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Home My WebLink About20091005 - VIII-B-4 & 5September ~(), "?DtI9 TC?. The Honarable ~lator and C°it~ Ca~ulcil FRC~yI: .Tolle G~°osstnan. EI7R~~ I~irectar RI/: Purchase and I~e~, eloprncnt ~~-ee~~zet~t, Business S~.tbsidy ~~,~ree~nent, L3eecl far Industrial Park: P~-~~pert~ : Lab Bay Enterprizes, LLC ~Ciary Iocco~ Sutntnac•y: The EI~R~ Beard has ree-ic~~~in~ tl~e specifics aged teens e~f the p~ircht~se anti land credit prapasal by }qtr. IoccQ and. recan~nends that City Council appro~•e the sale and the business subsidy. The ayreernents ha`~c been subinittcd to it~Ir. Iacca for his re~~ie~~j. Site plan and bul~iir~ desi~,~n rep°ie~r- hate been completed by the Planninti Con~inisson. The Cifiy Attota~ey leas rer~'ie~,~red the title cammitment and drafted the ~~ a~-~-anty= deed. I# City Council appro~,%es tl~esr: ~~localments. tl~e foal is tt~ close and start tivark as soa~l as possible. Red. `vVin~j l`~e~~tal ~r-ts is a full lei-~~ice dental labaratory producing dentures, partials and restorations.. Lab Boy Fnterpr-izes LLC is an entity established to be t11e property a~~ ner. Clary Iocco is the President of tl~e b~zsiness and the ~nana~in~ 13a~°kner of the LLC. Teens of the attached Purchase and Development and Business Subsid~~~ ~~reements: l .The City ~v~ill deed one acre ~~alued at S7I,87~1 to Lib Bay Enterprizes LLC for ~ l .COQ. The balance oftlle value (571a~~7) will be deterred far fig=e years. If in time years, t11e jc~b and canstr-uctian credits do not exceed the deferred land value, or if tl~e business ceases to aperate in blastin~s, Lab Bay ~t~rill a~,~~e a prorated amount of the land ~~alue to the City and that amount could be assessed to tl7e parcel if necessary. See attached sr~inmary of the land credit pra~ra~n. 2. Lab Bob%co~ninits to har=e 1? jobs, ezx~ployees ofRecl ~,~rin~x Lental, can tl~e site ~~~ithin ~? _yrears. 1`~eti~° hires ~w ill e a minimum of S 1 Q.QQ an hour. Facilities no~.~~ u~ C"otta~e Cra~~e and Red y~v'n~= are to be combined in I--lastin~„s, 11~1~-. Ioccc~ anticipates 1 ~ jcsbs in ti~•e years. 3. Lab Boy caln~nts to build an office-lab of 5,1 QQ sci.ft. t~k a cost of ~ 1=1,30fl, and z~~ith interior build out ~~b~?,6QC). Red ~t'in~ dental ~~;~ill be the only tenant. ~-. Lab Boy cc~nzmits tia ren~rain in business in IlastnY~s for fi~ e }=ears. Business Subsid~r r'~c7alysis. 1. .Py land credik analysis indicates that in ti~.e years the job as~d constilzctio~7 credits ti~~ill exceed tl~e :.i~ferrecl value ot~tl~c lat~cl, and Lab Boy Entecprizes LLC should not o~~~e tl~e Cit~,~ any p~ ~r-ion of the deferred land value (71,~7~~. C~~~IStructic~~a credit: ~^~ssesstaes ~~larket ~'altie t~f ~ a7 ~,~7~ diw-icled b}=~ l{) S ~7,?~7 credit. Jabs credit: S7C7t~,()()C) annual. pa}rc~l1 ~estinlated b}` `~lr. it~ccc~} divided b}~' ~??.()~~ `?t~; ?~ ;~ `~ 1 `?,t~~() _ ~ ~ l ?.C3tJ() credit. ?. EDI~~~ business subsidti' criteria: ~:alls fc~r t~dt~ t~~~ three jabs l~e~° aci°e ~f l~nc1: 1_.ab Bt>} ~Sr~~p~~se~ 1? tc~ 1~s j«t~s ~~e~~ acre, • Calls t~~r a minn7u~i~ ref ~ 1 tt.t~~l ail ht~tir fc~l° ne~~~ tlit°es: lab Bt~y a~~-ees t~ kids anti expects a S 1 ~~.~~ aG'era~7e ht~url}r ~~'a~~e. lustablisll that the assistance is necessal-y. The pr«ject ~~'ould nc~t prtlceed ~~~itl~t}tlt the Lt~nti Credit prc~~i°am. • Establish. that nt~ ~~tare assistance tljan r~ecessar~~ be prc~~'tled. The building; ca~'ers l l °~ cif the ]tit. ground 2t~°,~i, lt>t c~~~era~.~e has been a g~t~al, btlt rlt~t a retluire~nent. ~,ir. iocco desires room tts expand the building anti. is considering a ~eo~thet~nal s}~ste~~~. Eitl~e~- of these +~~-oulti fully use the des clopn~ent potential t~f die lot. The lot is one were L's°1~ic11 is a t~seft~l n~inin~t~t~~ lot site ~a i~~n draiala~e easet~~ents. pai°kin~ and drip;°es are eonsiclea°eti. ~. T}le project meets the criteria for neetin~~ public puz-~oses because it: BrinE~s t~c'el~~e to ~ii~een jobs at coir~petiti~~e ~~,°a4~es to 1~lastin,~~s. } ~~dds to the ~,°ariety of e~nploynaent opportunities in Hastin~~s. • Encourages development in a city-designated area (industrial Pa-k~. ~* is a clean at~d appropriate industrial park. use near residential areas. r~clds a ne~~~ propert}f to the taxable market ~-'aloe of tl~e; City. l . <~.ppk-o~re the sale o one ae:re of C"it}3 Industrial Park land to Lab BQy Pnterprir.es I..I~,C' «•ith the tindtng„ that the proposal meets the criteria and public pu~-l~oses of a land credit intl. business subsd}~ al~cl authorize execution. of the Pt~rcl~asc and Develol~~Y~ent and Business Subside A~.~ree~~~et~ts. .~uthoi-ize the execution ofthe 4'Varrant}~ deed. b~;' the ''~~layor and Cit}~ C`lerk. SL'tiI~I.~RI' (3 C' I,.~\'D ~~tt~:!)fT PRfJ~Ft:~~I This is ~t brief autline of the pra~~r•arn under ~4~lxiela the City (Cc~unvil ar~d I-I)~ I~Ii"..~) vansiders a request to sell Industrial Parr: land at a price belo`~• tl~e rn<trket to encourat~t: deyelopr~ent. The City has the statutaz-~,' author-it~,~ to da sa (=1~~.0~>; 469.I~1}. T1~re i•~rltre of the difference bet~.~'een the marl~et price and the cite price is a business subsidy, The I-I.:1 r.~:rs pr•a;~rarn tales tl~e farm at clefer-rin~.~ full p~r~7nerlt far tl~e lard far tiwe years and deducting credrts baser] an buildin~~ ~ aloe, jabs artd ~~, a~,~es Pram the defer°r`ed I~tr~d price. .~. L~CATIO~ ~~.:4D T~`PF CAF BtSI~vESS. Land credits can be used ~~,~Ilen tkte City o~~rls the land as in tl~e Industrial Parr. Tl~e business has to be per`rnitted in are industrial zane, such. as rnantrfactur-irr~, pr-avessin~a ar c~~halesalin~. P~usinesscs that need a special use permit to lavate irr the Industrial Parl cars be vansidcred far the land pa-ive subsieiy. B. T~`PE C7F BLiII/D[`~,`~. Tl~e vananlic I9e~•elaprnent Carnrnissiarl ads ises all applivants far. the land price pra`n-arn that building leas to meet the desi~r~ star-rdards adapted fc~r the type and lc~catian. ~'. ~~`v[aL~iT C)F SliI3SIl7Y. T11e price afthe land is set by the City Counvil. ~t this time it is ~1.6~ a sq.ft. ot• X71,574 per acre. 'fhe de~~eloprnerrt a~reernent stipulates that the ptrrcl~aser ~~ill pay a narninal price. ~ 1,~0 art avre, and the balance 4~°ill be deferred far fi~~e years. Far one acre, the subsidy ~~'auld be 71.57. I~. BI~I~vESS St,•BS1DY RI/Q1~7IRE~yfE~v7TS. T11e City and IdEDR<~ ha4=e adapted vriter`ia far the approval of business subsidies, includir~~ land pr-iee redtrctans> required by the Business Subsicly° pct (116J.~~~-9~~). The ~°ant afa~busness subsidy requires public native, ptrbliv ]xeariny~ and apprayal at a public rneetin~~. TIZe ctrrrerrt tliresl~old of a business subsidy is a ~~alue of `~ I ~(1.~t7(~. The recipient of a subsidy leas to si{~n a subsidy a~r-eernent statin<~ specific jab anal iya~e ~aa1s and rnakin~ a can~nlitrnent tc~ r-ernain in aper•atian in the City far fig-e year°s ar repa}~ a prorated par~tian of the subsidy. The recipient a=reel to report pra~~ress to tl~e City annually, Failure to meet the ~aals requires reimbursement af' a prc~ratecl arnaur~t of tl~e subsidy. E. SECLiRIT~r'. The purchaser e~ectrtes a develaprnent a~~reernent recorded an tl~e land title. If the deyelaper'awvner does not complete carlstrtrction of the buldin~~. meet its jab a~~d ~ya~~e {~aals as reported to tl~e state, defaults an the deyelapnlerlt a`~r•eernerlt. or tl~c city vredits da rat vas=er° the subside, a prorated. an~aurlt of the subsidy «~11 hate to be paid to the Cite. "1`l~e l~urel7aser's lender ~~'ill have to acckrra~yled~se tl~e purchaser's abli4.~atian to the City The a<~reernent <,~i~ es tl~e Cit~~~ the r-itdl~t to assess t17e reirnbtrrsernent a4`airtst the property. F. C.~.LCIv=L,~TIC~?v` QF CIT`r' C'I~EDI~I"S. -I-llc purcl~~sers prcapc~~e tca cc~alstru~:t builclit~~~s c~ra tl~c site of a,~i~ er1 assessor`s ~~alcae {arid pr`oposc an estin~rated aarnural payrcall of a =~iti~ea~ ti'alue at the site.. by ~~ datc dive years after tr'ar3sler of the pa~ol~errty. The proposal ~~ il1 be cased to estianate the land price credit for- the a;?reerrti:rtt, Hosa~~ever, the actaral value of dre credits will be calcaalated no ]Eater thaa7 the '`benefit date": the tiftl7 anniti ers~ar~ of tl~e release of the Cea~ttie:aton of C)cca.rpancy. - 1. The coarstraactior~ credit is the v~alaae of the btrildirr`.~s on the site, exclude;.; lar~cl ~~aleae. Th` assessor's n~aat•het Value li°oaxa tl~e ,t~:reu~aa-y precedieW, is diw~icleci b~~ 1~ for the ar~~c7unt c?f the ca`edit. Exrrrrr~~l~z: brrilcdi~r~ r~crlrrccl fr3' f]rc cvrrrtt~' ctss~gssvr- r'rt ~,~(1(1,r1()(1 tltt•aclccl bt~ 1 f? = S7(), (1a`)t') c~rr~clit. 7 ,lae jabs credit is based oe the aarrount of die palroll fir the lust 1 ? rl~onths or elost recent fe~ur• garar-ters, docurncntec~ b}r the business' tiIDES-1 fc~r-ans. ~.djarstrr~ents nxay be r~l~ade for the payroll. at tk~e tir7ae of the sale and for tl~e o~;.jec;r's compensation. Di~`idc the payrcall by ~~7,~1:lta (~t full. tune job at 1 .fl0 an l~~ur) for the nura~bea- of job eclui~•alents. ~vlultiply jc3b equivali~rsts by S 1?.0~3~ fi7r' the arnoaar~t of the credit. ~`xcrraa~lca: 1? raac~rath ~CZt'r'v1I c~1`'S?r~(~, f.1()~) clir~irlcc~ ~at~ S'i, ~(,~ = 7 jvl~ c~r~rrrr~crz"E:aals; 7 r~' S1 ?, (1Z)~1 -- S{~'=~.1~(1~J ct•c>c~it, . ~. The ~, clue of both credits is subta'actecl ft°oral the amount of the subsidy. If they exceed tl~e subsidy, and all otl~cr tcn~rs ar-e naet, the City ~~~ill certify that the purchaser has completed the conditions of the der~~elope~erit areert~errt. Lfporr cer-tificatioa~ of constraaction credits and job credit; a satisfaction ~d~ll be r€;corded releasinw the purcllascr- ti-om those repa}~~nerit obl~atiorls. Eti-crrar~lc:: Tlres ~~a°ncr rcccrr~cc~ title tv tr1~v czcr•cs. The srrEasicly is r~crlrrccl rrt .~1~13,T~6. Fl°c yc~rr-s 1c-rtc3r• 1lac~ ct•cclts slrv~~°>r r'r1~vr~~> tvtcil ~1J~1,(~f)~). 71rc vra°racr~ clc~cs rave vrt~e: the Citr° bc~crrzrsc~ thc~ cr-ctlrt c~_x-ccc~c%s tllc lctjacl ~3crlrr~, 4. If the crcclits exceed the sa.rbsicly°, the ow~arcr- receives a Certiticatioa~ of Satisfaction to be retarded. lftl~e credits do riot cclcaal or exceed the ~~alue of the band, tyre prorated balance is clue arlcl payable to the City. I1` the cor~~p<~ny does neat pay tl~e City, that balance ~~rdl be assessed a~~4tinst tl~e property in the same, r7rarlner as I~ublic irx~}~rovenlcnts. The: balance ~r~ould also be clue iar~mediately ifthe owners clefacrlt can the aneernent or sell the property prier to reeei~~ie~~ a certification of sratisf<actioaa. G. q~he la~~° also requires drat sarbsidy a~~reen~ents <anci tlrc aLn°eccl ~,~sc~als are reported to the state. The; rcpor°t will include t11e number of jobs created by the prrrclz~astr of the land car b}' the tenants on tl~e site, tl-te hoaarfy ~~~a=.~e ar1c1 the he}ur°l~ ~ {aloe of r-neclical nsarr<ra~ce. The City will provide rcpor~tin~.~ ti~rn~as irr early Ftbruar~~ ~,vlrich a7~arst be retur~necl b}~ lt;[arch 1 > aenually cu~til the s~oals are met. ~, jc~b is coesder°ecl a lit]] tin~c tcluivalent, or ?()~~t) hcrrtrs cif t~•ork I~er year. a ar7~cr~~li~stitt~s»~2i~ ~t=c ~-4t? Cczni~arisc~n czt'te Land ~r~clit P~-a~•an~ and. the business St~lasidy La~~' ~" E ~.R.. CITE' L~.'~ l~ C1ZEL~1'1~ I~l~c~~l~ ~'~I S~C,~TE BLS1~,'ESS S~~BSII~~r ~ a~~~ Clc7se land Sale -this is the b~~n~:fit date in the aL~reen-tent t~;r the land credits. Certificate of Qecupzncy this is the staz-tit~g date f`or State ~~-age and fob goals. lst az~nivcrsar~ of benefit. date. "`a anniversary ~E~ anna~ ersary ~t, q anniversary ~cl, anntyersal"y I~evelopzncnt .~.uTrcenaent a-ecorclecl: p~i~°tnent of` full laud value is deferred for fi~-e y°etzrs at z~°hicl~ bane bulditlg and p~ay~roll credits zzre calc~dated and subtracted. fi-orn d-te balance daze on the land. ~vy'hea~ the assessor bas valued tl7e ne~.~,, bzaildia~tg atld the business has tLVelve anontl~s of payroll records fir the ne~~, site, znay request the City to calculate ~t~hetller tl-te credits exceed tl7e strscly,. s~zzne as ~bo4~c wane as abo~ e Credits mtast be calculated as of this date if nc~t alre~:tdti, dotle. It credits do not exceed tl~e full value of tl~e laud, deg°elopet° must. pay buck tl~e E~Gdtzzzce. Business Subside .~~rreen~eaat recorded: developer coulnlits to job ova<~e goals and commits to continue opcz~atons at the site for five years. ~Iay lla~~e met fob ~. `~~a7e goals peer subsidy agreement. t~la:tst lZave tnet fob ~: t~~a~.~e goals unless z°eclzzest fczr csne. year extension is gz•anted,. yltzst l~a~~e anet fob ~ ~a°a~~e gozzls or pa~° back pz-o rata share of land value. dust still be in operation to this date ot` pay back pro rata share of land valtae. 'vlrzst still be in operation to this date ot- pay back pro rata share of land value. SL"~1'~l_~R~": 1=ultillin~:z the cc~nditirjns c~ftl~e land ~:r~dit k~ ~~-t,::i, does not exe-npt the de~~G.loper J fi°~~s~3z t1~e cc~rlciikit~~7s ~~fthe ~t~sine;5s suk~sic~~ a~°t. car vice-~.~e~~ssi, The kel~~~s t~fh~~kh a;.~z-ee~~~eiits I~a~~e kt~ ~, abet ~~~- a prc~r~~ka 5}~a~~e csf kl~e land ~ aloe ~~~i11 hay e tc~ ~e ~~aici tc~ khe City. =i Se:~at:~ll~.~~r ~), ?l~C~~ 1~E4'ELC?P'~~EitiT' ~'~.GR~E~`~~EtiT B~' ~nct ~et4~~een CIT4' t~F II~~'I`ri+G~, l~Iiiti\'~SOT Inc L~,~ ~t)~T ~.~TERP~IZF, LLC t~t~~~~i: . ?00 T~~4 c«~;url~~nt ~~~~~ cla-t~l't~ci 1-~~ BRA,D~EY & DIKE, P. A. 401.8 West 65f" Sheet. Suite 100.... Etna, MN 58435 Telehene: X052} 926y5337 t'~__,~ I3F~~A ABLE .~I~TI~L I Defuiitions Sectic~Il 1, t . I~etilT~tic)Il~ 7 ."~RTI~LI'/ II Repi•esent~tions ~ectinll ?.1. ~e~~i°eselltatC~ns b~~ the City= =~ S~etioll ?.2. I~.c~~I°c~ctTt4ltiolTS by tIT~ D~:ti~~lc)~eI° ~ AIZTI+GLE III: Cone°e~ ar-ce of Pro~ere, ~C;C;tI()Il j. ~ . ~telttl~ {)~ ~?I'C7~)~I"~~' ~ Secxi~)n ~.~. f'-"~~~rC;~ITl~tlt tc) ~ci] 5 ~('Ctlt)Il ?. ~. ~'C)I1t~1tiC)I1S ~'1-~C~C~eI1C tC) ~'t7i1~'~1'~Ill(f' ~GCt1Clt1 .J. ~Ilt'11`tJIT117~i1tt1~ r~~S~5sI1TI~tlt ~ ~E'..C°.tlt7ll ~.~. C~~SIIT~.? ~'Ct1C7t1 ?.~. fi'i,C`~SS tC) ~}I-C7~7~1~~Y' ~CGti~Il ~.~. t~SS~~SSITIC',I1tS ~c'.CtIC)t1 ~.~~. I~llSltlf'SS ~3CI~S1C'~! I~i~I"(;~i'11c;tlt W ~ ~) Sectic)Il ~. l (} . City Cc)s~s 1 t) I~"l" I C' L E 1 !% C'o1T~trl~ctzol~ of In~~T~°o~'ci>~ae~ts Scc•tic~n =~.1. ~~C)I1Ski-LiC'~1C?Il ate ~111]7I-C)1'C;nTCI1tS 1 ~~) S~,ctia~~ -~.?. C'a~l~tl ac;tioi~ PlE~ns at~ci Sitc Plan 1 t ~~tian -~. ~. t"o ~~ r~°a~~.:em~.nt ~~nc C'anl~latic~~1 of Co~1st~-rictia€~ 1 1 ~~It`I"ICLF ~, Insiran~ee Sa~tian ~.1. In>~~r~u~ce ~RTIC'I~I~ ~'I T'ar~e~ 5~atic~n 6.1. I~cai PraP~~~t~ Tape ~KTICLE'~~II Financing Section 7. (, ~Ic~t~t`La~7a Finanan Sectiaal 7,`?. I.i~7~itatic~n an ncuml~ranc:e of E'raP~:~-t5. ~I2T'ICL~ t-III E'rfll~ibtans ~+~~anst <~,ss4nn~ent and Trans~e~-; I~ael~ntnif~catic~n Section ~. l . Pral~i~sitian ~,~.~ainst Transfer of Pra~~ert~° and ~~,ssi~nn~ent of ~,<~l-ec;inac~t Section ~.?~ Reie~t~e and Incle~~alnificatia~z C'a~,~enants ~IiTICLE I F.`e~~ts of I3efa~ilt 1? 1 1 ~l l I la S~ctian 9.1. ~ r~e.nts of C~af'ar~lt I7~efitleci 16 Scotian ct.?. Re~neciies an II~efatllt l Scotian ~~. ~. "~a c1~1cc$}r E~:cl~l5i~e 17 S~~tii>tl ~'.~. '.~~} r~,d~itic~n~71 ~k-{zip, ~:r In~pli~cl b~~ ~Ilt '~~'~i14'~r Szctic~~z 9.~. Effect cif Tc:z~zniz~4ztiozl ~f ~<rreei~~~[~t 5i;ctit~zl 9,C~ C`czt~ cif F[~f~~z•cezneiz~zt .3RTI~'1.F .~c~clitionz~l Po•a4isions S~.ctit~t~ I (1.1. Reg~re~ez~ttzti~ e;s ?`tint Incii~`icizaall~' Liz~l~le Sectz~~1 1 U.?. I'r~z~ isic~z~~ ~ve~t "~'ier~ecl "a~"ith I~~:eci Se'ctii~z~ 1 U.~. Titles czi` ~rticle~s ~zz~cl Scctie3zzs ectie~zl 1 ~.=. '~z~tices azaci Demc~zicl Sectic~zl 1(~.a. Di~c~~1i~~~er ~i'I~elatic~zzsl-zis Sectic~ct 1 Cl.(a. Ic~clific;ztc~zz5 Sectczzl 1 C}.7. C~~zzzztez-E~zz-k~ 5ectic~n 1(}.1~. Jzzclicial Intez-Eret~zticm Sectie~n 1(1.9. Sc~~cr~bilit~~~ Secti~7z~ 1 fl. l t). Terz~`zz~ate~z~ Sectt~n 1(1.1 l . Ciuar~zz7tec; of C7~li ~z~ti<~z1: SCI-iEl~t/LE .~~ Descz-itic~z-z cif F~rc~pez~t~~. SCHEDI: C,I= i~ Busizless SLGb~i~ly "~<~z•eezncnt SCI-iEDL~LE C Ct~nstrzzctie3z~ az~ci Site I'laz~s 1? 17 li ~'~RCH~SL .~\li} DIE~'EL~}~~11W:"~T .~~G~>!uEl1F`tiT THIS :~(~FtEE~IL`'v"", n~a~le c~r~ car {rs cif the ~Ia~• cif . ?tJ{)t) Icy antl l~eti~•eer~ the City c?f I Iastin=~s. `vlirlr~esc~ta, a hor~re rrtle ~:harter city;' ttnclcr the la~~-s cif the State r~f'~lnr~esc7tt~ (k~er°eit~after rcferrecl tc} as tll~ "'Cite'"). at~~l hay in;~ its principal office at I ()1. -lth Street I;~rst, t-lastin~,~s. \lit3r~es«t~7 5~t) ~ 3~ l~~», and La1a 8~~~~ Er~ter-l:~rizes, LLC, a '~1it~ales~>ta lir~ttecl Iiat7ilit~` cc~r-npan}° (let°eit7al'ter r-eferrccl ter as tl~e '°De~•ek~~pet°"), ha~~r~~~ its l~r-ineipal c~f'fii:e at l-~ ~-1 ~lcl ~4'e;st ~-lain Street, 1Zec1 ~'i'in~.~, "~Iinnc°s~~ta ~ ~~f~t~. ~'~-rTtikf;SSLT~kk: ~~"HER1V~~.S, the City is a hc~r~le rule ch~rtter city r<ulrler the lrr~~s cif the State c~f''~lit~i~es~ta affil is the c~ae`r~er of certain real prc7perty Ic~~;atecl its an irrclustrial park ~~,•itl~it~ tl~e City (ti~'hiel~ real property is refer-r-erl t~~ hereir7 as the "rc~l~ert~ "); and L~'k~RJf/.-~5, tlr~ Cite laas icler~tiie~k ors c~t~e cif its t~}~~jcGtirLs tl~e errcc~ur•av`it~t~ of e~c~t~~tnic cke~~elvpment atrcl jcrh ~r-c~E~~tl~ i~•itllir3 the Ct}' ~~` inciucirr~~ at~cl assistin{~ near,, husir7ess tc~ 1c~eate in the City and e~istn`~ 13ltsinesses tt~ exp~rnci their c~peratic~ns; and «"HRE~S, the De~.~elc~l~er has presetltec~ tc~ the Cite a pr~p~s4rl ley ~~'hch it ~t~c?ul~l purchase tl~e I'rc~perty fi~~m the City atlci cr~nstr•tret thereon a n~anufacturin~ l~rrilciin~ cif apprc~~in~ately ~, l ~f~ s~uar°e feet ~~ itl~ a market ~ ~tlue fc~r real prc~l~ert}f trz~ l~ur~pases cif at le~~st 5~7~.~7U; at~ci ~i'HERE ~S, the Developer has further prc~apc~secl that ir1 cc~nsicleratcsn ~f the Cit~~'s cc}r~~eyance of tlZe l~rc~per-ty the De~rel~l~er` r~ ill Meet eertair~ er~t~plr~yrrl~;tit ar~cl r~~tl~~e reyuiren~errts ~~ ithir~r specife~i titncs after cc~r~~°eyanc;e cif the Propet~ty; atrct '~~-'I-~FRIt'~~.~, the Detiek~~l~€:r- klas repeeset~ecl t~~ the; C`ita~ that tl~e L~e~-elc~l~er is unr~I~le tc7 seeru-e the necessary tin~u~cin~r t~7 acel~tire t11e Prr7perty ar~cl cc7nstt~rct the hT~prc~vements if the Develc~pLr is required to purchase the Pr4~perty fr~r its cut°t•ent t~larket value; and ~t~'HERI~ iaS, the Cite is ~~illin~~ to sell the Property to the Develc7k~er lout only if tl~e Developer- cc~r~~l~lies ~~°ith its crn~struLtion, erirplo4-meth and c~stl~er coy er~ants trr~cler this A~.:reenlet7t, `v0\~', THF.RI~I~flItE, in cc~t~siclcratie~t~ tat'tkie tl~utual cn~er~at~ts ar~cl ~~1~i<~atir~t•ts of the parti~:s heret~~, eae.h of tk~cm clues let°el~~ covenant and aa~ree ~~ ith tk7e other° as t~~llc~« s: r1I2T[+CL1" I 1'Jefirataat~s Seetit311 1.1. Definitic~ras. In this ~%~w.~reenaent, unless a dit~erent laaeanill`r e~learly al~laear`s fa-c~laa tlae cc~nte~ t: - „~~.r~r•eenaelrt° t~~e;a[~s this :l<~r'ee117e1~t, is the szllY~e rr~{1~ lire frcal~7 tir-r~le to tila~le I~zc~<lil`lecl, a1laelldecl, car slll~l~iemelatecl_. "~~ssessla~entsj' naeralas the assesslalents tca be lei iecl at~ar~st tlae Prt~l~ert~:" l~arrstrarlt tc~ ~e~tic~l~ ,7.~ C)f thls f'~~?1`eenlent. ,~Bllsllless ~ubslcl~' ~~Tl`t;e111e17t'{ 11'lealls tlae at~1`ee121ent 11~ the 1{)I-aa~l cif Selledrlle 1~ tl~ t1714 ~?.~rer~anellt tc7 be e~eclrtecl b~• tae C'ih% and the De~`elcal~er Eul°surant tt~ Section j,c} of this A~~reel~aent as reglrired l~tlr°salant tc> ~.linnesc~ta Statutes, sections 1 1 CiJ.9{)~ tca 1 16J.c~c~~. "'C'ity" naearas tlae Cite"~ cif Hastin<~s, l4lirllaesc~ta. "Ccjrastrueticm Credit" paeans the credit tc~ be ,~~i~ en tca the Dee elcaEer a4~aair~lst the Dee~el€~l~er"s c~bli~~atiolls tc~ ~~av tlae ~ssesslalelats c~alculrated as Erne°idecl in Secti~nla a.S of this A<.~reera~relat, "C`carasta~uctican 1'laras'" raaeans the Mans, sl~ecificatic~las, clr-a«~in~~s salad r•el~ated c3cleulr,elats c?n dae cc~nstructiula ee~c,rk tc~ be perfoa~llaecl b} the De~`elopel` can tl~e Pro~ert~ t~~hich shall be at least fas detailed as the flans tfa be salbtnittecl tc~ the bcrildn~~ irasl~eet~1- caf tlae Cite alad shall include such su~l~lenaental i17fc~rlnaticjll as tlae City` lna~~ rceluirc . - ~~C'C~1111t~'" I17e~327S Dali(7tca C(7llnt}', i\.1rl~nesC)tta. "Deg elc~l~er" paeans Lab Bca~,, Elatel-l~rices. LLC, a limited liabilit~r ec~raal~rar~~"~, its stlecessc~rs Barad assi#.~a~s, aracl aray" tarture ~~"ners at iaray ilatel~e:st ira tkae l'rc~pel~t~". '°E~°('17t ~~f Default" me{arcs tan acticara listed in Section ~~.1 caf this .'~{~;reela~lent. "Hazarcc~ars Scrl~stal,,,y<;,, laiearas asbestcas, alrea fc~I`lalalclela~~cle. I~cllG~ehlcarlaateci bil~herj~"ls. nuelerrr Fuel car- a7aaterials, c:r~~iaai~:al e~"rite, r-tldicaaetile laarate.rira]s, exl~lcasi~es. knc~ern carcinc?4~en. }~etl•calc:ulaa ljr`c~duc~ts and alv:t~ all dan`~erc~us, tc~~:ic OI° hazardc7rrs l~callutrants, ec,ntan~Iinates. chelalic;rals, laaaterials c~I- slrbstances clefiraecl 4as hrar.al~clous car as a Ecallutf~nt car ec?ntalalinant ir-r_ c}r t11e r~ele<lse c?r disl~casal cif ~4"laich is re{~arltltecl b~~, ran~,% LEIw~ s car IZeV~u141ticaras, ras here<rfter tletnerl. Lakes car Resruliatil~ns n~e<ara alacl ira~lrrde the Cc~laal~r`ehelasi~~e Eyre"ircanlaaer~tal l~.esl,cslase atad [_ilabilitti .het ("CERC'L.~1" car the Federal Sullerl~und .~et~ ras zanaencied b~ tlae Superfuncl ?~17-remmerats and. liealrtl~rcaritaticala .~.~t caF lr}1~6 (--5.°-~R:~.") -f? L?.S.C'. 9~~(~1-9~~7~; "Ilse Feclerral 1Zcscatrree C'c~rasee~aticln and l~eccal"er~,' t~.et c>f~ l~~~C~ 1"1~C'R~~"~: the Cle~rr~ ~'G'Fatel` _~ct, ~,~ [~.S.C. 13? 9. et secl.: t17e Clean ,"'sir ~'~et =~-? L.S.C. i=1() 1, et secl., tall as the saanle raaay be frcana time tca time alaaendecl. aracl an` s~tlaer federal. state. ccrcrntti, munieil~~al, local car other statute., lza~y eardin~alace c>r re`.~ulation wt•11iL:13 a1~~a~, relate to or deal ~~~ith lluan~ln healldl or the ea3w•ironr~leut includiat{,. ~.e~ithoart linltatiorl, all rc~~ulatoa)s proallul`~ated b~~ a red=ulaatory body ptrrsrraant to aany saacll statute, laa~~ or orciirlaalce. '"Holciea°" rllcans tl~e oi~ner of a 1~Zoa°t~~a~~e. "Ia~11~ro~ er~lea~ts" t7acans the coalstr~actiorl I~~- tl~e Dee eloper of a nlaan~afactur°ir~<~ baailclin~,~ of approximately ~, l ~(} square feet or1 the I'a-c)perty in aaccordaa~ce e~-id1 the Cc~alstructiorl I'laals. ".lob Credit" rneaals the credit to Ile ~~i~~ea1 to tl3e Dew{elr)per a~Tairlst the Det~elopc:r's ol~li~~atioal~ t~~ pa~~ the m~~~~sstnent~ calc~alGated pis pro~~ided ir1 Sec:tiorl ~.~ of this ~.,~reenlecZt. "~Iort~~~~~:" aYlc~aals ~a~~l a~~~)rt~~c~~,~e, lien or other eT~c:LaTlll~raTlce T~laade or perr~littecl to be T~1z~~~le b~ the Deg eloper ti~•hich is secured, in ~~•hole or ir1 paart b~ t11e Property "`Per-rnittctl Fa1c~u-rll~raT~ces" txlcatns the t'~ssesst~lerlts: tl1r. pa`ovisiot~s of this ~<.~reet~lent: reseT-~•atiorls of minerals or mineral. rights to the State of'vlinrlesota; public utility, roaci~~~ay and othe€- eaascmerlts ~~•hicll G~~~ill not aad~•ersely affect the de~~elopment and rase of the Property: pursuant tee the De~~eloper's Coalstr-uctioal P1arls building la~~•s. re~~=ulations and ordiT~~ances consistent ~~~ith the Irllpro4~enlents; reel estate taxes that I]e~ eloper a,~.~a-ees to pay or asstame prarst.aant to tl1]s .E'i`["eeallent, re5triCtaollS, Co~ellantS and eaaSemealts oI a°ee[?rd that do not materially adti ersely affect the des~elopal~ealt aald use of the Ianpro~~eanents aaald exceptions to title tc~ t11e Pa-operty ~~~11ieh are aloe objected to by° Deg,.eloper upon examination of the title evidealce to be cie:livercd to the De~jeloper pua-suarlt to Section 3.=1 of this <~~.~rcenlealt. "'Property" rlleans the. real proper°t~ ~iescr-ibed ia1 Schedule ~~, of this ~~~recanent. „Settlement Date" alleaals t11e date t11at is fire (~} years after the date t11at the City's boil<iin~~ official. issues a ceT-tificate of occtrp~aTlcy for the Impro~•emealts. '"State" mcalns the State of`°~[inalesota. `"~'enant" nleaals P.ecl '~~'ia1~~ Dental ,arts, a ylinalesota corporation. "Lr1a~ oidal7le Dela~~°s" allcans dc:lay~s ~~~hicl3 acre t11e direct result of t~cts of Dori, unfc~r-eseea~ ad~`ea-se ~~~eatller conditions. strikes. other- labor trc)ubles, fire or other- casualty to tlle; Inlpro~~enler~ts, liti~atic~al commenced b~ third parties ~yllicl~, by ialjTaalctioal or other- similar juciiciaal action, directly results in delays, or acts ol` any federal, state oa- lc)caal ~o1~c--aaallental unit (other than the City ir3 crlfc~rcin~~ its r-i`.~l~t~; trndcr this .~~~reealler~t} ~~~17ic11 dr~ectly~ result. in dela4~s, 3 aRTrcLF ~~ >~~~~~~>~tzr~~-~~ Section Z.l . F~epresentatic>r~s b~` t}ze City. The C°it~~ makes the fi)llo4~in~.~ t`e}~rr:selstatior~s ~t~; the basis. #or the under-takiny~ or) its parr-t herein t;orltaincd: ta) ~.he City is a horde rule cl~ar-ter• city or~~ar7zed ar~d existin~~ tu~rcler the la«,s of the State... Lndcr the la`s s of the State, tl~e Cate has the po~~~et` to ct-rtcr- 'rote) this .~ `.;reet~)el~t and to perf~)1-lrr its obli4~;~ttorzs herettrlcler. (b} The l?ropel-ty is dil-ectly accessible to eitti~ se«~er- and ~~-~rter loeatecl ire the adjacent r•i~aht~of=~~°av or i~ a utilit~F easerne~nt, (c) To the best of the City's kno~4~led,~e and. belief, at tl~e til~-le of e~ecutiorl by the City of` tl-ris ~~~~~eernent, there are no ert~rirotjn-rental proccedul~~s, applications, ordir7anc:es, petitions, court pleaclilr4.;s, resolutions, ins esti~ations by }public or• prig ate aY.:encies, or' other matters pending ~~~llch could prohibit, ilnpcde, delay or ad~, ersely affect the corltenrplated rlsc of the T'roperty. (d) To the best of the City's ktro~yled<.te and. belief. no under°~rc)culd stora~~e tanks or 1~azarclous Substances harre been. or• pendir-r;~~ tl~e con~•eyarlce of tl~e Proper-ty shrill be, ir~stallecl, used. incorporated into, discl~ar~ed, released.~stor•ed, ~~eneraked. disposed of, or alic)Er•ed to escape in, to, or upon the Proper~ty~. {e) To the best of tl7c; Cty's ki~c)4~•lc;c~~c and belief, t7o ir3w~csti`.~ation. [tcimniste4~ti~~e order,. consent or•der• or• a<~reen~ent, liti~~ation, or' settlement ~r tl) res})ect to 1-lazar°c}ocrs Sttbstarlces is pr`oposr:d, threatened, anticipated or in e~.istencc e~~ith respect to the Property. (f) The f'ropert~°: (i~ cc)t~sists of a}~}?rc)~.imatel} }.~ act`es; (ii) is cur-rerltl~` zollec} I-1; (iii} is not in tl~e cles~.~nrrtec} l~i(1 year` f7oocl plain area; anc} (i~) does. not ctlrr`ently recei~+~e 1~refEreritial ta°c treatr~7ent (i.e. Green acres}. Section 2.?. l~epresentatiot~s by the Dc~. el~~er. The I=7e~ elo}per` re])resents that: d<r) ~ lie 17c~ eloper is a 1`~lii~r~esota lirtiited liability c€~n•]pal-ly duly ol`~~ar~ized and auklaor-izcd to transact business in the State. is not ir1 ti ic)]atiorr of any prop isiorls of its articles of l)]``~~IllrZatlorl, C)[?er-~1trS1~ a~~,r~t,'el1lti',ilt, nlen3l)irr~ t)ontl-Cll air-eei~lent t)r th(',V la~~'s C)1 the State, h41s pt)~'~%er- to enter into this .~a~r°eclncr~t and has cl~lly authorized the esectltic)r~. delis er`_ti atld }per#'ol•r~lr~nc;e c)t kris :~~'~s.;rcerl~ent 1-ry~ prc)per rlcti<)n of`iks nrclt7bers. (l~} Tl)c Lei. elc~:,~~~r ~~ ill construct tl~e lt~~prc)~`el~~c:r~ts in accordance ti~ ith tl)e terms of this .~,~~recr~~~:nt ar~cl all lctc4rl, state and federal lr~e~s and re~~ulat~t)ns (incluzlin4~, but not lnlitecl to, c:rl~ iror)1i7e17tal, zor)in{~, builclin¢~ cock tlncl public health 1:;. ::.;~cl r-e~~ulations j, c~cept f)r L zn-ances rlecessarv to ct)nstrtzct tl~e improe etnerlts coz~tertal~latecl iC~ t])e Construction flans and site. }elan ~,.~f}: ~~~ ed bL the Cit~r. {~:) The 1~eL'elc)per° has r°eceiLet3 nc~ ncstice r~1~ ec~rnrnclnic:t~tion fr•t)n1 ar~~ l~r:al, st.lte crr feclcr•al official that the ttetie itie5 of tl)e I~eL eloper or t13e C'it~, in the P'rr~ject .ire<~ m<tv be or- avill be in violation of ar7~~ eravironnrerltal IaLL' or• re~Ttrlr~tic~1~. The 1~t:L eloper, t~~ the best cif' the Developer's knoLL led~~e, is aLL ~rre of no f4cts the e~ister~ce cif LL~17ic11 Lt c)uld c~rtlse t11e I~eveloper- tl7 be In L'lt)latlon of and local, state. Or' federal [:C1vIC'onmental 1trLL.", I'et.?tI]atlC)t] oC' reL'reLv procecfur-c:. In the e~ cnt t11at the C`it`e is recltrired tc~ take anv actioC7 tc) obtain an~% necessar•~- per°r7~its or approvtls Leith respect to the I'ropert~ trlltler- ar~4~ local, state oC~ federal enL~irotrmenta] late or re:tulatiorl, tl~e Developer eL~ill cooperate tiL'ith the Citsf in connection Lvitl~ such aetior~. (cij "fhe i~ereloper leas or LLill obtain. in ~~ tinlel~' manner, all required }~er-rnts, licenses and approL~als, and LL~il1 r~~eet„ in tr tirlrel~~ manner°. all r-eclureri~ents of all appliezlblt local, state ar~d federal IaLL s aCicl re~.tttlatic~rns LL~hith r~~ust be Qbtairaec3 car Inet bef~7re the Irnprc~e~ernents rna~ be laLef~rlly construeted and opcr-ated. rill r'epresentatiorrs set fortfl in Section ?.1 and `~.7. of this .~~n.eernent shoal] be true anti correct in all material respects as of the date of closin~~ ora ccanveyvance ~,f the Propert~~ tc7 thr: L)eL~clc~¢~er. .~,RTICLE ITI CcrKa<~~~~arace Qf Yr-n~e~°t Section 3.1. Status of Proper-t~%%. Tile Cit~% o~L~ns fee title to flee i'roperty. Tlae City aecluirecl the I'rc)pcrt4~ as part of an indtrstr-ifal pink anti developed flee rrdtrstrial park tlarou~~l1 the. irastallatiora of infrastructure in order to proL de r-eGrciily available sites for businesses seekin,.~ industrial spzrce. Tlae public;. improvements to the indtlstr-ial park benefited all parcels of property in the incltrstrial park. Tlac Cit~° is Leillin~~ to initally~ cony°e~~ flee i'ropert~= to the Developer f~)r a purchase price less than the Laltre: of the Property and the costs th~rt the Cite has inc;trrred ir7 ties°elcll~in!~ tl~e Prr7pcr-ty` its crrnsicleratic)n t~f tl~cz L)evelc~}~er's er)~ enants and ~bliL,~atic~ns tzncler- this ~~~~reement. T11e Developer azaci flee City haL e a~a,reed that the L~alue of die Property and public irnproL~enaerats that 1raL.c been installed bar the Cite' that is ire e:~cess of the purchase price mad- be assessed. a~Tainst the Property and may be repay=~rble in accordance Lvith Section _,~ of dais .~.~~reernerat. ~.? ~=~.~~reel~~el~t to Sc;ll. (a) The C"it<<r al~c1 the f~eti;•elop~:r a<~~ree that the ~altle cif tf~e F'rc)perty ire its ctzl°rent improved state is trt least S~ ],S i~l.()(). HoLeeL er. the Deg eloper la <° stated that it is unable to ptzy raaor'e than a norxrina] ara7otznt for the purchase of the 1'roperty~. TL~r~.fc)re, the City a<=r~ees fleet it Lvll sell the l?rc)per°ty° to flee QeL elcsper in consiclerGrtiora for flee D~:: , ~:~.~lrer"s payrnerat of a ptrtchase price of S l .(}t) per acre, oC~ S l .tl{~ total. and the performance of the Developez-'s ether covenants under- this ~~,L.~reen~erat. The DeL eloper a4~-ees that. it LL~ill ptzrclaase dae E'ropertr for flee ptn'chase price ot` S l .fl(1 and that it Lvill fulfill all c)f the other oblztations of the QeL~eloper scat fiz)rth herein. (b) `I~l~e purchase I~rice ts:~ be l~aici b~` the Deg e1~~I~er t~3 4tccltaia:e the F'rc>~ert~~ shall be I~a~ E~I~Ie br ]neaps of cash or cel~tfieci till~cls c~a~ the cl<ate e?f clc~sill~j oll tl7e sale cif` tl7e 1?l~c~l~ert4 tea the De~,'el~~l~ca°. Sectie~a~ :1,_~. C'rn~ciiti~.~r:~ E'receciea~t tc~ C'~~11~'evaa~ce. Tile M'itt's ~~l~lii.~~itic~a~ tc~ sell anti the Der ele~i~er's ~l~l4~aticrn to pl_]]Lhase the Pr~31~e1-tti~ shall be strbject~ tc~ satisfaction cif Klll c7f tl~e fc?llo~e irl!.~ coa~~litiolls I~receciellC:. (a) Tile Deg elol~el° ba~`in~; c~bt~liC7ed tie recltCisite tll~pr~~~, ill cat the C°it~ llere~ln~ler aatcl all. appie;able {~~~~~el-l~cl~el~ttll ~a~.rencies 4ia~cl instrumentalities, anunicipal. cc?~la7t}~, state an~i feclea-al, tc~ the ciearelol~lnent cif the I'rol~el-tti thl•out~h the: construction of the in~pro~ elnents in acec~r~lal~ce ~.s itl~ the Dt~ elr}per's Constructie~n Plans. anci site pl::lll.. (1?) The Deg elol~el° hay in~~ cjbtanecl: (i j ~amcrlcllnel~ts, re~~sic~sl~ls, e:~ceptions or cht~n~es as llla~- be necess~ll-~ to ~~1~1~licable :~onn~; cosies and ordinances; (ii} special use pec-]t~its, ii` 4ti3lic:Glble. (iii:) buildia7~.~ }~et•~nits for the Irnproti°emeC~ts; (i~'~ drip e~~ a`` permits; (ti°~ rc~ad~~ a~' aCCESs 1`r{~rllts anel pe111lltS; (S I~ en~`1r~Jn171elltal cOC7seC7ts, Ct I~ect',ssal"V (till} \'t3ci1t1C111S alld G ~IC'larCCeS deemed necessary bti Deg eloper or• as ]na~° be otller~~~se rec~rlred to l~ern7it Dea~eleaper to construct the Ill~pro~~en~er~ts in accarclar~ce ~~ itl~ the I~iL eloper's Constreaction Plrlns and site plan; and (~~iii) the C'it;~~'s apl~ro~~ril of the De~~eloper's Constructiol~ Plaa~s and site plan for the Inzl~ro~=elnerlts. (c} The Deli eloper hay inL~ cieterlt~illeci that the E'roper-ty I~las soil i}earirl~~ c11~Ir~I~:teC'5tic:s sufficient to suppcn-t the hnpro~`elnents. (} Tl~e Deg-eloper hatirin~~ 1•ev-ie~~ed and appro~•ed, or u~ai~~ed ant objections to, title t~ the Prol~e:l°tti` pelrsl.lant to section _~.~-k c7 this ia~areelnerlt. (e} Dei elope]` s1~r4111 hay°e secured constl-ucton anti pel-l-rlal~rent rllor-tv.~at~c lcsrtn finr~ncin`~~ sllfticient f~~r the ~~c~luisitioal of the Property and coa~struetic~aa of the. Irnl~reie~ernents, ~~°hich t~n~rC~eir~lf~ shall cc~l~tain tec°lns aecclatGlble tc> the City b~~ ~i hiel~ tl~e Der elt~l~er's lender a~,~l~ees tc~ be: b~}ur~cl b~ rand serbject t« the ,~:;sesslnents. In the event thaat tl~e 4tbe7ti e col~ciitions l~recede~~t h~r`-e l~e~t l~eell srltistied, or ~d aik~ecl ia~ s~~ritin4~ b~ both the City aC~ci Dc~ cle~i~el°, by~ a date forto~ five (=1~) drlti~s fi`t>]n the date cif this ~~b,~reenaca~t.. citl~el- tl~e Cit~° or Deg eloi~er may terminate this r`~treel~7erlt b~ ~~i~~ir7{~ written notice of te:l°]nin~~tioaa to the c3tl~er l~ru-ty, t~~hereup~~r~ this ?~~.~reeaner~t shall be gull 4ancl ti'oid and the Detielol~er and. C'it~, shall ere~;lrtt a17 il~strlament ire recc~rdal-sle form car~celn~~ thls ,'y4~reca~lent. Lyon ter-n~in4ation c7 f` this ~-~.±.~1-eel~ica~t, the ~: ity rln~l the De~•eloper sI~Gtll h~a~ e loo ful`tl~el- e~blis~ati~~ns t~~ the ether under t17is ~~~rs~erne:C~t, e~:cel~t ~~s stated iC~ ~ectie3n ca.5 clftl~is <<"~{~rcel~~ec~t. Sectial7 ±.-~. I_tle. (<1} I~l1e Dever?per Ilas obtrail~etl ~I cc?ml~~itnler~t for the isseaal~e:e of ern o« I~c:r's I~t>licy• c7f title insrtrancc f~?r the F'1°oper-ty~ nanrin~~ the Deli el~~pc:r as tl~e l:~rol~osecl ia~sear•eci part,. Tic Dc~elt~l~er shall. l?e rlllr~~~cti ttkenty (~'{)) days after the elate her`ec~f f~~r e:~alnnation ofi` stud title and tl~e ]nakirlt,~ €af al~y c~l~j+.°ctions therete~ said objectiol~s trl be m~rde; i17 ~~~ritin~~ c>1` dcerned t~? be tivttivcc. The I~ci el~~per ]x7ay not abject to Perln]tted Ca~cell~-rbrances. The. t~ I7e~ eloper°'s ~abje.ctions shall be t~aacie in ~e r°itit~~, cal• ~, ~,rll be cieenteci ~~ a~~eci. I#' an4 objections €tre so lnacie, the Cif` shall be allotr~ecl tlinety (t)(J) cla;, s from ncatice thel-eof to etlre the title cief~ct or excelation. either by the relncai al tllereof'tar by the i~l-oeurelnent of title itlsuran;e ellciol~sen~ents s.rtistactor~° tca De4 eloper p--o~~iciit~~,~ :o~`el•a~~e tts~~lit~st lass car clatnaj~e a5 tt result c>f shell ciefeet gar e~eeptiola.~ if the t_ it;,~ ;_.~ ~.~s riot etrre such title ciefeet or exception tea ~e~. elcaper`s ,~i: ,ftlcti~7lt ~e°ithin said t~inet~ (€~0) cl .~. ,. the I~e~ elcaper play, at its optiol~, eithel° €i) tel-tninate tl~e :-~~.~reel~~el7t opal-t ~~`ritten notice to ~~~ City ttlaon ~~~hich this a~ ~~reen3erlt shall be null Gtnd ~ oici anci the Ue~`eloper and file Citr~ sll.:l} execute; an instrument ire recordable forte eaneelil~~~ this ~~areelnent; car (ii) tia,~ai~`e file titleydeieet or exception atacl fil°oeeecl ti~•ith fife closin`,~ on file purchase of the F'ropel-ty. It tl-le f7e~~elc~per ~~`ai~%es the title ciefeet or exception tn~ci proceeds to acquire tl~e I'ropel-ty, the C'itt` she}1 hay e llo tut-tiler ol~li;ations with respect to any such d~ . ~~~~t:~ or exeepticans. Tl~e cast cat obtainin~~ the title insul-at~ce colnmitnlent and the cost of title insurance shall be borl~e bv` rite I~et`elcal~er°; pror ided fleet file Cite shall pad, tl~e cast of tlpclatin< the abstract or re~.~istel°eci profaet-ty abstract for- tl~e Property or, if there is no abstract car re~istereci prcapertl° abstract in the possession cat the Cit~•. the costs of ttpdatin~~ title for fart-poses of the issuance of" file t1tlE: instil-allee eC)I171711tn7eilt. (l~) y~'itlaill a reasonable tune. after file date hereof. the L~e~`eloper shall obtain anti fn-llisll to file Cite, at file l~e~•eloper's expense, a strrt~e~° of the F'ropel-ty prepared b~~ a re~~stere~l surveyor certified to date, sllo~~`il~~~: (i) the ntllnber of square feet contaitacd il~ tl~e 13rcaperty, n-reasured to the ri<~ht-of-E~~av` life of public roads uptat~ ~~-lieh the property abuts; (ii) the exact le~lal description of bcauneiary lines of file Property; (iii) el-lcroaehrner~ts from c,r U11tc~ flee Property, it alp} ; {i~) location of utility lines al~ci easetnents of acly bind, of record or apf~eaa-in.; thereon.. if any; (~•) assttmcd bearin~~s used by flee strr4°eyor; (~ i) direct 1 ` .` access fi-oln a f~ttblic road to the Property, and (~'ii) infol-lnation recltrired b~~ file City far sFle plan appro~-al al~d bttildn~ per°lnt appro~~al. Section ~.> Fn~.`iror7nlental :assessment. The L~et`elcapcl- leas rep°ieu-eci at~ci appro<<ecl the ens irontnelltal condition of flee Prof~et-ty atlcl t1~e stu-rotnldill~,~ ret.al estate, The De1•eloper a..gees that if it closes on file acyusitiotl of the Pr~opel-ty it ~,~ ill be pttrehasin4.~ the Property in its curl•ent i:onciition anti the City shall hay-e no obli~~ations tc7 the I~e~.~eloper t~`itll resf~eet to ant; ens irontnental ccanditions existin~~ olt the Property. Section. a.C~ C`lc~asin{.~. (4r) C'losin~ can. the cony e~,allce of the F'ropel-t~' to the L)e~ eloper shall. occtu- on ol~ before ten (1 ~} business days after satisfactiora, or L~~ai~-er, of all of tlje conciitiol~s precedent set fort47 its Section .~ of this :~~,rreetnent. (l~} .fit elca5itrt~ cart ~;~:1~ eS`ance of the i?1-capet-t~ the C'it~~ shall cieli~`er tea the L)e~~elc7pet•: (} a u ill-ratlty deed dtllti c .::~.wtttcci anti ackncae~ lecl~~eci in rec;orciable fcartn, cony eyin<:; to the L)c~,°eloper lnat-l<etable title ,,, the Prc~i}ertti` strbjeet cac~l~,~ to i~'ert~litteci pl-tcttlnbranees; (ii) the ~l.T~ C7ti~~ntr's title it~stlrance polies dcsc:ribed in Seetiota ~.~ {the prernitlnl for ~~-bleb anci the east of cabtainitl~J the cominitn~ent fir ~thicll shall be paid b~ I3e~eloper)~ alacl (iiij a Seller's .~ftda~`it, in etlstc3n~ar~ fol°ln. relati~ e to jctci<:~tnet}t:~. feclerrtl tax liens, rneehanie's liens anti cautstanciinL.~ itlterests in~the Property. (c) t-fit clc~~it~<~ i~t~ flat c:t~r~s;~d~lne~ cif tl~~ Pr-c~}3~rte~ the D~R'€~lc~l~et• L4i11 }~a~' tlii: f~~llit~,~'it~t~ Costs: (i~ State tleecl tax, and (ii} C'~~t~ser~~atior~ fee l~t~~'altle in c~~tlotection ~~.itlt tl~c c~>n~ ee anee. (.iii.) the }~ttrcll~tse pr-icc (i~) tl~e cost of ttl~clatin~~ title ir7i~tt-n-t~ttit7n at~cl ol~tairlir~~J tl~~ title in~ttrance cotntnittnet~t at~d tl~e l~retnitttn t~~r t11e polic;~' of tide insurance; (s'~ -flee assts clcsct-rhec in Section 7.10; (lid The test of the Surti'e~' clesc;t~il~e~l in Section =1.?(k~}; (~'ii) Recor~clit~<~ fees f~~r tltc clceci, this :~,v~reernent anal any,' other clocunents t'ec~utred to be rec;c~t-ciecl in cotn-tection 4~~ith the cot~~~e~,'tttlce, ar~cl {viii} ~'losin~T costs.. Sectiot7 3.7 access to F'rot~ert~~~. Dutin~,~ the term of this ~u~t°eetnent, flee L)e~~elol~er and its authori~ecl t-ept°esentatives shall k~e l~errnittecl access to tl~e Prol~ert~~° at reasonable tithes for the }~ttrftosc of architect~ual ins}~ection arlci c3esi4~n stirclies at~cl t17e takitl{~ of such sc~i] l~ot-in~~s att~l tests <ts are deemed reasot}able necessary by Dei- elol3et-. l~e~ elo}~er hereb~.r a~.~rees to incletnnify~, defetld, atld 1°rold }aartnless the City, its officers. avTents, employ ees and r:ot7nnssionet.s frot-rt attcl a;~aittst anz' and all ckatn<tae to f~rol~erty° or injury to l~crson at`isitl~.~ c~4tt of the Dcvelo}~ct°'s exercise of its riY~lat of rtccess tra the Pro}~erty >etnder this Sectiot7. The Deg el€iper shall be et~titlecl to act<ral possession of the P'rc~l~crty~ on the date of clositl~.r city cot~~e~,•atlce of, tl~e l~'ro}~c;rtW to the Qe~,elc~l7et,. Se:ctiotl }.~. :assessments. (ttj The Deg eloper a~~rees that it ~~•ill pay to the City' the cut°t-ent ~~al~te of tl~e 1'ro}~erty and the it~tpro~ etnents that have teen n~acle to the lttrlcl by~ tl~e C"ity prior t{~ the date hereof if at~d tc~ the extent rc~l~tired k7y this Sei:tiot~. The e alttc cif tf7c land that is t7ot beit7~~ paid in the for°tn of~ the purchase price paid at the tithe of cony cVvattce of the 1}t•o}~et~ty is a`,~t-eerl to lie ?1.57;.0{}. Its order to secure tl~e City's it~kerest its hein~:~ pail such anzoutZt the Dct`elc}per and tlae C'it . _ ~c ".hat tl~c City rna- at the tithe of` clositi~= otl the sale of the Property to the D~,~ eloper or at ,rtf~. tir~,e thet-eafter assess such. ttnrc7ttnt tt+~ainst the I'rctl7crt~' t~•itl~ the st~rne farce and cff~~u~t 4>t~ a.~sesstner~t under \~Iint~~ ~ ~ta Statt~t~5. C'halater -1?~). Sttcli ~imt~unt sc~ assessccl is reter:~~' ~.:~ herein as tlae ;`~s5esstn~rlts°~ ~tt1d slrttll constitute; a special ti>sesstnent lien a`.~~titist the Prol~ert~ cr7fi~rccalalc its tl~c manner appli`able to tl3e lien of assessments Icy ied ttncler said Clt~i.-,r,..r :~~), .l lie I~c~ eloper- u~_~ ~~ _~ that. this .~{~reetncnt cot~tstittrtc:s a petition tc:t assess the Property .!nd that tlct fu-thGr' consen car a4.~rcentent f~v the: Deg clo}?cr. is ne.cessrtrv to le~.y, tl~c ,assessments. The Qee~elopcr furtl~e°r a~,~t-ees that it ~~ ill nit ctntc~st the ant<7~tnt ttr e ttliclit~' of the :assesst~~ents on constitutional. statute>r~, procedeu~al or ether ~t-e~etnds ata< shall caerse at1}' >-1~l~lct. anel any,' trat~sferec of Qe~ eloper's acyurirl<~ an inset°est tr tl~c 1'ropcrty or• ltnpro~ cments to execute {tn instrtttncnt, in tt form acceptable to the City:. ack;nc~~~ lcd~.~t~,~' the Validity` of't17e lien of the .~ssessrtacnts and sulajectin`~ the Hcaldter"s lien car the transft=roe's inter~cst tea the lien caf tl~e .~ssessnaerats. lra acltliticarl, the Dca clcalaer ~~ ill rrptata request by the C"ity e:veccrte strc:la tatlaer cl<acumcnts as the C'ita maa li°c)r~1 finer: tea tin7t; rcasanalal~,t request tta ctantinuc flee kaerfectitata caf the. lien caf the .~ssessrnerats as a tar.-st lien can the Pr°caperty=. Paa~merat csf the principal arncarrnt caf the ,assessments shall lie defer-r-e:cl lactt skaall be dire arlci pad=alale can the date fleet is 1ia`c; (~) years after flee ci4ttc t13at the C`it_ `'s Ia~tilciira4; ~aftiei~ik issues a eertifi~~lte tsf caectrlatiane~` fca-- the Inaprcaa e;~-raGr-rt5 (the "`~ettlenlerat D?+."~. unless accelerated pur°su4rnt tea ~c:ctitan t).~? car- unless satisfied as Iartaait3ed in Scctitara 3.~(e) G. ~'~'; t as the pay`naent calali~~ati~~n r~1ay lee rcdcrcetl purstrarat tta ~ecticarl }.~(laj and (c;). :`r,'a interest slaalk accrue aa~itll reslaect tc~ the <-~ssessilaerats ~irltil the Settleillerlt Date, c~?r the date that tkae ~sscssnaents may lee atvicelerate:ci p>errsuant tea Sectitan ().?, lacrt if the.. Dea~eltaper fails tea pay any arnc~unt that is oaa~etl care t11c Settlement Date, tar can the elate that tkle ;assessments are declared due and payable in acct_ar°dance aa~ith Section 9.?, the unpaid l~trkance shall accrue interest ti°taraa such date until paid at the prrrre rate taf interest ir7 effect on the elate the ~ssessnaents cart: clue as annau>tcecl laV '(ells Far~~tl I3trr11;. Hastiraf::s. {b) The arl~rtatrnt of the ,ass+~ssr-raents tea be paid b4~ flee Dca~elcalaer tea the City tan the Settlement Bate snail be reduced by an amorurt refi:rreci tea herein as tkle `•C`orastr->.rcticna Credit". Tlae Cranstructior-r Credit shall be ec-laral to the assesstar`s market 4`akue taf tl-re Imprtaacnlerats, exclusia e of the; a~aluc of the Pr°calaer-ty fear real pr-oper-ty tai purposes, can the January 7ni prior to tkae ci~rte the ~~ssessments are due, die ided by I p. Fear eratnple. if the a aloe of flee Inlproa~cn~ents, ea`clusia~ taf land value, on Janrar-y ?, ?[)1=1-, is 3`7`~,~C~ the anataunt of the Constructkon Credit aa~ailahle can flee Settler~~erat Date aa~tar.rlci be ~ ~7,~7. :~© Construction Credit shall be aa`ailable to retlrrce the ~ssessmer7ts unless t}1e Dea~ekoper htzs ccanaplcteti, tea the satisfactican of the City, all. aspects ref the Irr~prc74~etncrlts, ineluclin~~, as ithotrt Iitl-titatican, any` site inl~rcaa-ert~r~rats shcaaa~n pn the appro~°ed Cotastrzrctiora Plans. (c) The amount caf the assessments tta lee paid lay,. tlae Dea`eloper to the C"t~,~ tan the Settlement Date sha11 bt fiu•tlaer° reduced by era. atnor:u~t z°efer-r-ecl to llcreira as the "Jabs Credit", The Jabs Credit s11a11 lee ecluak tea the annual payroll in the taa`eka~e {l?') raatarlt}1 period inarnediately prececlin~ t11e date that the assessr~7ents are due taf the D~a.elcalaer°'s operations on the Pr°operty, cli~~ided lay ?7,p~t~. aa~ith the resttlt there bcir-r~, n-rrrltiplied lay S1?,()()(~.()(~. Fear e~.araaple, if the annual payroll of flee Der eloper fear the taaela~c (1?} month period in excess of flee ~istirl4, Pay-mall is `~7()(},(7()().()() flee anu?unt t~f flee Jtalas Credit ((S7£)~.CItJ(~.()f),'?7,OQt)j ~ SI~.C)t)().(}t~) shall lei S1?(l~C).Ct~. Far- proposes of cleterraainira4.~ flee Deaeloper's annual pay=rcall, only ~~ross aa`a~,es paid tt~ er~aplta}ees shall lee considered.. ,~ n~aximur~a of 55(),()CJ() of flee at=~~ret~rite ;~r-~ass aa~a~~~s paid tea all employees aarho are also otia~ncrs taf araa~ interest in t17e Dea•eloper~ may be ir7i:luded in the u~ross aa`a~es paid key` Dea`eltalaer. ~~`a4~es paid tea eraaplc~yees of tenants of the Dea~elcaper in the Imprc~sements other- tl1~ua the Tenant shall not he corlsiclerecl a~`hera ealculatir~t the Jcalas Credit. (~raly ~a`a4~es laaid to etaapkoyces of flee Ter7ant a~`ilk lee coEtnted. :~o Jobs Credit shall lee era ailalale tie reckrrce the :-~SSessrlaents tuale flee Dea~k~>p~r leas er>ratipleterl, tc~ tl7e sati ~tEtctican cif flee C"it~~. akl aslaects oI• t}te Irzrproa eraaents, iracludita~.~, aa-ithout kimitatit~ra, ana= site inrproa ements shoaa~ra tars the apprcaa eti Ccan~trt ~.,~:~n Plaras. If the :assessr~acnts <rs reduced ba` flee Corastructorl Credit anal. the Jobs C`r-edit pare le~,~ tlaara zerta. the Deg eloper shall neat tae entitled tta and payment tt-tara~ the Cita. (d~ T17e Deli eloper shake lartra ide as itlain tare (I ()} day`s elf request lay' the ~'ita° elk doetrrlaentatit~r~ recluestetl lea,, the ~=~~rthcar-ita tea cleterraline flee anlcaunt caf tl-re -~~sessnaerlts tlaat~nla he clue ttncler this Section, The Cite ~~ill. tc3 the e~:tetlt lsertl~titted b~~ la~~, maintain the cc~nftclet~tialit~% of all nfcn-n~atic~tl I~rct~ iciecl tc? tl~e Cita~ utlclet- this sul~scc:tc~t~. {e~ ~t anv time I~ric~t` tc~ the Settlement Date the Dee €;lc~~et- nla~„ ~re~aw the ~tnlc~utBt <~f the z~ssessntcttts that. arc clue at such titlrc based c~t1 cic7cut~tetltatic~t~ ~rc~~ iclecl to t13e ~"itr ~>> tl~e I~e~ c:lc>~er as tc~ the arl~c>utlt cjf the ,Ic~bs Credit anti the Cc~nstrttctic~n Ct•eclt tc? «~hich tl~e Deg c;lal7er is et~tttlecl at such tin~c. Tl7e Deg elc~l~cr"s ri<~l~t tc~ lit-elaa~~ the :~ssessmet~ts cat` reel; a cletern~in~ttic~n th{tt tact ~ssessnlents arc:: ~a~~able shall be subject,. hcj~G~ei er, to the cc,tlclitictt~s thftt (i) tl7e De~~elc~per shall htt~ e cc~tl-tpletecl cc~tlstructc~n of tl7e h~~l}rc~k~enlet7ts its e~ ic~let7cecl ~' t(~e C'ite's deliti er~% cif a c:ertiticate ctf c~ccttpattc4~, inclttclirt~ all site it~zprc~ti~en~ents car, if• iteta~s cartnc~t be cc7ta-tl3leteci clue tc~ ~c.e<tther cc~ncliticsns, tht Deg elul~er hts established atl escrc~tie~ accel~talale tc~ the City tc~ ~.;ttarantee the euml~letit7n csf such unfinished items: and. (iii nc7 uncured F4 ent cif Default shitll lta~c c~ccuri-ecl tu~cler this 1_..`~ncnt. L`l?C~1~ sticl~ ~relaa~t~~et~t ctr upon the Develiil~er's clemcjnsttatii~n tc? the Cit~,~ that nc~ ai~~c~tiiZt cif the ;~ssessnleilts is elite, the City ~r=ili execute a cci-tii~catic~il in recc3rcittble fet-t~~ certif~~itl~~ that the ~"~ssessments htt~c been laid in fitl] at1c1 r~isch~ti-~~eci as a lien from the I~t-c~lacrt~`. ~c~t« ithstancliti~f the full car ~aartial ten~~itlatiot~ cif the ~.ssessinents that n7a~~ be clue unclet• this !~~reetnent, such I~aytl~tet~t s}l~tll nc~t tc:i~~linttte car reduce the Dee elc~laer's c~bli~~ttic>t~s, it~cluclin;.~ ctssble relaa~•inetlt ®bli~atic~tls, ttncier the Business Subscl~, A«rcement. Sectiat~ ~.9. Business Sttbsicl~~ As~reet~lei~t. The fitzai~cial assistance; beitl~~ l~rc~ti%ided tc~ the De~~cl~per b}- the Cite uitcc;r this ~~a1-eeinei3t requires that a httsiness sttbsicl~= a~;t`een~ent be executed by the C"it~;~ at7cl De~~elol~er ttnclcr the 'vlit~neseta Business Stthsidy ,pct, ~tint~esc~ta Statutes, sections 1.16.T.i?9 tc~ 1 1 ~J.9t)j. Therefr~re, tit the tithe of clc~sin<~~ can the ccat~e~ey~at~cc cif the 1't`t~l~ert~~ tt~ the Deg elc~pei• by~ tl~e Citv~, the Litz anti the Deg e1t~17er shall enter into the Bttsincss Sttbsiciy t~.t~~reen~ent tee s~ttisf;~~ the; t-ecluit-ertletlts utlcler said stattttat-y l~ro~ isc~ns. The repayment ~bli~~atic~ns set fc~rtll in the Bttsitless Subside ,~~Rreen-tet~t ~tre matldated b~~ State la«~ atjd ai-e separate encl. distii~e:t fi-c~m tl~e ebli;.~atictns cif the Dc~elcsl~er under this ~.~~xreci~iei~t. "I-Met°efcire, the Deg°elapee`s rel~a~°ment obli~~aticat~s under the Business Sttbsid~-° ~-~;~rc~ct~~c;nt shall n«t be satisfied in e~•holc car in pztrt byr an}' Cc3tistructic~ti Credit c~i- ltabs C`t`eclit tl3at the Deg°elc~per tl~a~~ hay e earned ttncler this s~~~t-eet~zet~t. "f'he City, ackno~~•lecl~.~es at~c~ a{~~ees that the Tet~at~t a~ill c~ccttpv tl7c In~prc~~•enzei~ts atld tl~e Cit}~ ~~'ill accept the Tcnatlt`s l?erfc~rmance cif the t~c~als in the; Bttsincss Sut7siclV~ ~1<~i°een~tent as fttltlhnent cif these <~c~als. Sccticin ~.1t) C"_it~ Cc~~t~. The C~e~clc~l~er sl~itll pav all of the City-'s c~ttk~t7f-]x~cl~et casts p~'•=~:.1 cat` l~a~able b~ t11e Cit~% tip attcarne~-s or ctansttltants in cc~nnccti~~i~ ~~~iti the nc~~t~titttic~n i1nc1 l,~ ~,; -•.tican of this ~~,,~reet~~ent and related dc~cttrncnts, financial rep%ie~~ s cif this tratasactit~tj, artc] ~~s,_ ; r~latecl tc? the ct~n~ ~:}once c~[~ the. I'rcapcrt~ clcscribctl in Scctic~i~ ~.C~~c), Tl1e City estitl~ates t11~it the rnaxintutt~ ci~sts fi~r~ i~ l~ii:h tl~c Dc:~ clol~er ti~•i11 be lial-ale relati~ e tct tl~e iait~ratiGttic7tY ttncl pre;~aratiett~ c~l`tl~is A~.~reci~lent shall be `~(~(~().t)t}. 1(1 ~R~I`iCLE IV C'opast~-t~crlo~~ of Inla~-o~~er~aet~fs Section -1.1. Canstrtictc~7t of Iat~I~ra1 ements. "l~lte Deti;elak~er- agrees that it avill canstc-uct the I~nl~rc>~ ement~ can the Pral~ert~ i~~ ~lccardEttte~ ~~~it17 the trl~l3r~a~, e~i Cat~Stt-tteti~~n Pltrr~s a~~cl Site Plti~ artd at ttll tirt~es ~r ill operate and ~~~airttain. prescr~ e a~tti keep tile. [ntpro~•ements ar cause the lmpra~ ements to be n-~ai~tt<~ined, prese~~e•ecI and kept t~ itlt the ttpptar-tenances and e~ ea•y part and. parcel tl-~ereaf, i~~ <,=a~~d repair f~nrl eanditian. Sectiatt ~1.?. C`t~nstrrtctkon Plans and Site Pltr«. (a~ The C'ity's a~~illkn~~ness to cant ey the Prape~-ty to the Deg elaper• is predicates] ipan and subject to the Deg elaper-'s a~,zreer~~ent that it ~r•ill construct the ht~prot ements anti that tl~e In~provert~ents t~~ill be of sttcl~ gtralkt~~= ttnd nature tits ~~~ll satisfy tl~e City's foals fc~r the slee°els~ptttent of the Prapc:rt~~. The Constructialt Plttt~s and Site Plans appro~~etl by the City are tl~ase res ieti~-ed atlcl al~p~•at-ed by tl~e City Catilcil on , ?(~(~~, attached hereto as ~__ Schedule C. The Cor~strttetic~n Pltt~ts arzc] Site Plaals include the Site Plan. [.andscape Plttn, !~.reltitecturttl Ele~.~atians tend I~esalution 'wo. c~~kth t11e conditions inelttded therein. _.~. ~;atllin~.; in this Section sha11 be deetned to relie~~e the. De~.~elaper's oblit~atit7tts to campl~,•° ~~•itl~ the requirements of the City"s nat-~~za] construction perttaittin;~ process. (b} If tl~e De:~-eloper desires to make any m{aterial than<4e in any Co~tst~-t~ctian Plans or Skte Plan after their appra~~al 1~v the City, tl~c De4~elaper sha11 str~n~it the prs7pase~l change to tl~e City far its approti~ttl. If the Constr-tlctian Plans artsl Site Plan, as nladtied by the proposed chan~~;e, cartfor7l~ to the requirements of this ~~ tn-eement and suc11 c,l-tan~es da not materially alter the nature, quality or exterior appear-ance of the lrnpra~ ernents, the C'ity` .shall al~al~ra~,,e tl~e proposed chartt~e and notify the De~~eloper in ~~r-itin;„~ of its apprs~~•al. r'tr~}; r•egt~estecl cl~a~7.te in the Canstruetian Plans or Skte Plat shall,. in <tny e4~ent, be deemed trppro~•ed by tl~e City tintless rejected, in ~~-hole o~• kt~ part, by ~~-rittert r~i7tice by the C°ity to the Deg°ele>l~er, setti~~<~ fot~tl~ in detail. the reasons tllerel«r-. Such rejet:tian shall be arlacle ~,~ ithin ten (1(~) dad s niter receipt of the notkce o#~ such. chan~~e. Section =1.3. C"am~ltencett~ent tied Cort~pletian of Canst~-t~c,tic?n. (a) T1te Developer. au~rees fin- itself; its. successors and assi~.tns, and e~ cry sttccesso~- in interest to the Property, ac- art~° part thereat; that the Deg elaps;r, anti its successal•s and assi~,~ns, shall prort7ptly be`~it3 and dili~~ently prasect~te to cor~tpletian c<>nstrtrctian of the Impra~-ements ~~ itl~in the peristci specitiecl ia~ this Section ~._~ of this; ,~<~r-eemettt. (b} Subject to C navc~idtti~le Dela~~s, the Ded~el~>per shall cs~rl~met~i:e canstruc:tion of tl~e ]tl~prc:~~ etttet~ts by C~ctal~er 1 ~, ?t)(~s~, ar~d shall cc~r~tplete stlcl~ construction b~ June 1 S, ?t)1(~1. The Deg eloper sl~.~tli, ha~~~el er~, be entitled to resluest aclditior~al time tct co~t~plete tkle ldnl~rat eittents, try ..~,t'~Lr ~.~•itlt arty site. kmpra4 es~~ents shoe n ors tl~e site and buildin~~ plans appra~°ed by the Cit-; pra~~kdecl. tlltat any such reeltzest shall be ~ltade prior to the date that corttpletior~ is required and that the City n~a~• r'esluire sect`rity fr•or~t the Develal~er to assure that any uncon~~tleteck ~ti ar-k is car7~plctesi. (c} ~I lie I~e~ elaf~er shall atzly bc~ deettleel tea ha~~c titltllecl Ills abli~^atiat~s tea ccat~struct tl~e Itltl~rcavet~7et~ts ul~otl tl~e e:~etatttitat~ tat' a tin<11 C°ertiticate oI~ Ctalnl~leticat-1 key t11e I~elaartnlent of BttildinY~ 5afet~ tzar a bttildn<~ c7t alapro~inlately C~,[7q~ square Meet substantiall~° as al~l~ro~ cd b~ kl~e 1Iastin`~s Cite Council. the II)e~ eloper ~~ ill c~k~etlt3 al~proa;it~ttttcl~ S-11-I, ~()f) itt constrrtcticat~ t'ostS ttl Ce711stI'ltttlll~ they ]till?rah%e111eilts. ]1115111"s1I1Ct' Section ~+,1. Inst.trance. (a) The I~evelaper will l~ara~~icle and. tllaintaitl at all times durin~~ the process tat cc~anstrttctit~l4.~, the hnlaravemellts 41nd, ti'tatll title tea tinge <lt the: rcglttst caf the Cit}', turnisll the Cite i~, itll proof of pltytllent of pren~titlnls oil, {i) B~Iilde:r's risk illsuratlce, ~,~•rittetl ail the sa-collet] '"Builder's IZ.isk -- Catnpls:ted ~'aiue Blisis," in an an~oltrtt equal. to one hundred percent. (1 ~1~" r~) of the itlsurable value t~f the Inlpl'ovetllents at the date of ccatnpletiotl, atld evith cca4°era~.~e a~ ai]able it1 1`tc~t-lt`e~~t~titlC t°~arm on the sa e:alled '"all risk" fol-tll of pt~licy. Tl1e interest of the Cit<< shall be protected iIl accc~rdatlcc ti~~it11 a c;lGtuse iIl fortxt and catltetlt satisfactcar~~ tta the City°:_ (ii) Cotl~prellensive ;~etleral liability insuratlce itl atl~a~tllts I'ecluired by~ ills City`s code cat ordillettlces; and (iii) `~~'arl~:er's conll~etlsation itlsurant;e, ~~itlt statutc~I'ti co~°er~tt~e and etnplo~,°er's liability protectie~n. {b} Prior to the date that the De~elol7er pays to the: City any ttmc~unt of the ~`~.5s('.SSlll,etlts that is tiLte under Section ~.~ or that it is detenllilled that tla atllottnt is elite tat.- the elate that the L) •, eloper hats fultilleti till t7t"its cak~liYx~ttit}tas ul~eicr the Bttsil~e:5s 5ttk~sic3~r .~<.~reetl~Lnt. «lticlaes t;t-, i ; 1.~°_"~. the Deg elc~l~el' shall tl~laintain- at its cost atld e:~l~ense, and fi'on-t ttllc to tulle ilt ills regctest of tllc City shall ftrt~ish proof of ills p~tyttletlt of pretlliutlls on~ itlsut`ance lts t~lllo~vs: (i} Itlsrtrltnce tttrainst Icass tine] car cl~tt~aa;.;e tea tl~e hnl~rca~ct~aLnts ttncler a 17olc~~ or polieie:s cca~ erin~~ srtch risk its aI°e caI'dinarily insured a~~aitlst I~~ sitl~ilar l~ttsincsses, includitlL.~ (~vithcattt limititlY:; the [~etlerltlity cif the t~are~~oin;~j fire. e°ctctlded c;ca~ cr~t4.e. all risk v~tttdalism ~ttld tllalicious tllischief, bailer e~plositatl, water datllat~e, derncalitiotl cast.. debris renlo~`al, atatl ctallalase in ail anlcattttt trot less than. the full incur°able rcplae°enletlt ~: ague tat the° [ntprot ements~ beta any Belch laalcy tn~ty h{t~ e a cleductilale amount of neat mare than `~;?~,C~~().f){). '~o policy of itlsurlttlce shall be sa ~~~rittetl that. the prcaceeds herccaf will l~rcaduce less.. than the minitllcull c:a~°era~.~e reclurc:tl by the pre;t~clitl<.~ sen~ `nee, bti reltsart of ce:a~instu'ltnce; preavisions c>r other~'.:•ise, ~~~ithaut the larior consent th_ ~-,~ itl ~sritill<~~ bw° the City ~~'hich consent shall ilcat be unrcasonabl~ ~~~ithheld. The tcrtt: "f'ttll I3 irrstrr~able replacement ~ value" shall ntear7 the actual rcplacet7tent cost of the lrrrprovernerlts (e~cludin.~ tourldatior~ anti e~.ca~ atirr« costs and costs of tta~dcr~.~rotand flues, pipes, drains arld other uninsurable items) and ecltrilnr7ent, and shall. be cieterminetl fi-orn tune to time at the recluc;st of the City, but riot more fi-etltaently than once ver~~ three 4`e•ar-s, by an insurance cor~astaltant or~ instu°c.r, sel~`~.~c' :rncl pGricl for b~~ the I~ei eloper arrcl approved by the City. ~~ll policies etidcl~t:inf~ ir~1.~•:arj~:e recluii°ed 1~~° this sttbp;~r~<~~,~r-r~plt (i) ~~~ith respect to the `~Iininrurrr Irr~proveanerrts shall. lre carried irr the n4unes of the l~evelopea- and the Cite as tljeir° t~espec;ti~-e interests may appear and shall contain. standard clauses ~E°hicl~ pr•o~.°ide frr- net pa°c~ceeds of insuraatc:e r-esultin~; fi°onr claims per casualty thcretander to the ln~pa-o~ erzrer3ts to be made p~ryable to the Developer. (ii) Conrprellcnsiti e~eneral public liabilit}° instu°ance. rrcludin~~ laersonal ir~jtary liability ~et~ith emplo}°ce exclusion deleted), and automobile insurance, incltaclin<~ o~~ r7ecl, non-o~vtrecl ar~ci hir-ed autornol~les, a4.;ainst liability' fir injuries to persons ancl,'or property, in tl~e rnir3irnum aanourrt for each occtarr°ence and f~~r each ~~ear of li;l,~C().Cit1t~.C}0, for ptablic liabilitti~ and shall be etldc~r•secl tta sho1~- die City, <~s 4~n additien4~l incur°~ed. ~l"l~e policies of` insurance recltair°ecl pur-suar~t to clauses (i) and (ii) above shall be in fcrr-rn and content. satisfr~ctor°y to the City ancf s11r~11 be placed ~vitl~ fialrtncially sound rind reputabke insurer°s licensed to transact business in the State, the liabihtti instaa-er to be r~rtecl ~ or° better in Best's Insurance Guide. The policy of insurance delivered l~trrsuant to clause (i) above shall contain an a~tic-eernent of` tl~e instuRer to ~,i~`e not less than tl~ir-ty ~~~) days' a€ivance ~~•ritten r7otice to the. City irl the e~~ent ofcancellirtior3 c~sf stack polii;v or- change aftectin~~ the coverage. theretu-rder~. (c) The Developer a~~r°ees to notify tkle City mrnediately~ in the ease of daana[~e tea or destructiota of the Improti'eaxaents or' any poa`tion thereof r-estaltinf~ frc,rn fire or other casualty. In the event of any such. damage err destrlrction, the De~~eloper ~~'l1 fc~a-th«rith repair-, a~econsta-uct and restore the lmpr'c~veanents to substantially the stlrne or an iaraprovecl condition or d-aloe as existed pa°ioa° to the event causing such dama`~c. 1~ailtare by the Deg-'eloper to rebuild the hnpr-over~aents shall constitute an ]=vent of Default. under this ~~'~~~reen3ent ~~~hicll shall entitle the City' to declare the ~1.ssessanents due under Section p.~? of'this ~~,~r-ccanent. (tl) The City a~nrees that, if recltaesteci by. the l~e~~eloper's lender' of flnancin~~ for the consta-tactioa~ of die Impr°o~~emtnts, it «°ill subordinate its ri~~hts relative tc? the receipt rind alal~lie{rtion of the proceeds of ir~stu°ance taardcr this <~t~reernerrt to tl~e lien of such lender`s rnortga~~e. t3 .-"~T~'TIC C. E `~'I Tames Sectican C~. 1. Real. Prcal~ert~ Taxes. Rea] estate taxes dtae and }~a~al~ale ita flee wear ?OC)c~ slaal] fie a}~l?caa-ticaned l~eta~ een the Dt~ zlc~a}per and the Vito gas of flee date: cif cc~nl~etat~ce cif the Prca}?ert4, ~d itl~ the result. that the ~'it~• sh~t11 pai<<= that }~carticat~ ~~f su~l~ taxes attt-ik~utah]e tea flee }aeric~d cif flee ~~ctr Prier tc~ the scam e<<tance and flee I7e~`elca}per shall }yaw that }~c~rtic~n caf the i;axes attr-il-saat~able tea the }aericad c7f time ccal~7tr~~t~ci[~<< ~~ith tl7e date.. cif ce~tlti e`•aat7ce. Renal estate; t~~~:<s a,tlcl tas5essra~etlts date and }~a~°a]~le in the } .:' "UC)~ teasel call }3ricaa~ years, deferred t-e<al estate kaxe~ {i.e. Green Acres. atacl all faenclin~J ur ]e~ ie~] sf~eeia] tassessanents, if atav, shall l~ae Maid to}' the ~"itr,. Aftea- its ace}uisitican tit' flee Prcal~ert~~, flee Deg°elca}~et- shall }~a~,° aall real. pt°caf~erty taxes and s}aecial assesstaaetlts ire a tinael~ taaanaaet- anti }at`ic~a- tea flee inalac~sitic~aa caf penalties. ~~RTICLE i'II Fina~~iein Seeticna i.l. Fitlancin<.~. Pc-iet` tea flee C'it~"s ecanveyance caf the Property to the De~~elc~pee, flee Deg e1c71?er slaaIl saabmit tc~ the City e~;~idence, s{atisfactcar4= try the. ~`ity, that the. I~e~ elcapet` has captained n-tcart4~aa~e car c~tlaer ecanstruetic~ta and pea`manent fia~tancin~~ in era anac7unt staf~fieieaat fiar acc}uisitir~n caf the Prcaperty and coalstalaetion Qf the hnprca~•etnents. Secticata 7.?. Lin-aitatican L}acan Encunal~ranee caf Prcapert~~. Prior tc~ flee dente that the [7e~`ela~}~et° }gays tea flee pit`,, aany aataacacatat cif"flee Assessaa-aents that is clue under Sec;tican a.~ car tlaaat it is cleternaned that teen ataacaunt is clue caa• the cltate fleet the ~level~pea- Maas falfillecl all caf` its cspli=~J~lticatas utader- flee Busitaess 5upsid~~ A;~a`eement. t~hic:he~et`. is later, neither the Dc~~eloper n<ar ata~~ successor in interest to the Prc~}~ertti, car anw part tlaerec~f, shall etay~a4~e in am ftaattacin~~ car any ether tt•ansactinta ca-eatin~~ <tny nac~trt~.ra`~e car other encaatazbrance car lien atpcan flee Prca}aea-t~~, n-hether 1~~ exlaress a~~reenaent car oper~atican cif la~~~, ear suffer ata~° encaampa°ance oa° lien. tc> pe nlac)e t~ta car attaL]a tea flee Prcaperty, exe~pt fear the }gut}cases cat c7k~taait~iiat~ ftu~cls canly tc~ tlYe extent necessary fear ac:cluia-in{~ and ct~tastraaetin47. flee itaaprcat etaaents. ~~~ithostt the pricer ~~ ritten appt-cavtal cafe the C'it~ . All fttaancin~~ and cathe-° traansacticans slltiall ccantain an a~.~reeaaaetat in a tcartaa acceptahle tcl flee. Clity pv ~~laic}a as pt-c~pc~sed Hcalder a{~rees tct he bound hr and sul~jeet tc~ flee Assesst7aeaats. 1RTI~L.F l'III I'i•ea}~if~itio~is .-~~=ainst :1ssi~7~~n~ent and Tt°a~a~sl`e~°. [nclel~f~~ificatio~3 5ecticaaa z~.l. PrcalaiE~itican 1.._~. ~~ ` Tl,t-<ttaster_of Pt-tt~rt~_traad ~ssi~,~ta~~~ent of_~,t~reenaetat. (~t} fl-he 17et elcaper rept~esents ~ancl a~Fc•e~~s thaat pricer tc~ flee drag: thief the Dc~°elopet- pay's tea flee C'itL' ata~` atalcacant cif tlac..'~ssessnaents that is elate uaadet- Sec'tican ~.5 cat- that it is cfetec-mined fleet teen anacaatnt is clue car flee elate that t}ae Den elcapea- has titlfillecl fall caf its ol~li4Ritticans undea` the Bcisiness 5ulasicl~' ,-'~vt°ectl~ent. o~;l~ic}ae~ er. is 1{ater. except cat~l~ l~~ ~~ ~a~ cif' security fiat-, aat~d c7sal} fear, the 1-t }stir}pose of z~l~tttinill~:~ ti~l~:lllcitl{~ ilcccst;t~l-v tc~ elx{ihle tlje Dcacl~~pi:r or ~tl3y 511~;c~s~~)r itl illt2rtst tc the Pro~~crt~, or any }fart thereof,. tcs }3erfot°nl its i)`~li ~LL~.. ~ ~~~; as itkl res}~cct to c:~~Il~tl-ilctitl4~ file lnl}lroa'i'.lncllts illlClc'1" this r)1;?re'c:Int'llt, cliltl a11a' othcl~ }?til ~~ at1t11t3C1I.e;d 17~ this .~;?reernellt, the l~ca clo}per (e:~cc}lt as so atitllol-i~cd) leas not nladi: ilr created, allc as ill ]lc)t ]ntlkc c)r cI•cati:, or sitff4l- t+~ be ]llaclc or created, anti` tc~till oI` }iartial sake. assi~~nnlellt,; cc)lla-c;~anci:, oI- li;sise, or alll trust car l~oaa~er, cal` trallsfcl- irl arty other lllocli: or f~~l-nl ol`c)r aaitkl res}~ect tc) this .'~~Treelllent or file 13r`ok7{~t`t4' of <it1V }part thel'2ot or tlllti rI1Ci'I'est hel"elCl l11' thi'.l'i:I11, oC ails' i;C?Iltl`a~t C?I` zi{~l`1~~111('.tlt tC) C~ti) any cif the salni~. aaitllotrt tkle pl'or aa-rittctl ap}~roa°al of the City./ The Citr- ]ntl~` rcc}uiI-e as a ce~llClltloll to tkle 3}~}fit"oG`al of cull- tl'IiI1St1;1', s~ilc; C?I' 11:~SI~.~II1Tlilt tl7~it th€' k~Ck'tlt)}3t'.t' })a~, tt1 tll~ ~'1C~. file ~alilolkllt t)f the <~ssesstneilts detct~tnined to be due on tile. dtltc cif thi; tl`ansfer, Bali: ol- assi`~nlllctlt calculated ill file nlanller prow idi;d ill Sectiotl .5. (13) `~c>taa•itllstailclinV= substctiorl (aj cil~oa'e, file City` acktloaa~leili~es and a~~rees that the l~ca elc)pcr as ill lease file inll~ri?a clrlcnts tc) the 'fellcitlt, oaa•nr:cl 1)af the dc:a elo~~er. The City cit~rccs t11c~t ti)1= the l~ur~~oscs of dctcnninin~.~ file ,lc7l~s Credit tindcl` Section 3.~(c) and conl}llance aa=iTh the; Business Sul~sidv ~.,~.~reernent, the City aa~ill loop at file et11~l1oyll`Ii,tlt and payroll recol-ds of file Tenant. The Dca`c;loper shall, ht~aa ea el-. be the }warty obli~,~ateck tinder this 11~,1`eement. (c) lrl the absi;Ilce of s}~ecitic aaritten a~r-ecnlent la4r file Cit~,f~ to the contrary, Ili? tr•ansfi:r' of tile; l'ro~li:rta! or a}~}~roa~al by the City thereof shall be deemed tc) relii:~`e the ~c~, eloper, or cilia,' other party lloullcl itl ana away by; this ~,~areelnellt, fl-olll anv of its olali~~atiolls heretuleler. Section ~.?. I~i;le3ase wild Ine}einllificatioll Coa3cnal-its. (a) T he I~e~~eloper releases fr°olll and co~-enallts and a`:;rees that the:, City and the ~,~overnill~~ boely tnclnhi:rs. officers, a~~cnts, sera•ants and e;nlplc)yci;s thereof shall not 1}e liable fir arld a~,~rees t« indellliliti~ wild hold hal~lnless tllc Cit~a• allcl the f~oz•erllrl~ body metllber`s, officers. a~Tellts, seI-aunts ~incl enlplor~ees thereof a~,ainst alla,, loss c)1' C1c1111.~T: to pro}lerty e7I' ally injtu`~r to or death of and; llersoll occul`riil at t)r about or resultin~q ~l'e~nl cnz defect in file llnproa•enlents. (b) l~:~cept t~~r citly az~illful nlisl-epresi:ntation t)r anv aa-illful oI- aaantoll Inisconcltict or Ile`aliv~ellce of the fi~lloaa•in~.t Ilanlcd par-tics, the l~ea~elopel° ar~rees to }~rotcct atlcl defe3nel the Cite wild the C1tY' and file X04 c1'111I1<' bcldy C11e:I173eI"s, olllcel°S, Fl~?e'nts, sc['w'ad1tS c1I1C1 e[11l)lo~'ees tllcreof- Iloat' oi' tol'ea'er, and ltlrtlle[` cl`xt"e'e;s tC1 11e31c1 tile; ato[`esald Ilarulllles5 frol7l ai14` e:latlTl_ di;nlalld, Slllt, action clr other proccedi:l~ aallcltsoeacr b~ ally person ot` e:ntity aa~hatsoca el` arisillt.; e)I" l~tii-~~ortec3ly aI°isn~a fr•olll this A~_~r<<~_1~ellt, car tkle tI-4lclsilctions ce~ntenlplatcd her`e174 of file accletisitioll, construction, irlstallatioil, oaa•Ilership, wild oheratiall oftlle Ilnproa~etn~nts. (c) ~othill;~ irl this ~7ri;cnlellt is itltenclecl oI• shah be clee~lllecl to cr)nstitute a aa~ilia~er ha the C`ita of atly irllnltinit~~ e)1. limit, cell habilit~ utlc}er State laaa~. includin<ry3 aaitllout hmitatioll, `alirlnG>ota 5tatutcs. Cha}~t~r -1C~~~, rel~ltia~c tcl tort or c~thel` ~:lainls. 17 .~RTI~'LL 11 Events ~f C)efEta~It Section ~3. k . E~'~'r1t cjt` I)efEatilt k~efinetl. ~I~l~e fc~llot~ ia~r<~ >lzall lie "E~ erlts of~ Deft~ult"' uncles this :~ ~.~a-e:eal~ea~t ar~cl the terrla "E~ ent of Befault" shaall r1~re~ar~, ~ti~l7eaaei ea~ it is tasecl in this ~`Treerl~rent (unless the: ccar~text other-t~~ise l~r~o~ ides), and c~a~e or~ r~acar-e ~~~ the. t~j(Ic7«~in~.~ e~ etas: {a} 1=ailau°c b~~ tlae L?cw~elo~er tt~ ljcay ~~hen clue tarp ~ait~~erzts reclcrirecl to k~e 13raicl au~cler this ~,zJaverl~er7t ~~r- tej ~ra~ real. ~;st~at~ t~a1LS ~~r° sl~eeial assessr~~ents t~herr tyre. (h} Failure b~, the De~~elo~er~ to} reeor~strcrt;t tk~e lrnl~r-c?~~erlaents ~~•l7er~ reclarretl l~ursuar~t to Sectit~rr ~,1 0~ this ~,~;r`eert~ent. (c~ ~ailur-e h~ tl~e Le~~elol~er to oLtain trlat~cit~~:~, iI' retlusretl, for consh-trctiorl of the Irnl~rc~vet~~ents l~ursaaant to t17e terms aa~tl conclitioras of` 5ectioaa 7.1 t~f this ~~~reer~7er~rt. {dj Failarre l7}' t}le I~e~;~elo}~er to cora~a~r~ca~ce aaacl complete construction of tyre Ianro~•ernents <ancl anv site irnpro~~etnet~ts as slao«~r~ on tk~e l~e~~elol~ca-'s site aa~cl btrilci.r.~_; Ialar7s ak7l~rot~etl b4•. the Cite- Cocarlcil of the Cit~• car secifecl as conditions of the Cit~;'s apron al {includial~~ Resoltatior~ ) pursuant tt~ the terrl7s ctantlitiorls ar~d lnait~atic7ns of'~.rtielc 1~='" ol'tlzis ~,~a-eemea3t. (e} F'ailua-e be° lee°eloper to proe ide any docuraaeaatation or ia~Eoa-ra-ratiora reiluired to k?e l~rc>~ iclecl trrlcker: the t€~rr7is c~f`this ~`.rt-e:emer~t. {f) Ftailure by I~e~ eloper- to okrsere e or perfor°ni aia~;° other coy en{atat. condition, ok7ki~,~atior-r or a~~reement on its part to k~e ol~scrti ecl or pcrf~~r-a~-red herearncler. ({7} `I"he L7tzeltal~er- cic~es am cif the t~~llc~sr°itr~~ : (i) files rar~~° k~etitic~r~ ire l~rrlkr~rpttr~- c7r• or ar~v reor~^anizatit}aa. ar-r-arr<~en~erat, ct7rnposition, read~ptrsh~acnt, litlaridEtticaaa, tlssolutit~ns or- sir~~il~ar relieF Gander 1~`a3ited Staffs 13~ankr-upte~ k.ae~~s or ara~ sira-rilar F~`ecleral car State La«'s; ear (ii} make san 4assi~~r7n7cr7t for tl~ae heraetrt of its credit«rs; or (iii) ackn~its, ire ee~ritita`v. its inability to pa~• lais clefts ~=er~ertall~• as tl~e~~ k?e~;a~r~~e clue.; ~r (ii) k~e acljtttlicatecl, k7ar~krul~t car- ir~sc~k~e[~t; car (~~) if st l~etitiora or ar~s~~ c;r l~roposin`~ the adjudication of the:. Dct elol~cr, as a bankrupt under ail} present or future f'ecleral barll~ruptc~~ aact or~ taray sir~~ilar fTecleral or Sttate lat~° shaall be filed in tan~~ court and. such l~etitic}r~ or~ ar~sa~ er Slaall riot be ciisc:hE~rf3ecl cis dea~iecl ~.~ itllin si~:ty (t`~()) clad s after tl7t~ tilirr~~ th~_ r. , •:-: or {•~ i~ ra recei~ er, traastee car licluidtator of` the: C~e~ elol~ea°, or caf tlae Propc;rt~ and. Iar~pr• ~~. enacnts. shall be app4>ir~teci ire any proc:eedira<~ bt'ou+,~ht aL~ainst the. Deg elol~trr anal shall taot be dt~;tla~arsed ~~°tl~rin si.~ct~ ((~CtJ dais of satcl-r appointment, or if tlae L7c~~eloper shall consent to or° acclcricsce its such rrppointn~ent. Section ~).`?. Re°ta~cdies on l~cfi°~lult. ~~`htrrie~'er- ~u~e Fr ent of ~ct~ault occurs. the C-its` t~aae it~~rl~ecliatele sarspencl its pcrfor-mtar~ce ru~tler~ this ,-1`~reer~~cr~t rand r~7t~` take ar14 ernc: ar r~7or-c of tlac t l~llloEa~izl~~ <~cticlns al'tea° ln•ovichna~ thirt4' (~~1 days written alotice tcl the l~e~ elopez- of the Event of t~4t<ault, brat onl~° if°thL Event of ~etaralt has not been cul•ed ~vitllin said thia-t~' t ~()) days: ia~ ~l E'a-allralGite this :'~.~?I`etlllerlt. {b~ C3eclEare iallnlecli<atcly Brae aalcl payable the <~ssessnrents. ic} Take ~,~'hate~. et- action, incluciin~7 legal, erluitabl~: r~r aclrninistrati~ e actic~rl, ~1 hich r-sza~ api~~a~r necessary air tlesiz-sable t~~ ec~llect arl~' pati'nlerlts cirze rancier this :-'~`~reerl-rezlt. ~?z- try erll~rcc pea•tor'rtl~arlc;e and ol~sert anc:e of anv cabli4}titian, a`n°cenlent, or covenant razlder this fl ~aa-eenlent. Seetic~al ~~.?. 'so Realled~' Ir~i;lusi~•e. \o reanedy llereirl ccantera-ed upazl ar° r-escz~'ed to the City or L)evclol~ez° is izlterlded to be e~cclusi~°e cal' any caller ~IVailable retllcdy c~a` r`enaedies, brat each a3rlcl every such reaneciy shall be cramulatiti'e anci slltlll be in aciditic~n to e1 ere= atller ren-aedv <~i~~ez~ rarlder this :~,~~a-ccnlent or na~~~ clr hereafter e~istin~ at 1a4~' or ial equity clz- by statrate. `~io ciei{l~~ car oll~issic~n to e~ercisc any z°i«ht or pcl~,~~er accruitl~~ upon aarl~' cietault shall iznl~aia° any sracll ri`,llt ar l~o~ver car shall be eclnstr-raecl to be a Lti'aiz~er thereof; but any such right and po~~~er zl1a~~' be exercised front tinge to Halle and as afters as n~a~ be deeallecl expedient. In order tc~ entitle the City car the l~e~'elclpea- to exercise arty ren-aedy reser~'ed tc? it, it shall not be necess4lr~~ tc~ ~i~'e notice. other than such. tlatice as nay be regraircd in this :article i`~. Y Section 9. ~*o ,~.dditianal "~~"ai~'er lrplied bar®C~ne ~~'aiver. in the event any a~~z°eeznent c:aaltaincd in this ~~~a°eeal~aent should be breaclleci by eithea- par-t~,. and thereafter ~vai~~ecl by the other paaTt~~, such i~•ai~-ez- shall be lizllited to the particralar breach so ~~-ai~°ec arld shall not be deer-rlecl to ~~.~•aive any clther concua-r°ealt pz-evious ar srabsequealt breach llereuz~der. Secticjn q.3. Effect of Ter-alzinatic>rl of .~~.,Ireenlealt_. In the event that this r'~.~~~cnzent is terminated pursuant to Section >. ~ c~a° Section 9.2, all pz•o~°isions hereof shall terznrzl._:e except that Sections ?.?, ~.1 t~, $.?, and 9.6 shall survive Brach tez°aninatioal and arty carase of ac:6ion arisin{ hea-eundea• pr-ic~r° tc~ sracll tea°minaticln shall nat be affected. 4 Sectioal ~.(~. Cast, o#~ Enforcemeart. '~'~'henc~'er anv >=~~ea~t cif I~efaaa-alt ~eeuz•s anti tl~e City shall cal-aploy attua°rle4's or incrar athea- expez-rses for the collectii~n of payzllents clue aa~ to becean~e cirae or for• the enfi~a-ccrrrealt elf perfiar-rnrarlce or c~bscz-4 aalce of tiny obli<~zltioa~ ar a{,~reenlent ors the part of the I~LVelc~per gander this _'~V~r'eerl~aent arlcl the City peer~ails in such action or° eff~aa-t. flea: De~.elc~l~er a<Tz-ees that it shall, re ithin teal (l p} tla~'s of t~'ritterl clemaald by the City, pay to the Civ the reasonable fees at~ stacll attorney s and such ether expenses so incrarrcd t~v the Cite.. ,~RTICL cltliki€aital I'~•ra~~isions Sectitzal 1().l. I~ei~resezltati~es 'got lndiviclually Liable. ~c~ aneal~ber, officital, or employee c~f`the City' shall be pez-sorla111' liable tc7 the I)evelopez-. ar tiny srac:cessoz• in interest, in the event. of I? t[n~ di:faitlt at- I~reacl3 or lE~r tine` att~oi[ni tt l-tich [~~av l~ecomc iluc tie l~cs'elo}per or successai° or can at~~ obligations ~tnile~- the terms of tl-te .~ t~~a-eenlent. Sectii3n 141.'. lit°a~ isiiins fat `~ler<~ei} '~S"itl3 Dceil.:~ane of the }~rirr isiat~s af'tl-tip ~L~-ci:t~~enk at-e nttndecl to or shall lac tnerY~ed 13~ reason of env devil transfe[-rin~~ any interest in the Pri~pertd,, at7i1 at~y site}~ deed sl-[<ill net be deemed to affect o[~ impair clue }~roe'isiot~s and co~'enants of this ,~~.~~~rte111eI7t. Sectii~t~ 1 Cl. ~. Titles of :articles at~il Sectiians, .fin<< titles i3f the se~~eral parts, .~~rticlcs, at~d Sections of t1-te; .~<~rcen~ent are inset-tei} 1~~r con~'enience of reference only anil shall be. disre~.~~~rdet} i[1 cot~stritin~~ or interpretin=.~ and, of its pro~~isions. Section 1~).=1. '~rotices ani I3entiu~ds. except as other~~isc expressly pro~'icled in this .~;~~reen~tet~t. ~~ t~i~tice, demand, or other co[~~[l~tulication ttnder the :~~~reement by either pat-k;~ to the atl~e[° shall. be sitf~cientl~= ;~i~~en or ileli~°erecl if it is dispatched 1rt~ re`~isterei~ or certified retail, pc~sta~~e pa-cpaid, return ~°ei:e}~t reiitestecl, i~r cleli~•erecl }~et'sanall~'; aril (a;l in the case of tl~e l~e~ eloper. is addressed to or delis er-ed personallti~ to the. Developer at 1=14 ald ~~`est 1'~Iain Street, lied ~t~in~~, lily ~~4)66; and (}~) in the case of the Cite., is addressed to ar deli~~ered personall~~ to the City at C'it}` Hall, 141 nth Street last, 1-lastit~~.~s, ~lint~esi7t4z j~tl3 ~-9~:~, ar at s~tcl~ atl-tcr address ~z~ith respect to either stitch part~~ as tht~t party nta~, ti-an~ time to time. iles~nae its ~~'ritin~r and fare~arcl to the atl~er as pt-aE~ided its this Section. Section 14).x. l~isclaii~ler of Relationships. Thi; Deg eloper ack7-ta~~~led;~es t11at ~iatl-ti~-~~: contained i[1 t1~is ~~zreen~ent ni~r and act bti~ tl~e Cite i~r the pe~~eloper sl~<tll be ileetned or cat~strttecl >~v the Deg°eloper ar by any third person to i;rcate any relatiansl~i}~ of third-party benefieiar~~, prini;ipal itncl a~,~ent, lit~liteci ar- Y~i~nei°al }partner, at-joint ~ entii~-i: 17ct~~'een the City, t11c I~et~cloper tn~d or ttnv third }arty. Section }[}.(~. yloili}icatu~~.;~. This :~.~~ree[nent ma} be n~oditeil sa1e1~' d~rau~~h ~r~ritten a«~enihnents 17ereto executed l~r~ the De~~eloper aril the Cite... Sei:tii~n 14).7, Counterparts. This fl`$~~een~et~t [7~ati~ be cxecuttil in Guy nut~~ber of i;aitt~terparts, each of ~~ hich shall constitute one and the same instritn~e[~t. Stcti{,rt lf).~..Iuilicictl Interpretation. Should air }~ra~isian of tl~ts .~'~<~rcentet~[t reiluiri judicial inte~~ r_~,::~:~~n, tl~e court it~terpretin~.~ or citnstrttin« the same shall not al?pl~ a l~resltmption that the tet°n~s h~~t-eof x174111 be glare strictly= cunst[-ueil tt47ainst one party b~, rc<~si}n cif` the rule of cc~rtstrui~tii>n that ii dociimcnt is to he c~t~strilctl ntcai'e stric:tl4 a~~ain>t tl~c }~~~[`t~ ea ha itsilt or tl~rou`.~h its agent or atti~rnc~ pre}eared tl~e sat~ze. it tieul(.~ at~recd that the ~~~~~:t~ts turd tzttor~lc:}'s o1' bc~t1~ pat°ties hay°e l~articil~4tted its tl~e 1~[-ep4u-atii~n hereof. ~ v 1 Seeti~an 1 f),~). ~~ver~~bilite . In the e'~'cnt th~~t an4~ 1~~-c~E~isic~n cif this :-'~;~r-een~ent sbt~ll b~ llelcl irt~~aiici c?r urZenl~~r-c~eable by any e4~r.rrt cif cc~n~l'eterXt jtu°isclietic~sn, szreh hc~lclin~.t shall r74~st int°itlclate c~r° rcr~cler° urlcnf~n~ceable and, caber g~rcn isi~ri her°e~7f. Seetic~n It7.117. Tcr-nlinc~tic7r~. This .~4~reemet~t shall terr~lin~~te Lrl~car~ the ~a~°rnerzt b~• tl~e Deg elca~er cif tbc. :lssessrl~ents deterniir~ecl tc7 lie dire under this ~1~Tr•e~r~~er~t tjr- up~]r~ rz cleter`nlinfttic~t-r th~rt nc~ ~~rnc?tu~t c~t~ the ~ssessn~ents trri: clue: c7r- u~sj I~e~.el~~l~~;r`s satis['acti~~r~ cif` 411 ~~~-ali~7atic~r~s uncier~ tl~e Business Suhsuiy ,m~~=t-eerl~~rlt, ~~.I1icl~e~ ea- i~ l~it~r. ~`~~c~n stab t~1-rnir~E~tian. the City shall. ~r.c~S isle the L~e~ eloper ~~ ith ~ c~.i ~, :t..~ e~,~icier~~:irl~p tl~e terrz~ir~atiarl c7f this ~;~r-eer~~erit ar~c3 t11e .h'~ss~:ssr~~erlts. Tire prc~~ isic~t~s +r,f this .~;~reen~ent et~ntainecl in Seeti~~rr .2 cif this l~.y~r•eement s11a11- bc~s~ e1'er~, sut-~ i~~c srtcb termir~atiar~ ~~~itl~ resl~eet tc7 r~~attcrs arisin<~ pt-ior to tl~e elate cif tertlain~~tic~rt c~f`tl~is r:~~~r°eemerat. Seetic~n 1(x.1 1. Guarar7tee cat` ~bli~~atic~ns. T11~ Ten~trlt leas e~eetrteci this ~,,~~~°~zr7~~nt ~s {,~u~r~-antor cif all cat the c~bli;,~{~tie~ns of the I~e~ elc,per cc~r~tainecl bea°eir~ ~~nd ire tll~ Business Subsci} n~,;~reertaer~t. TIIe Tenant hereby agrees t~~ ur~~:c~r1<litic~nally~duarante~: tl7e prc~rnl~t per'fc~a•rt~at~ee nl` all. cat tl~e I~e~~elc~per's c~bli~atic~rls ecjntainecl in this n~,`,r~er~7er~t and in the B~rsiness 5~rbsicl~: 1~ cry-e f;1Tl t'.r'l t . l~ I~ ~I~IT'~ESS `~'I-IF1~E~E. the C'it~; llt~~ c:~tt~s~tl this ,~,~~a~ee~a~~l~t tt~ tie clt~l~' e~ectit~cl its its r~{tci~e ~tt~tl hel~all~ and the het eloper tu~cl Tenant htt~ e cztt~setl this ~-'~t~ss-ctt7Ytnt tt~ h~ clttl~ c~.~i~tit~cl i~~ their nt~~~~ts and hch~tlt't~n ter ~~s cif the date 1°i~-st ahc~~ L ~~°ritte~~. LAB B[)1' EtiTERPRIZF S, L.:LC' ~3 Gary It7c:cc~, "~l~tnat~in~.~ 1'<~rt~~er ST£~TE (~F ~~Il'~'~ESOT.~~ S~. C'I"T~' CtF` lil~'~STI''r'GS 1~ ~. Paul J, E-licks, ~1~1~,~1. ]~t l~°lel<~nie ~leskc? Lee,. Cit` Clerk RED t1°I"ti~ DE~T~I, s-'~.I~"I~~, as bax~t•~r~t~ar 13 ~,, Gary Ir~c~;C~, F'resitient The ~t7re<~i~inL~ inst~-t~ntc~lt G~ as acknc~~~~lerl<~ecl hefc7re the this _ clay ~f' . ?0()9, her Paul 1, Flicks, and `,~lelunie ~,Ieskc~ Lee, the '~:Iar%c,r an€I Cit~• CClerk c~f'thL Cit~r ~f 1-Iastin~7s, zt ho~~~e rule cl~arte~• city uncl~r tl~e la~~~s c~~ tl~e state of` i~'linnesc~ta. 'c~tttrv` f't~l~lG ?0 ST.-~TF CAF ~II'~'~ES~~1~,-~) S5. C4JL"~'T~' ~JF ) Tl~~ Ei~r~~~c~i~1L~ intrru~~ta~t i~~~ rlc~nc~~~"lc;clt~ecl l~eturc a~r~ tlu~ __ ciat, c~ . ?C)(~!~). ~~ti ~rar}' is}~~°r~r, tl~~ ~'a-~si~}e«t c7t` Rcd 've'in<~ I~~i~tal ~.rt~, w~r tilir~t7~sr~t~r ccrr-}~c7r-~atic~r~, can l~eh~tlt` ~~I` t}~ c~t~aa-a~ Pul7lic STS=ATE QF :~II:`~ESC3T~~~.} S. C`(~lJti I°~' al Tl~e tiare~~c7n4~ insta-un~ent ~` as a~:kalc~~t l~ci4.~ecl la+~~~a-~ al~~ t}~i~ ~ c}{3~° c~I` . ?'(7(~9, by Gaaa-~; Ic?c~:c~, tl~e ~Iaa1~~`~in~~ Faa°tnea• c7I` I_~l~ Bc~S=' I~ejt~c-}~a-i~~,s, LLB", a~ :~liaia~G~;ot{~ lin~itecl liti~I~ilitr ~~r11}~aarl~,~. r~a1 l~chalf eat tlai~ cc~~1~}~ara~~~. '`°vc7ttla"4' I'LlI?lIC ~~ S~`HCL3L L Qesc~-i~~(iean cif I'i•~~e~•te Lc~t 7, Bloc:: ? Fi.-~,TI:tiCxS I'~I7L;STF~L-~L ~'~'~I~k: \~. ~, ~~~~:carclint,~ tc~ tl~~: ~-e~cn-cic:t ~alat tlY~d'~:~7t`. I~t~kc~t~~ C o~tr7t~,. '`tilii711c~sot{ Cc~c~tt~ii~i~~{.~ =~,~~j!) :;ci~~~irL t~~t SCHEDL`i? L J~ gC'SI~ESS~ ~~3I~11` ~G~E~IE~r'T ~~ ~1id B+~t~~~en ~r ~~~ ~~ ~~~s~ ~Il~ Lai ~a~r ~~vTEr~~r~~z~s, ~.~c II~}t~t~ci: _ ?t~~J ~~l~i~ ci~7;~u~lent ~~.~tas eic-afte~i b`~: -~()i <5 '~~'cst ~ ~`~' Stc-~ct, SG~it~: i ()(_l E~iia~. i1'~ a~~i3. "City" means the Oita- of 1-lastin~,s, `vTinr~esota. "Contract" n~ear~s tl~e C'urchasc and D` ~'., pr1~e~~t ~~<.;~°~~n~c.nt b~taa~erl tl~t ~'ita~ :rrlci tll L~r:a~els~f~er clateci as c7fT . "'.~;1()~). ''I~eaelc~per" n7cans Lab f3oy Ertterpr°ifes_ LLC, a '~iinncsota lirl~rited liability ccn~ll~ar~y, c>r its successors and assit,~r3s, or any torture oaaners of tl~e F'r°oper-ty. ""In~proyenrents°' r~~eans the cc~nstr`uctiorr activities to be unclertalen by the l~ca~elcaper l~~rrslrant tc3 the Contract. "'1?ropcr-ty=" n~ear~s the real property descr-ibeci as such in the Contract. "'State"' means the St~rte of `vlnnesota, "Subsidy" rr~crns on any ptrr-tic~rlar elate '71.37, less any portion of such amount that the Developer 1-ras as of such d~rte repaid to tl~c City purslra~It tc~ the terms of the Contract.. "Tena[rt" means l~.cd 44'ir~~~ I~etltal ~~i•ts, a ~1ir~r~esuta cc~rl~c~ratcnl. :'~F~T[CLE II JoI~ anci ~~'a~e ~€~~[s, 1Zc~cluire Pt•o~=ions Section. 2.1. Er1~ ~lovr~~ent anc] LV ate Rec uiz-emerlts. Tbc; Dcvelc~per shall n~rec:t or- cause to be tl-ret ayithin taa-cr (?) years of the Benefit Tate tilt aaa~e ar~d job ~7oals set for-tl~ ot~ the attached ~hibit ~.. The City acl:rloaa~led~.es that the Te;r~ant aa~ll be the erx~rplcryer anci that the Cite aa~ill accent such entity's perfor-~narlc;e of the erraplcryrr7erlt anci aa~a;~;e foals contained ir1 this ,~s~reer~rent.. Section ?.2. Ite arts. Tlae: Dea°eloper rn~rst submit to the City a aa~rittcn report re~ardin~, business subsidy' foals anci results by no later than Fc:bz-crar~=~ 1 of each year. ct~r~7n~er7cir~~~ the; first February 1 after closirl~ and continr.tin~ until the later' of` {i) tl~e date the goals stated Section ?. i are net; iii} ~[) day=s after e~piratior-a of tl~e five-year period described in Section ?. ~; or (iii} if the ~c~ ," ~ -:: ~ not ~rret, the date the: subsidy= is repaid in accordance avith Section ~.2. The relaor-t must. co~~rply aE~itlr Sectior3 I ib.I.99~-1, srrbcha~isori ~ ofthc I3usi~~ess Slrbsidy ~~ct. The City` aa~ill provide inforrxration to khe Developer reE: trrdin~ the rec~uireci forrl~rs. if the l~cvelc~per- fails to tirrrel}j file any report r°ecluireci c~ncier this Section, the City aa~ill nltrl the Developer a aa-arr~in~= aa~ithin ont aa~cek aftter° the rcgerireei filirit~ data. It`. after 1 ~ da~~s cif` the ~c~stn~arl~ecl date of` the as%arnin~~, the L eveloper fails to prcra icie a report, the Dea eloper roust pay tc~ tl~e City a penalty, of S 1 t7C~ for each subsegcrent clay rrr~til the; report is filed. The m<rxi~~~um a`s~~re~aate pcrralty payable uc~ader- this S('Ction S 1,~[)(~. In addition. tl~e Developer avill upon request by tl~e City supply scrch ir~forr-r~atio~l to the City as is necessary for the C'it} to submit tl~e report required by v'linrlesota Statutes, section l 1 ~J.99=#, subcl. 31.b Sectio~l ?. ~. Cc?ntnuinit C)bli{~aticm. The Dc~ clcapcr a~~a•ces that it ~~~ill contintaottsl~3 o}~ei°ate the hnl~ro~ enze~~ts fir tl~c }atar}~oses described in tl~e Co~~tract fiat tt l~et-ioci c?f at lcast f~~ c { ~) ~ cars fro~~~ the Bei~cfit Late. Scctio~~ ~'.=f. f~iir~cl f't-o~ tsi~~i~s, I~l~e ts~llo'ti~ ia~<.~ }~roo isical~s are reytdirecl b~ the ~~ct: (aj F3~ }?roe idin4~ the ~tibsid~ to the Lei elo}~cr the Cit` is see~in~~ to accom}dish tl~e f~tablic laur}poses of ea7coura~~in.~ tl~e detelt~panent of }pro}~ca-t~ that. is ctn~-entl~ unclcrtttilitecl. e:~l~arYCln~~F tl~i tai: base of the City and State anti c:re~~ti~l~r c~e~~ jt~1~ c7}~pua-tritlitic~s «itl~i~~ the Cite= at cotnl-setiti4~c ~~;~~.,`..~. 4b3 Tl~e City has c}ete~7ninecl that the Stabsid~' is nt.cessar~ heeattse the Ler'clo}~er is unable tca 1~<t~ the tt~1 tl~ar-ket value of the 17ro}~crtti° and still constrtact tl~c hnl~ro°~ canents of the. site and c}taaht~' pro}?osecl. Bw~ rccittciny~ the ti-o~lt ei~d costs of" tl7e Deti-e;luper's t~tlsil~ess er}~ansioaa, inure ful~cis ~~°ll be a~'ailable tEir' on<~~oin~~ operations costs and the risk of failure ~'<~ill tllel`e13i' bG 2'eclticed. (c) The Le~~elopci°'s }~a~•ent cor}~oration is (clj The follo~,e~in~~ is a list o all financial assistaalcc from all otl~cr state or` local i.~o~ erntnent a`~en~.ies: ARTICI~I: III default Section ~.1. I)et~~~tlt~ I~efit~,e~~. It shall be a default under kris ~~:~reeinent if tl~c [~c4 elo}~iea° fails to cc~m}~ `+~ .,,, ;tl~ an~~ tern or }at°o~~ision of this ~~~~t•cea~lent, and fails to cure such. failurc ~~°itllita tllirt>r (y() j dz~~ s 4~ rittcn nokice to the Lee eloper of the default, bttt only if the dcf'atth leas a~ot been aired l~'itl~in said tltirt}- (3C~~ c}a~•°s. Sectio~l ~.`~. Remedies on Lef~ltrlt. ~f~hc }parties ayrrcc that the Sttb~:icly' is a forgivable lcaan, repa~ablc only' if the Dcvelo}~e~- fails to fulfill. its cabli~}ations ualcler scctio~TS "?.l and ~. ~ of this ~\~areeinent. Leon kl~e c>ccua•rea~ce ofa failure to create jobs as rer{uired b~- Scctiotl ?.} or ~~ failure to coutinttc open°ations as c•ecluircd by Section ?.3 the Lc~~eloper shall rc}~a4:. to thc; Cite u}~o1~ i~°ritten detnz~ncl f-oin the City a "l~ro rata share" of the S°~bsi<l~ and. interest on the Subsidy zit the implicit price deflatoa- fear ~~o~,'ei-atlnea~t coalstall~l~tion er~~~ n~_iitures and ~~ross inr°esttnent fear. state aaut 9oca1 ~o~,ea-nancaats prepared by tl~e bu~-cat~ of ecoa!,-~1'_i~ antil~'sis caf the t~nitec} Mates L~ep~u-tlnei~t of coanmerc:e fEar the 1 ? n~oaltl~ }period ei~diaat~ `~lrtrcl~ a 1 caf the ~ ear }~ricar tca flee ~ ear ial L~ hieh the }~{iy'~nealt ft-car~~ the. Lct clc>pcr is clue t~ccrtain;~ fi-c7n~ tl~e E3cnefit Dttte. Tl~e teran `'prca rata share" inca~~s l~crcentt~K~cs calctilatccl as ttallca~~'s: CEa) if tlac failure ~-cltates to t1~e t~uanl~er of jc7las flee jtatas recltairet:l less the jabs created.. di~iclccf by the jobs reclt~irccl; -~ 11~~ if the f~iilure relates to ~~~a~es flee t~atr~ther of jobs required less the nur~~ber ofjobs that meet the requir~ecl ~~a`~es. cii~-clecl by the t~rrt~al~et• of.loi?s required; (c) if the failure relates to a failan-e to continue c~peratiot7s of the 'vlinimuna ]nlpror~eaaaents in taccorciat~ce ~~ itl~ Sectic>ra ?. ~. sixty (~~(}j less the number of t~~ot~t'is oi~ operation i t~~l~et-~; any talontll its ti~~laich tl7e lnaprow en~tet7ts are t1 operation for at least fift~~.a (15} days cotlstitutes a t~tontll oi` opertation~, con°tn°ter~i;in~~ can the Beaaetit Date. anal endin~~ t~~. ~~Ia the dtate the I~e~ eloper ceases operation. as reasonably deternlineci b4 the Cit~.r. ciivicled b`= €~(~; atlci (cl) it' traore than one of clauses (a) throar~~11 (c) apple, the suaal of the tapplicable pet•centa~7es, not to eYCeecl 1(~~`l ~. Section s,~}. ~C'osts of Fnfor-cen~ent. `~'~~'l~enel er arly cieftaitlt oee~ars crncier this :~~~reet~~ent and the City` shall eniplo;,r attorneys or inetn- other e~cl~et~ses fot• tl-te collectioa~ of pay~~lents clue or t~~r tl7e enforeen~ent of perfot-aazatlee or obser~~aaace of anV abli~ryatiot~ or a{~reen~rent can tl~e l~at~t of tl~e Dea~eluper utader this ~~reetnent, flee De~~eloper shall be liable to the City for tk~e t•eLasot~al}ke fees of suela attorne4<<s ani suer other e~:petlscs so incatrreci by the City-; proti•icieci, that the Deg eloper s11a11 only% be obli~~ateci to nlaalie such eetnbursenlent if the Cite' l~re~~ails in stash collectrot~ or entorcenlent aetac~n. ~#RICLE I1' ~Iisceil~tneous Section =1,1. I'ro~isions of r~~n-eement i"vot ~ffecteci. Thais ~an-eeraaetlt is not itltended to modify or liaa~it itl anw• v~~ay the terms of flee Contract, ~. Section 4.?. Titles of articles and Sections. ~yny titles of the sei oral parts, ~'1a-ticles. and Sections of the ~~;reenlent are insea°ted f~~r con~-enienee of reference oa71~= and shall be disrefarded ia1 constrtrit7v~ tar iatterpr°etin~~ any of its pro~~isions. Section =1.~, ylodification5. This ~,t7reeaaaent aa3ay be ntoclified solel}~ throuv,~h a~ritten ameaacinaeaats hereto exectateci by the De~-eloper and the City, The De~~eloper anti City auree that if tl~e pct is taanc:tlcieci by the State Ie~~islatcrre so as to shorteaa oa° eliminate tlae a~egtairenlent that this f~~Treenlent contaia~ flee opea•Eatin~~ ec71et1ant contaitaecl itl SectioCa `~.? and such aal~tenc3n~ent applies to this ~~L7reernerat, the C}e~-elol~er anti C'ity' ~~•ill amend this ~=~;~rcej~~ent to r-eflec°t Buell aaiiencha-rent to flee lar~ , Seetion ~1.~. C"otantea~~taa-ts. "1`k~is ~~1<~reet~7ent rla~aw tie e~:eeutecl in ~at~~~ ntitl~~bet• cif ce>tanterpat°ts. eael7 of ti~~hic;l~ s17<all ccatjstittate Dale anck flee sEatfiae iaastrtuaaeaat. Section =~.. Jtacicial lnterl~retatioaa. Sllotalci Ean~~ pa~ovisiotl of this c~.~~reera-rent require jtadicial inter°pret~atiora. the court iaatet-~~a"etin~~ or construin;1 the san-ae shall not apply a I~restaa7lption that the tea-aa~s hereof shall be a~aore strictly construed avxainst or~ae party by reason of flee stale of constt•uctiora t11at <a cloctaalaent is to be ccanstrtaecl t7~ore strictlyr a~~ainst the l~taarty<< ~t~hta itself oa° ~t th~-t~ci<.?.11 its ~~{{^tnt ter attctrtte4 prei~artti the same. it betl~.: a~~t°eecl tlZ~lt tkle a±~etlt ~itltl attc~rllevs af` i~t,tkl l~~IrtiGs h~t~•e l~articii~ateci in the prt17{ire€tic,n llc~rec,t. The Cit•~ anti I~e~ eic~k~er ~t{~r~:e that this r`~y,7`t;t'n7tClt IS tntellCieCl tt7 satlstti' tllt' 1`etlllll`t117ents t)t tilt Act, !~.'lllcil is ~IICC~I-l~t~rattti l1eC°elll anci nlacie z~ part llta~-ec,t ley ~-eteretlce In tilt L~~ctlt that a~l~ l~rt~~ isitlCl t3ttklis .~<.~c-eecllent conflicts l~itkl the tt'rI115 cat the <~ct, tllt ttnlls of tllc ~~ct shall <~t~~°ern. I\ ~~'IT~iI~~S,~ «'HEREQI±, tklc C'ita~ klas ca~~seci tklis ,~,~.~~`eerlle~lt to lie ciul~ e~tctlteti in its tl<Illle anti l~ell4tlt anti the e~: el~~iaer has catcstcl tili:.~~~~reetlletlt tc, 1~t' cicclti~ c~ect~ttcl in its Hanle atltl i~ellalttltl t~C- as ~ttlle date til°st ai~ud~e ~~ rittt=~l. ~`IT4' C)F H.~~TI1Qi 13 ~, Pahl 1. Hicks. i'~iati~ctr B ~,~ i~ielanie `~ieskt~ fee, City Clerk I-..~,B BOA' I~\TFRFRILIJS, LLCC RI?I) 11~I"~iQ ©E~T~,L ~IZTS, as ~uart~r~tc~~° B~' B4 Gard Iclcct~, ~lana~~ritl`; Pa~-t~ler Y Caary iQecc~, 17resicient CC~L"'TY ~F ) SS. Tl7t tt)t"f;;.?t)In~= tCI5t1°llillt°Ilt G'~°as aCkI1C71~'leC1L~eCi i3t'it?d-f° 111e tlllS ___ tirl4` t)l~ ~~)~~. 17\` )-'at11 J. Hicks, anti \lelailie ~%iesl:c~ L.ee, the 'via}`ter anti Cite Clerk t~f the C`it~ t~f Hastin~~s, a ht~nlt rule. ekla~°te~° city t~tlcler tklc 1a~4~s cat the state tsf'~iintltst~t~l. - - °'titatard T~t~E}lic ST~.TE ~F `v~l:~`~;I/SL7T~l S5. CC}L'~T~r' CAF ) "I°l~e fc?r-e`.~c7i~~~ instr•urn~r~t teas ac;>~r~o~~, l~cl~j~cl I~e~ar~ rrrc; this _~ c~a~,~ +~~ . ?tl()~7, h Care Ic~c~c~, tl~e I're~i~Ierrt ~7f I~ecl ~~ ir~~~ L7~nta1 .~rt~., a '~Iir~txesc~t~r ~:c~r°I~~lraticjcl, can bel~alf ~7t t1r~: L~~a~~~ratc3rr. `t~tarti~ P~rl~li~ } SS. C:OL~'~'T~' ~F } TI~c t'~re:~~c?in~ rrstz-rrrnent ~~,~as a~~t~cs~z•Iecl~~~f t~ec~r-~: me t4~is c-1a~, c~F , 20t~'~, b~~ Gar°~~ Ic~c~t7, th '~Iarla~*irl~ I'ar-trler ~f L~I~ Bc~v Enter-}~rires. LLC a ~Iirrnesc~ta li~~~iter~ Iial~ilitr~ cc,r7llaan~~, c3r1 I~el~al~~c~ t1~e c~tn~an~?. ~~~tar~~ I'tr~~lie E~I~CI3CfT ,~. 11'a~~;e z~~~c~ il~t~ Goals -CI7~ Deg ~lc?}~e~- ~t ill c~-e~it; r~~~t leis th~iri 12 1~e4~ f'~all tilde car t'~ill tit~~e ec~l~iivG~l~»t ji~t~s pit t~~~ a~ erai.~~ «~~~`~e cif' nc~t le~~ tl~~~n S l [D.t)t? l~ec~ l~uur. SC'H~DC.~I.. C ~'~'v°TI~E~~CTI4'r ~~~D SITE P~~'~5. A~'F~+~~'Ell , ?'00 5i~ F'an L~nc~sc~p Plan, ~~y-cl~itertrir~l E[e~r~tons Re~olntic~n ~~.