R2015-129 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT Pace Hospitality LLC

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(d) Declaration of Covenants, Uses and Restrictions. Declarations of Covenants, Uses and Restrictions in the form attached hereto as Exhibit 3 executed by the Redeveloper (e) Project Financing. Evidence of equity and/or debt financing for the Project in an amount sufficient to complete the Project as evidenced by one or more of the following l. A corporate debenture rating of BBB or higher by Standard & Poor's Corporation or Baa or higher by Moody's Investor Service, Inc.; 2. A letter from a financial institution with assets of$10,000 or more attesting to the financial strength of the developer; or 3. Specific evidence of equity financing for not less than 10% of the total project cost. (t� Approvals. A certificate by an authorized officer of the Redeveloper that all of the approvals necessary to proceed with the Project as intended herein have been obtained including the approval of this Agreement. ARTICLE VI: OPERATION OF THE PROJECT 6.1 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 VII: REDEVELOPER COVENANTS AND RESTRICTIONS 7.1 Project Subject to Redevelopment 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 use restrictions, and other conditions in this Agreement. 7.2 Non-discrimination. The Redeveloper shall not discriminate in violation of any applicable federal, state or local laws or regulations upon the basis of race, color, religion, sex, age, or national origin or other applicable factors in the sale, lease or rental, or in the use or occupancy of the Project or any part thereof. 7.3 Property Taxes. Redeveloper acknowledges that the City in executing this Agreement has relied upon its reasonable expectation that the construction and operation of the Project will increase the amount of real property ta�es with respect to the Project and the Project Site. The Redeveloper covenants that in the event it applies for, seeks, or authorizes any exemption from the imposition of general real property taxes on the Project or Project Site, or any portion thereof, and, as a result thereof, the property taxes are not or will not be paid with respect to the Project or the Project Site, or a portion thereof, the City, no less than sixty (60) days after written notice to the Redeveloper, shall be entitled to rescind the grant of benefits by the City to the Redeveloper pursuant to this Agreement and after such City of Decatur/PACE HOSPITALITY LLC 10