5A3 Development Agreement (Tri-Day Development) - Fully Executed

Home Browse Search

5 specifications for the Project in their sole discretion and may request revisions or amendments to be made to the same. 4.8 Costs and Expenses of Construction of Project. The Developer hereby agrees to pay, or cause to be paid, all costs and expenses of planning, construction, management, and all other activities or purposes associated with the Project (including legal, architectural, and engineering fees), exclusive of the Local Public Improvements, which shall be paid for by the Commission by and through the Funding Amount subject to the terms of this Agreement. 4.9 Non-Interference. Developer hereby agrees to use commercially reasonable efforts to minimize disruption for those living and working near the Property during construction of the Project. 4.10 Insurance. The Developer shall purchase and maintain comprehensive insurance coverage as is appropriate for the work being performed with respect to the Project. The Developer shall provide proof of such adequate insurance to the Commission and shall notify the Commission and the City of any change in or termination of such insurance. During the period of construction or provision of services regarding any Local Public Improvements, the Developer shall maintain insurance in the kinds and for at least the minimum amounts as described in Exhibit F attached hereto and the Commission and the City shall be named as additional insureds on such policies (but not on any worker’s compensation policies). 4.11 Information. The Developer agrees to provide any and all due diligence items with respect to the Project reasonably requested by the Commission. SECTION 5. COMMISSION’S OBLIGATIONS. 5.1 Generally. The Parties acknowledge and agree that the Developer’s agreement to perform and abide by the covenants and obligations set forth in this Agreement is material consideration for the Commission’s commitment to perform and abide by the covenants and obligations of the Commission contained in this Agreement; provided, however, that the Commission shall have no obligation to perform under this Agreement unless and until (a) the closing of the Purchase Agreement has occurred, and (b) financing for the Funding Amount is available to the Commission, including the issuance of bonds and receipt of all required public approvals related thereto as applicable. If the Purchase Agreement does not close, or if such bonds are not issued or do not receive all required public approvals, the Commission shall have no obligation to expend any portion of the Funding Amount or to complete the Local Public Improvements, and the Commission may, in its sole discretion, elect to terminate this Agreement upon written notice to the Developer, without penalty or further obligation; provided, however, that nothing herein shall prohibit the Commission, in its sole discretion, from proceeding with this Agreement or any portion thereof using lawfully available funds. 5.2 Completion of Local Public Improvements. (a) The Commission hereby agrees to complete (or cause to be completed) the Local Public Improvements described in Exhibit C attached hereto on a schedule to be reasonably determined and agreed to by the Commission and the Developer, as may be modified due to unforeseen circumstances and delays. In the event that the Purchase