Agenda - Council Work Session - 08/13/2013

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(a) The City's willingness to convey the Property to the Developer is predicated upon and subject to the Developer's agreement that it will construct the Improvements in accordance with Construction Plans that Developer shall provide to the City for its review and approval. The Construction Plans shall provide for the construction of the Improvements and shall be in conformity with this Agreement and all applicable state and local laws and regulations. The City shall approve the Construction Plans in writing if: (1) the Construction Plans conform to the terms and conditions of this Agreement; (2) the Construction Plans conform to all applicable federal, State and local laws, ordinances, rules and regulations; (3) the Construction Plans are adequate to provide for the construction of the Improvements; and (4) no Event of Default has occurred. If the City rejects the Construction Plans in whole or in part, which rejection shall be by a written statement from the City specifying the respects in which the Construction Plans submitted by the Developer fail to conform to the requirements of this Section 3.2, then the Developer shall submit new or corrected Construction Plans within thirty (30) days after receipt by the Developer of such written statement. The provisions of this Section 3.2 relating to approval, rejection and resubmission of corrected Construction Plans shall continue to apply until the Construction Plans have been approved by the City. Approval of the Construction Plans by the City shall not relieve the Developer of any obligation to comply with the terms and provisions of this Agreement or the provisions of applicable federal, State and local laws, ordinances and regulations, nor shall approval of the Construction Plans by the City be deemed to constitute a waiver of any Event of Default. The Construction Plans shall be deemed approved by the City unless rejected in writing within thirty (30) days after receipt from the Developer by the City with a statement of the City's reasons for such rejection. (b) If the Developer desires to make any material change in the Construction Plans after their approval by the City, the Developer shall submit the proposed change, in writing, to the City for its approval. If the Construction Plans, as modified by the proposed change, conform to the requirements of this Agreement and such changes do not materially alter the nature, quality or exterior appearance of the Improvements, the City shall approve the proposed change and notify the Developer in writing of its approval. Section 3.3. Commencement and Completion of Construction. Subject to Unavoidable Delays, and contingent upon Developer securing adequate financing, the Developer shall commence construction of the Improvements by August 30, 2013. Subject to Unavoidable Delays, the Developer shall have substantially completed the construction of the Improvements by November 15, 2015 unless amended by the parties. Appropriate extension of time for completion shall be made for time lost as a result of Unavoidable Delays or other factors approved by the City; provided that within twenty (20) days after the occurrence of an Unavoidable Delay or other factor, the Developer shall have notified the City in writing of such occurrence. Until construction of the Improvements has been completed, the Developer shall make reports to the City, in such detail and at such times as may reasonably be requested by the City, 5