assessments <br />arc nut paid. or the cncumhrancr or Jicn mmoyed or discharged or provision <br />reasonably satisfactory to the Commission made for such pa~~ment, removal. <br />ur discharge. ~.yithin ninety (90) days after ~yritten demand by the <br />C~ununission so to do: or <br />
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