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(b) The obligation for the reimbursement of Utility Taxes actually received by the City <br /> shall terminate upon the earlier of: <br /> 1. Five(5)years from the date of Substantial Completion of the Phase One <br /> Project <br /> 2. The Substantial Completion of the Phase Two Project <br /> 4.2 Reimbursement Conditions. <br /> The obligation for the reimbursement for expenses incurred by Developer for utility taxes <br /> of the Project and as part of the Project shall be paid by City within 30 days of <br /> notification on such forms and in such manner as directed by City and upon proof of such <br /> payment. <br /> 4.3 Prepayments. <br /> The City absolutely reserves the right,prior to the expiration of the term of this Agreement <br /> and to the extent lawful, in its sole discretion,to prepay all or any part of its obligations <br /> under this Agreement. <br /> ARTICLE V: CONDITIONS PRECEDENT TO CITY OBLIGATIONS AND ONGOING <br /> BENEFITS <br /> 5.1 Conditions Precedent to Transaction. <br /> The City's obligations under this Agreement(including,without limitation,the obligation <br /> for Public Investment)shall,for each phase of the Project,be subject to: <br /> (a) Insurance. Proof that the policies of insurance of the types and coverages <br /> specified in Section 2.13 hereof have been obtained and are in force with regard to <br /> that phase. <br /> (b) Plans. Approval of the Plans and construction plans for the pursuant to Article II <br /> hereof. <br /> (c) Construction Contracts. Executed construction contracts covering the <br /> construction of the Project. <br /> (d) Declaration of Covenants,Uses and Restrictions. Declarations of Covenants, <br /> Uses and Restrictions in the form attached hereto as Exhibit 3 executed by the <br /> Developer covering that phase of the Project and that Portion of the Project Site <br /> related to that phase. <br /> (e) Project Financing. Evidence of equity and/or debt financing for the Project in an <br /> amount sufficient to complete the Project. <br /> (f) Approvals. A certificate by an authorized officer of the Developer that all of <br /> the approvals necessary to proceed with the Project as intended herein have been <br /> obtained including the approval of this Agreement. <br /> (g) Employment. Creation,employment and maintenance of Seventy <br /> (70)full time employment positions for Project during Phase One. <br />