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Draft 12/8/94
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<br /> ARTICLE III
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<br /> : CONSTRU(~TION OF MINIMLIM IMPROVEMENTS
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<br /> Section 3.1. Construction of Minimum Improvements. The Developer agrees that it will
<br />construct the IV~.inimum Improvements on the Development Property in accordance with the
<br />Construction Plains and the terms of this Agreement and, at all times prior to the Maturity Date of
<br />the District, will ~ause 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, this Agreement, and all
<br />local, state and f&deral regulations. The City shall, within 30 days of receipt of building plans for
<br />the Minimum Irrjprovements, review such plans to determine whether the ongoing requirements
<br />have been met. If the City determines such plans to be deficient, it shall notify the Developer, in
<br />writing, stating g~he deficiencies and the steps necessary for correction. Issuance of a building
<br />permit for the ~inimum hnprovements by the City shall be a conclusive determination that the
<br />building plans fo~ the respective Minimum Improvements have been approved.
<br /> Section 313 Commencenaent and Completion of Construction.
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<br /> (a) Stlbject to Unavoidable Delays, the Developer shall submit construction plans to the
<br />City by June 1, li.995, commencing construction by August 1, 1995 and completing construction
<br />by July 1, 1996.~
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<br /> (b) Tl'ie Developer agrees for itself, its successors and assigns, and every successor in
<br />interest to the DeVelopment Property, or part thereof, that the Developer, and such successors and
<br />assigns, shall pr0mptly begin, and diligently prosecute to completion, the construction of the
<br />Minimum ImproVements thereon, and that such construction shall in any event be commenced and
<br />completed withifl the period specified in Section 3.3 of this Agreement. Periodically during
<br />construction, the .-~ity may request, repons concerning progress of construction.
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<br /> Section 3.4. Certificate of Completion.
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<br /> (a) PrOmptly after substantial completion of the Minimum Improvements, in
<br />accordance with ~hose provisions of the Agreement relating solely to the obligations of the
<br />Developer to conZtruct the Minimum Improvements, the City will furnish the Developer with a
<br />Certificate of Co4pletion as described in Exhibit D hereto. Such certification by the City shall be a
<br />conclusive detemi_ination of satisfaction and termination of the agreements and covenants in the
<br />Agreement with ~espect to the obligations of the Developer, and its successors and assigns, to
<br />construct the Minimum Improvements, and the dates for the beginning and completion thereof.
<br />Such certification~ and such determination shall not constitute evidence of compliance with or
<br />sausfacnon of any obligation of the Developer to any Holder of a Mortgage, or any insurer or a
<br />Mortgage, securing money loaned to finance the Minimum Improvements, or any part thereof.
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<br /> (b) Th~ certificate provided for in this Section shall be in such form as will enable it to
<br />be recorded in the proper office for the recordation of deeds and other instruments pertaining to the
<br />Development Property. If the City refuses or fails to provide any certification in accordance with
<br />the provisions of~his Section, the City shall, within thirty (30) days after written request by
<br />Developer, provid~ the Developer with a written statement, indicating, in adequate detail, in what
<br />respects the Devel~per has failed to complete the Minimum Improvements in accordance with the
<br />provisions of the~Agreement, or is otherwise in default, and what measures or acts will be
<br />necessary, for the ~eveloper to take or perform in order to obtain such certification.
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<br /> (c) Th~,construction of the Minimum Improvements shall be deemed to be substantially
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