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DRAFT 3/18/98 <br /> <br />ARTICLE IV <br /> <br />CONSTRUCTION OF SITE IMPROVEMENTS <br /> <br /> Section 4.1. Construction of Site Improvements. The City has construct the following .Site <br />Improvements for the Development Property in conformance with the requirements of the Developer to fulfill the <br />provisions of the Development Permit (Exhibit C). <br /> <br />(a) Roadway extension of Radium Street to the Development Property <br /> <br />(b) Extension of City Services to the Development Property. <br /> <br /> Such construction shall commence only after the Developer and the City have executed a license <br />agreement for the Development Property in the form attached as Exhibit G. The license agreement shall permit the <br />City to enter the Development Property and construct the Site Improvements. The license agreement shall provide <br />that the City will carry public liability insurance in an mount sufficient to protect the City and Developer from any <br />claims arising out of activities by the City on the Property. The City shall complete the Site Improvements by no <br />later than October 31, 1998. <br /> <br /> Section 4.2. Lien for Site Improvements. The License Agreement for the Property shall terminate <br />upon the City's completion of the Site Improvements, or on such other date as specified in the document. At the <br />Developers request, the City will execute a document, in recordable form, evidencing the termination of the License <br />Agreement. <br /> <br /> The City shall retain a lien on the Development Property in the of Four Hundred Ninety-five Thousand <br />Four Hundred Sixty-six and 00/100 Dollars ($495,466.00) until completion of the Minimum Improvements by the <br />Developer, which amount represents the cost to the City of constructing the Site Improvements for the Development <br />Property. The Lien Agreement shall be substantially in the form attached as Exhibit F. The City's lien shall at all <br />times be subordinate to any first mortgage granted by the Developer to finance the construction of the Minimum <br />Improvements. The City will execute any agreements reasonably requested by the Developer and/or Holders of any <br />first mortgage to evidence such subordination. <br /> <br />Page 9 <br /> <br /> <br />