Agenda - Council - 04/27/2004 - Laserfiche WebLink

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Parkland is legally described on the attached Exhibit A. This definition supersedes and replaces the definition of Parkland set forth in the Master Agreement. (b) Parkland and Trail Plan. "Parkland and Trail Plan" means the Parkland and Trail Plan on the attached Exhibit B. This definition supersedes and replaces the definition of Parkland and Trail Plan set forth in the Master Agreement. (c) Parkland Phase. "Parkland Phase" and "Parkland Phases" have the meanings set forth in Section 4.1 of this Agreement. ARTICLE 3 CONVEYANCE OF PARKLAND 3.1 CONVEYANCE OF PARKLAND TO CITY. Contemporaneously with the execution of this Agreement, the Developer is conveying the Parkland to the City. Title to the Parkland must be marketable except for public drainage and utility easements which do not interfere with the City's use of the Parkland for park purposes. Contemporaneously with the conveyance of the Parkland, the Developer must pay or provide for the payment of all real estate taxes due and payable in 2004 and all levied or pending special assessments due and payable with respect to the Parkland whether or not such real estate taxes and special assessments are due and payable at the time of conveyance. ARTICLE 4 CONSTRUCTION OF PARKLAND IMPROVEMENTS 4.1 CONSTRUCTION OF PARKLAND IMPROVEMENTS. The Parkland and Trail Plan attached as Exhibit B describes the improvements the Developer is obligated to construct on each parcel of the Parkland and establishes the construction commencement date and construction completion date for each phase of those improvements (each a "Parkland Phase", and collectively, the "Parkland Phases"). Subject to "Force Majeure," the Developer is obligated to commence and complete the construction of the improvements for each Parkland Phase on or before the applicable construction commencement and construction completion date established for such Parkland Phase in the Parkland and Trail Plan. For purposes of this Section 4.1, the term "Force Majeure" has the meaning set forth in Section 2.1 (aa) of the Master Agreement. The Developer's defense and indemnification obligations under Article 13 of the Master Agreement apply to the Developer's construction of the improvements described in the Park and Trail Plan and apply to the Developer's failure to perform any obligation this Agreement imposes upon the Developer. ARTICLE 5 CREDIT FOR PARKLAND AND PARKLAND IMPROVEMENTS AGAINST THE CITY'S PARK DEDICATION REQUIREMENTS 5.1 CREDIT FOR SUBSEQUENT PARKLAND IMPROVEMENTS AGAINST THE CITY'S PARKLAND DEDICATION REQUIREMENTS. As stated in Section 4.12 of the Master Agreement, the RTC Controls require the payment of park and trail fees in connection with the Development of the Subject Property. The City and the Developer agree that the City 1639311vl 2