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o <br /> <br />Draft 9/8/94 <br /> <br />Thc option shall be offered to the City within 90 days of completion date of thc Site <br />ImproverDents to the City unless, wilhin such 90 days, the Owner completes construction <br />of the Minimum 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 />Improvements. If the Owner fails to make substantial progress on the Minimum <br />Improve/'nents for a 90-day period following initiation of work, the lien may become <br />immedia!ely 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 lieni shall become null and void upon issuance by the City of a Certificate of <br />CompletiOn for the Minimun~ Improvements. <br /> <br />This Agreement shall run with the Development Property and shall insure to the benefit of <br />and be [binding upon the parities hereto and their respective heirs, executors, <br />represenqatives, successors and assigns. <br /> <br />In the event the City chooses, it may not exercise its option to repurchase the Property from <br />the Devdloper. The City shall notify Developer of its decision within 30 days of being <br />notified t~a[ the Developer will not be satisfactorily completing the required Improvements. <br /> <br />Page 33 <br /> <br /> <br />