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Draft 9/8/94 <br /> <br />The option shall be offered to the City within 90 days of completion date of the Site <br />Improvements to the C/ty unless, within such 90 days, the Owner completes construction <br />of the M}inimum Improvements. Exercise of the option shall be suspended during any time <br />in which the Owner is making substantial progress on construction of the Minimum <br />lmprov~Jments. If the Owner fails to make substantial progress on the Minimum <br />Improve~ments for a 90-day period following initiation of work, the lien may become <br />immediately due and payable in full. Notwithstanding any other provision herein to the <br />contrarY, the option may become immediately effective and payable in full if the <br />Improvements are not completed by January 1, 1996. <br /> <br />The lie~ shall become null and void upon issuance by the City of a Certificate of <br />Complet!on for the Minimum Improvements. <br /> , <br />This Agreement shall run with the Development Property and shall insure to the benefit of <br />and be 7binding upon the parities hereto and their respective heirs, executors, <br />representatives, successors and assigns. <br /> <br />In the event the City chooses, it may not exercise its option to repurchase the Property from <br />the Developer. The City shall notify Developer of its decision within 30 days of being <br />notified t}~at the Developer will not be satisfactorily completing the required Improvements. <br /> <br />Page 33 <br /> <br /> <br />