R2018-51 Authorizing Redevelopment Agreement Love's Travel Stops & Country Stores, Inc.

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as is depicted in Exhibit D attached hereto. Prior to the Work beginning, Love's shall file with the City a bond in an amount sufficient to reimburse the full cost of the Work with said bond to be redeemed to reimburse the City for the full cost of the Work if development of the travel stop is not substantially completed by May 30, 2019. The term of the bond shall not expire prior June 30, 2019. Substantial completion shall mean complete construction of the shell and core,with finished interiors of common areas. Substantial completion shall be evidenced by issuance of a certificate of occupancy under applicable codes of the City of Decatur, excluding minor and ancillary alterations, or additional work. 2.7 Environmental Concerns. To the full extent permitted by law, Love's releases, holds harmless,and indemnifies the City for environmental defects on the contained in areas where the Work will be performed.Love's shall be responsible for any environmental remediation that may be deemed necessary to facilitate the Work and delays caused by the need for such work shall not be deemed an act of default by the City. 2.8 Payment Oblieations.The Work is anticipated to cost$685,965 with a potential for 10%contingency that could bring the total to$754,561 which amount includes all anticipated costs associated with the design, construction, and installation of the roadway and related improvements being installed as part of the Work(the"Improvements"). A cost estimate is attached hereto as Exhibit C.The City shall be responsible for the full amount required for the completion of the Work. In order to acquire the Plans for the Improvements,Love's has already expended$26,000,as detailed in Exhibit B. The City shall reimburse Love's for the cost of obtaining the Plans for the Work upon completion of the Work and in no event shall said reimbursement exceed$26,000. 3. DEFAULT AND REMEDIES. 3.1 General Default by a Party. Except as otherwise provided in this Agreement, if a party breaches any provision of this Agreement and fails to remedy such breach within thirty(30)days of notice thereof from the other party(unless such cure is not reasonably possible within such 30-day period and the breaching party has commenced and is pursuing with reasonable diligence such cure), the non- defaulting party may institute legal action against the defaulting party for specific performance, injunctive or declaratory relief, damages, and/or any other remedy provided by law or in equity. All remedies hereunder shall be deemed cumulative and not exclusive. In addition to any and all other declarations of default contained elsewhere in this contract, events of default shall include but not be limited to the following: 3.1.1 Misrepresentation.If any material representation made by the Redeveloper or the City in this Agreement, or in any certificate, notice, demand or request made by the Redeveloper or the City in writing and delivered to the other party pursuant to or in connection with any of said documents shall prove to be untrue or incorrect in any material respect as of the date made; or 3.1.2 Breach. Breach by the Redeveloper or the City of any material covenant, warranty or obligation set forth in this Agreement. 4. NOTICE. All notices hereunder shall be in writing and given by personal delivery or sent by(i) certified mail return receipt requested, postage prepaid, (ii) nationally recognized overnight courier service, or (iii) electronic mail (e-mail) transmission, to the addresses set forth below (unless changed in accordance herewith). Notice will be deemed received on the earlier of(a) actual receipt, (b) three (3) business days after deposit in the U.S.Mail,(c)the first business day after deposit with an overnight courier,