R2013-42 AUTHORIZING GRAND AVENUE TIF REDEVELOPMENT AGREEMENT

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Book: 4362 Page: 152 ARTICLE VI: CONDITIONS PRECEDENT TO CITY OBLIGATIONS AND ONGOING BENEFITS 6.1 Conditions Precedent to Transaction. The City's obligations under this Agreement (including, without limitation, the obligation for Public Investment) shall, for the Project, be subject to: (a) Insurance. Proof that the policies of insurance of the types and coverages specified in Section 2.13 hereof have been obtained and are in force with regard to the Project. (b) Plans. Approval of the Plans and construction plans for the pursuant to Article II hereof. (c) Construction Contracts. Executed construction contracts covering the construction of the Project. (d) Declaration of Covenants, Uses and Restrictions. Declarations of Covenants, Uses and Restrictions in the form attached hereto as Exhibit 4 executed by the Redeveloper covering the Project and the Project Site. (e) Project Financing. Evidence of equity and/or debt financing for the Project in an amount sufficient to complete the Project. (f) Approvals. A certificate by the manager or authorized officer of the Redeveloper, as the case may be, that all of the approvals necessary to proceed with the Project as intended herein have been obtained including the approval of this Agreement 6.2 Conditions Precedent to Public Investment. The City's obligations with regard to the Project Revenues and Real Property Tax Increment portion of the Public Investment are subject to the adoption by the City of Tax Increment Financing for the Redevelopment Area. ARTICLE VII: OPERATION OF THE PROJECT 7.1 Operation and Maintenance of the Project. The Redeveloper for itself and its successors and assigns to the extent it retains ownership covenants that it will maintain the Project in good condition (reasonable wear and tear excepted) during the term of this Agreement. The Redeveloper shall operate the Project in a professional manner and will do all things reasonably necessary to operate the Project in substantial compliance with Applicable Law. ARTICLE VIII: REDEVELOPER COVENANTS AND RESTRICTIONS 8.1 Project Subject to Redevelopment Plan and Agreement. The Redeveloper agrees to comply with the terms and conditions of this Agreement and to use its best efforts to construct the Project subject to the terms, covenants, building and City of Decatur/Grand Avenue TIF Project 9