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ARTICLE III
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<br />CONSTRUCTION OF MINIMUM IMPROVEMENTS
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<br /> Section 3.1. Construction of Minimum Improvements. The Developer agrees that it will construct the
<br />Minimum Improvements on the Development Property in accordance with the Construction Plans and the terms of
<br />this Agreement and, at all times prior to the Maturity Date, will cause the Minimum Improvements to be maintained
<br />in good repair and condition.
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<br /> Section 3.2. Building Plans. No building permits shall be issued unless the plans are in conformity with
<br />the Construction Plans, the Program, the TIF Plan, this Agreement, and all local, state and federal regulations. The
<br />City shall, within ten (I0) business days of receipt of building plans for the Minimum Improvements, review such
<br />plans to determine whether the requirements have been met. If the City determines such plans to be deficient, it
<br />shall notify the Developer, in writing, stating the deficiencies and the steps necessary for correction. Issuance of a
<br />building permit for the Minimum Improvements by the City shall be a conclusive determination that the building
<br />plans for the respective Minimum Improvements have been approved and shall satisfy these provisions.
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<br />Section 3.3 (7ommencement_and Completion of Constru¢lio~l.
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<br /> (a) Subject to Unavoidable Delays, the Developer shall commence construction of the Minimum
<br />Improvements by October 3 I, 1997, and shall substantially complete such construction by December 31, 1998.
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<br /> (b) The Developer agrees for itself, its successors and assigns, and every successor in interest to the
<br />Development Property, or part thereof, that the Developer, and such successors and assigns, shall promptly begin,
<br />and diligently prosecute to completion, the construction of the Minimum Improvements thereon, and that such
<br />construction shall in any event be commenced and completed within the period specified in this Section 3.3 of this
<br />Agreement. Periodically during construction, but at intervals of not less than monthly, the Developer must make
<br />reports in such detail as may reasonably be requested by the City about the actual progress of construction.
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<br />Section 3.4..Certificate 0f q?0mpletion.
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<br /> (a) Promptly after substantial completion of the Minimum Improvements, in accordance with those
<br />provisions of the Agreement, the City will furnish the Developer with a Certificate of Completion as described in
<br />Exhibit D hereto. Issuance of the Certificate of Completion by the City shall be a conclusive determination of
<br />satisfaction and termination of the agreements and covenants in the Agreement with respect to the obligations of the
<br />Developer, and its successors and assigns, to construct the Minimum Improvements, and the dates for the beginning
<br />and completion thereof. Issuance of the Certificate of Completion and such determination shall not constitute
<br />evidence of compliance with, or satisfaction of, any obligation of the Developer to any Holder of a Mortgage, or
<br />any insurer of a Mortgage, securing money loaned to finance the Minimum Improvements, or any part thereof.
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<br /> (b) The Certificate of Completion shall be in such form as will enableit to be recorded in the proper
<br />office for the recordation of deeds and other instruments pertaining to the Developmeni Property. If the City refuses
<br />or fails to provide any Certificate of Completion in accordance with the provisions of this Section, the City shall,
<br />within thirty (30) days after written request by Developer, provide the Developer with a written statement,
<br />indicating, in adequate detail, in what respects the City believes that the Developer has failed to complete the
<br />Minimum Improvements in accordance with the provisions of the Agreement, or is otherwise in default, and what
<br />measures or acts will be necessary, in the opinion of the City, for the Developer to take orperform in order to obtain
<br />a Certificate of Completion ~ ~""~
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