R2003-75 AUTHORIZING EXECUTION OF AGREEMENT

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(b) All parking developed on Phase I, other than on-street parking, shall be the responsibility of the Developer. All on-street parking shall be the responsibility of the Municipality. Both the Developer and the Municipality shall develop and construct said parking in accordance with the Concept Site Plan for Phase I. (c) Notwithstanding the foregoing, the Developer may pay for the construction and installation of the Greenspace refered to in subsection (a) hereof and shown on the Concept Site Plan, such construction and installation to be in accordance with the Construction Plans. Upon dedication to, and acceptance by, the Municipality of such improvements, which acceptance shall not unreasonably be withheld or delayed, the Municipality shall reimburse the Developer for the cost thereof as per the approved Construction Plans. 3.8 Demolition of Phase II Property Upon substantial completion of Phase I of the Development Project, but only if so completed within two (2) years of Closing, the Municipality shall demolish the buildings and structures located on Phase II of said project. Failure by the Developer to achieve substantial completion within said two (2) years shall release the Municipality from the obligation to demolish said Phase II property or to convey the same to the Developer as set out herein. 3.9 Conveyance of Phase II of the Development Property (a) Within nine (9) months of the completion of the demolition of the buildings and structures located on Phase II of the Development Property, and upon compliance with Section 3.11 hereof, the Municipality shall convey said Phase II to the Developer. The date ("Closing II") shall be agreed to in writing between the Developer and the City Manager, and may be changed or modified in like manner. Closing II shall take place at the offices of or such other place as is mutually agreeable to the Municipality and the Developer. From the date of completion of the demolition of the buildings and structures located in Phase II until the date nine (9) months thereafter, the Municipality shall not engage in negotiations with any other developer regarding the development of Phase II. (b) At any time within twelve (12) months of the completion of the demolition of the buildings and structures located on Phase II of the Development Property, the Developer may ask the Municipality for waivers or modifications of the requirements of Section 3.11 hereof, or any other sections of this Agreement, so as to permit a closing on said Phase II pursuant to such new terms and conditions ("amended agreement"). The Municipality may, in its reasonable discretion, agree to such waivers or modifications. If, however, the Municipality does not agree to such waivers or modifications as requested by the Developer, then it may not execute with any other developer any agreement for the development of Phase II which is in subtantial conformance with the amended agreement during that period beginning with such refusal and ending two (2) years after the completion of demolition of the buildings and structures located on Phase II. (c) Failure of the Developer to comply with the provisions of subsection (a) hereof, or to secure a waiver or modification pursuant to subsection (b) hereof, each within the time limits set out therein, shall release the Municipality of any obligation to convey Phase II, or any part thereof, to Developer. 3.10 Title Insurance, Phase II The Municipality shall furnish to the Developer a commitment for an owner's title insurance policy for said Phase II insuring against defects in merchantability of title in the value to be agreed upon by the parties. Title may be subject to coal and mineral rights, if now reserved or conveyed of record, and to all easements and building and use restrictions now of record 7