Agenda - Council - 12/13/1994 - Laserfiche WebLink

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Draft 12/8/94 ARTICLE II REPRESENTATION AND IdNDERTAKING$ Section 2A. Bv the Developer. The Developer makes the following representations and undertakings: ~ (a) The Developer has the legal authority and power to enter into this Agreement; (b) If, ito the extent allowed by law, the City makes available to the Developers the proceeds of TIFiBonds or other obligations in the exercise of its reasonable discretion, the Developer has th{ necessary equity capital and will obtain commitments for mortgage financing necessary for con~,truction of the Minimum Improvements; (c) Thee Developer will construct the Minimum Improvements in accordance with the terms of this Agr~ment, the Program, and all local, state and federal laws and regulations; (d) Ugon completion of the Minimum Improvements, the Developer will operate and maintain the Minimum Improvements. (e) Th~e Minimum Improvements constitute pemfitted uses under City ordinance, are in conformity with tl~e Program and will be constructed by the Developer at a market value of at least Five Million Thre~ Hundred Eighty-two Thousand Four Hundred Thirty Dollars ($5,382,430). (f) Th~ Developer has received no notice or communication from any local, state or federal official thai the activities of the Developer or the City in the Development District may be, or will be, in violation of any environmental law or regulation (other than those notices or commumcatlons Of which the C~ty ts aware). The Developer ~s aware of no facts, the existence of, which would caus~ it to be in violation of or give any person a valid claim under any local, state or federal environmebtal law, regulation or review procedure. (g) Th~ Developer will obtain, in a timely manner, all required permits, licenses and approvals, and wi!l meet, in a timely manner, all requirements of all applicable local, state and federal laws and rggulations which must be obtained or met before the Minimum Improvements may be lawfully c~r~structed. (h) Neither the execution and delivery of this Agreement, the consummation of the transactions cont~.mplated hereby, nor the fulfillment of, or compliance with, the terms and conditions of this bgreement, is prevented, limited by or conflicts with, or results in a breach of the terms, conditic~ns, or provisions of any corporate restriction or any evidences of indebtedness, agreement or instrument of whatever nature to which the Developer is now a party or by which the Developer is bound, or constitutes a default under any of the foregoing. (i) Th~ Developer will cooperate with the City with respect to any litigation, other than litigation in whichithe City and the Developer are adverse parties, commenced with respect to the the Program, or Minimum Improvements. (j) Whenever any Event of Default occurs and if the City employs attorneys or incurs other expenses fo~ the collection of payments due, or to become due, or for the enforcement of performance or ob!;ervance of any obligation or agreement on the part of the Developer under this Agreement, the D4veloper agrees that it shall, within ten days of written demand by the City, pay to the City the reasbnable fees of such attorneys and such other expenses so incurred by the City. Page 5