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Hook : 3758 Page : 115 <br /> 5.1. Developer's acquisition of the Premises within the Development Area as <br /> described in EXHIBIT A hereto from the Municipality on or before February l, <br /> 2007; <br /> 8.2. Developer's receipt of all required permits and other approvals for Foundation <br /> and footing construction from the Municipality for the building to be constructed <br /> on the Premises within the Development Area as described in EXHIBIT A <br /> hereto, with three (3) drive-through lanes, no later than January 15,2007; <br /> 8.3. The Municipality's demolition ar redevelopment of the dilapidated buildings <br /> across North Water Street with street addresses of 301 through 363, both <br /> inclusive, North Water Street, (as legally described on Exhibit C hereto) no later <br /> than July 25, 2008. Those properties with street addresses of 327 through 335 <br /> North Water Street shall be converted to a permanent pedestrian courtyard, by no <br /> later than July 25, 2008, providing unobstructed exposure for the central portion I <br /> of the building to be constructed on the Premises from North Water Street to I <br /> North Main in strict conformity with the drawing attached hereto as Exhibit C1; <br /> 8.4. The Municipality's execution of a written lease agreement to lease at least one <br /> hundred forty (140) spaces in the Municipality's parking deck located at the <br /> intersection of North Water Street and North Street, to Developer and its anchor <br /> tenant at no charge, or an amount not to exceed that which Developer and its <br /> anchor tenant's employees currently pay for parking in Municipality's lots, for II <br /> the term of the Anchar Tenant Lease and any renewal terms no later than I <br /> February 1, 2007; � <br /> 8.5. The Municipality's creation of a minimum of twelve (12) metered or timed <br /> spaces of street parking for the benefit of the building to be constructed on the <br /> Premises within the Development Area as described in EXHIBIT A hereto no <br /> later than July 25, 2008; and <br /> 8.6. The Municipality's conversion of the 300 Block of North Water Street in front of <br /> the building to be constructed on the Premises within the Development Area as <br /> described in EXHIBIT A hereto from one-way traffic to two-way traffic by no I <br /> later than May l, 2008. j <br /> If any of the contingencies listed in this Section 8 are not fulfilled within the timeframes '' <br /> required herein, by the dates specified for each contingency, which is not a result of the �I <br /> Municipality's unreasonable delay or failure to exercise reasonable diligence to meet said � <br /> contingencies, the Developer may terminate this Agreement by providing written notice '� <br /> to the Municipaliry within twenty-one (21)days after the expiration of any contingency <br /> period. The failure to give such notice of termination sha11 be deemed a waiver of the II <br /> right to terminate for a particular contingency (but no other)by the Developer. � <br /> In the event the Developer does not terminate this Agreement as a result of any failure of I <br /> the Municipality to meet the required time schedule in this Section 8, except as provided I <br /> for herein below, the Municipaliry shall be responsible to the Developer for all claims, I <br /> damages, losses, penalties and other costs, including attorney fees, incurred by <br /> Developer, including but not limited to any amounts that Developer is obligated to pay to <br /> RDLLC 20060926 v I 17 <br />