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Draft 9/8/94
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<br />ARTICLE III
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<br /> iCONSTRUCTION OF MINIMUM IMPROVEMENTS
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<br /> Section 3} 1. CQnstr~,~c[ion of Minim~m lmpr0vcmcn;s. The Developer agrees that it will
<br />construct the Minimum Improvements on the Development Property in accordance with the
<br />Construction Plahs and the terms of this Agreement and, at all times prior to the Maturity Date of
<br />the District, will dause the Minimum Improvements to be maintained in good repair and condition.
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<br /> Section 3~,2. Building Plans. No building permits shall be issued unless the plans,
<br />therefore, are in, conformity with the Construction Plans, the Program, the TIF Plan, this
<br />Agreement, and a, ll local, state and federal regulations. The City shall, within 30 days of receipt of
<br />building plans for the Minimum Improvements, review such plans to determine whether the
<br />ongoing requireqnents have been met. If the City determines such plans to be deficient, it shall
<br />notify the DevelOper, in writing, stating the deficiencies and the steps necessary for correction.
<br />Issuance of a building permit for the Minimum Improvements by the City shall be a conclusive
<br />determination that the building plans for the respective Minimum Improvements have been
<br />approved and shrill satisfy the provisions of this Section 3.2.
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<br /> Section 3~3 Commencemcnl: anqt Completion of Construction. (a) Subject to
<br />Unavoidable Del~ays, the Developer shall commence construction of the Minimum Improvements
<br />by June 1, 1995, land shall complete such construction by January 1, 1996.
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<br /> · ' (b) The Developer agrees for itself, its successors and assigns, and every successor in
<br />interest to the D~velopment Property, or part thereof, that the Developer, and such successors and
<br />assigns, shall p~omptly begin and diligently prosecute to completion the construction of the
<br />Minimum Impro~,ements thereon, and that such construction shall in any event be commenced and
<br />completed withi.fi the period specified in this Section 3.3 of this Agreement. Periodically during
<br />construction, but at intervals of not less than monthly, the Developer must make reports in such
<br />detail as may rea§onably be requested by the City about the actual progress of construction.
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<br /> (c) Should the Developer, or its successors and assigns, fail to complete the
<br />construction of tl~e Minimum Improvements, the City shall have a option of first right of refusal for
<br />the repurchase o~f the property from the Developer. The purchase price of the property shall be
<br />Twenty Thousand Dollars ($20,000). The City shall have the option to either purchase the
<br />property at the a _k~ove stated price, or should the City decide to do so, they may direct the Developer
<br />to sell the properiy to another private party.
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<br /> Section 3.4. Certificate of Completion. (a) Promptly after substantial completion of
<br />the Minimum ImTProvements, in accordance with those provisions of the Agreement relating solely
<br />to the obligation[; of the Developer to construct the Minimum Improvements (including the dates
<br />for beginning ark] completion thereof), the City will furnish the Developer with a Certificate of
<br />Completion as described in Exhibit D hereto. Such certification by the City shall be a conclusive
<br />determination of~ satisfaction and termination of the agreements and covenants in the Agreement
<br />with respect to t_he obligations of the Developer, and its successors and assigns, to construct the
<br />Minimum Imprbvements, and the dates for the be~ginning and completion thereof. Such
<br />certification and [such determination shall not constitute evidence of compliance with or satisfaction
<br />of any obligatio~ of the Developer to any Holder of a Mortgage, or any insurer or a Mortgage,
<br />securing money t, oaned to finance the Minimum Improvements, or any part thereof.
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<br /> (b) The certificate provided for in this Section 3.4 'of this Agreement shall be in such
<br />form as will ena~b, le. it to be recorded in the proper office for the recordation of deeds and other
<br />instruments pertla~mng to the Development Property. If the City refuses or fails to provide any
<br />certification in accordance with the provisions of this Section 3.4 of this Agreement, the City shall,
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