Agenda - Council - 01/10/1995 - Laserfiche WebLink

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Draft 1/4/95 ARTICLE II REPRESENTATION AND UNDERTAKINGS ~ Section 2.1. By the Developer. The Develol~r makes the following representations and und~gs: ~ (a) Thc Developer has thc legal authority and power to enter into this Agreemeng ~ (b) If, to the extent allowed by law, the City makes available to the Developers the proems of TIF Bonds or other obligations in the exemise of its reasonable discretion, the Developer has the necessary equity capital and will obtain commitments for mortgage financing necessary for construction of the Minimum Improvements; ~' (c) The Developer will construct the Minimum Improvements in accordance with the ten of this Agreement, the Program, the TIF Plan, and all local, state and federal laws and regulations; :: (d) Upon completion of the Minimum Improvements, the Developer will operate and ~ta.in the Minimum Improvements. ! (e) The Minimum Improvements constitute perm/tted uses under City ordinance, are in con~.~ ormity with the Program and TIF Plan, and will be consm~cted by the Developer at a market val~e of at least Eight Hundred Thousand Dollars ($800,000). )i (f) The Developer has received no notice or commun/cation from any local, state or federal official that the activkies of the Developer or the City in the Development D/strict may be, or wiii be, in violation of any environmental law or regulation (other than those notices or co~murdcations of which the City is aware). The Developer is aware of no facts, the existence of, w~ch would cause it to be in violation of or give any person a valid claim under any local, state or federal environmental law, regulation or review procedure. ~ (g) The Developer will obtain, in a timely manner, ali required permits, licenses and aPProvals, and will meet, in a timely manner, al/requirements of all applicable local, state and f .~ eral laws and regulations which must be obtained or met before the M/nimum Improvements may be lawh~y constructed. i~ (h) Neither the execution and delivery of this Agreement, the consummation of the ~sacfions contemplated hereby, nor the fuLqllment of, or compliance with, the terms and c~nditions of this Agreement, is prevented, limited by or conflicts with, or results in a breach of ~e terms, conditions, or provisions of any corporate restriction or any evidences of indebtedness, a~ment or instrument of whatever nature to wh/ch the Developer is now a party or by which the ~veloper is bound, or constitutes a default under any of the foregoing. ! (i) The Developer will cooperate with the City with respect to any litigation, other than L~tigarion in which the City and the Developer are adverse parties, commenced with respect to the ~ Plan, the Program, or Minimum Improvements. ~ (j) Whenever any Event of Default occurs and ff the City employes attorneys or incur ~ther expenses for the collection of payments due, or to become due, or for the enforcement of performance or observance of any obligation or agreement on the.part of the Developer under th/s ~greement, the Developer agrees that it shall, with/n ten days of written demand by the City, pay ~o the City the reasonable fees of such attorneys and such other expenses so incurred by the City. Page 5