R2003-67 RECEIVING AGREEMENT - Laserfiche WebLink

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with respect to the remainder of Phase II shall not be later than two (2) years from Closing II for the initial portion of Phase II. Nothing herein shall be construed to alter or amend the meaning of "substantial completion" set forth in subsection(d) hereof. Section 3.14 Possession, Phase II. The Developer shall be entitled to possession of Phase II of the Development Property on the date of Closing II. Section 3.15 Public Improvements, Phase II (a) The Municipality shall, at its own cost and expense, build and maintain the arcades, fountain(s) and open grassy azeas and other similar attributes ("Greenspace") located on property owned by the Municipality and as set forth in the Concept Site Plan for Phase II, subject to the completion of Phase II. (b) All pazking developed on Phase II, other than on-street parking, shall be constructed by the Developer, at its expense. Any such parking areas not conveyed to the Developer, in accordance with E�ibit A, shall be leased to the Developer by the Municipality for a term of not less than twenty (20) years for a nominal rent, at the option 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 II. (c) Notwithstanding the foregoing, the Developer may pay for the construction and installation of the Greenspace referred 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, the Municipality shall reimburse the Developer for the cost thereof as per the approved � Construction Plans. 3.16 Termination. If the Developer fails to meet the conditions specified in Section 3.5 within the period specified herein(other than as a result of a breach by the Municipality), then the Municipality's obligations hereunder shall terminate and both the Municipality and Developer shall be relieved of any further obligation to the other party hereunder. If the Developer fails to meet the conditions specified in , Section 39 within the eriod s ecified herein t p p (o her than as a result of a breach by the Mumcipality), then the Municipality's obligations hereunder with respect to Phase II shall terminate and both the Municipality and Developer shall be relieved of any further obligation to the other party with respect to Phase II hereunder. 3.17 Ownership of Property. (a) The Municipality warrants and represents tha.t it has good and marketable title to Parcels 1, 2 and 3 on the date of this Agreement, as shown on Exhibit A hereto. The Municipality further warrants and represents that it will use its best efforts to acquire Parcel 4 in sufficient time for the conveyance thereof to Developer in accordance with the terms and provisions hereo f. (b) The duty of the Municipality to demolish property in Phase II shall be limited to that property owned by the Municipality on the date of substantial completion of Phase I or which it subsequently acquires. The Municipality warrants and represents that it will use its best efforts to acquire all of the Phase II property required for demolition, and demolish same, prior to conveyance of any Phase II property to the Developer. 3.18 Approval of Tenants. All rights of the Municipality to approve tenants for each Phase of the Development Project shall expire upon substantial completion of that Phase. 10