R2003-67 RECEIVING AGREEMENT - Laserfiche WebLink

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Municipality of any claimed defects in title evidence to permit resolution before Closing. The Municipality shall pay the initial search charge and title insurance premium. The Developer shall pay the search charge as to the Developer and the cost of all necessary endorsements to the title insurance policy. 3.3 Documentation (a) Prior to Closing, the Developer shall furnish the Municipality the following, or copies of the same: (i) a complete set of Construction Plans for both of the buildings in Phase I of the Development Project as shown on the Concept Site Plan, in accordance with Section 43; (ii) a fully executed construction contract, or contracts, with a contractor acceptable to the Municipality, which approval shall not be unreasonably withheld or delayed by the Municipality, for the construction of one or both of the buildings in Phase I of the Development Project in accordance with the Concept Site Plan and the approved Construction Plans, contingent only upon the conveyance of Phase I of the Development Property; (iii) a fully executed loan agreement with a qualified lender for the loan of funds sufficient to pay all costs associated with the construction of one or both of the buildings in Phase I of the Development Project in accordance with the approved Construction Plans, contingent only upon conveyance of Phase I of the Development Property, any copy of which may be redacted by the Developer so as to omit the rate of interest and other terms of repayment, but may not omit any contingencies that must be met before such loan will be issued; and, (iv) abstracts of executed leases, or binding commitments for same, for not less than fifty per cent (50%) of the gross leasable space in Phase I of the Development Project, as shown on the Concept Site Plan, which abstracts or commitments will show the name of the tenant, the amount of the leased space and the length of the lease, and will show that the lease is contingent only upon the conveyance of Phase I of the Development Property. Any of such tenants engaged in the retail sale of goods and commodities must be approved by the City Manager, which approval shall not be unreasonably withheld or delayed, and such leases or commitments not so approved shall not be considered in compliance with the requirements hereof; provided that, such tenants not so approved for the purposes of this subparagraph may nonetheless become tenants in Phase I. Notwithstanding the foregoing, if the Developer reasonably believes that it will lose a key tenant prior to its obtaining the necessary commitments for fifty per cent (50%) of the gross leasable space in Phase I, the Municipality may, waive the requirements of this subsection, which waiver shall not unreasonably be withheld or delayed; provided that, under such circumstances the Municipality shall have the right to approve original leases for fifty per cent (50%) of the gross leasable space in Phase I devoted to the retail sale of goods and commodities and such right shall survive Closing. The furnishing of the above-described documentation by the Developer prior to Closing is a condition precedent to the Municipality's duty to convey Phase I of the Development Property. _ (b) Upon Closing, the Developer shall promptly commence construction of Phase I in accordance with the Construction Plans. 3.4 Environmental Disclosure The Developer acknowledges that the Municipality has furnished to it the environmental disclosure document prepared by Blank, Wesselink, Cook & Associates, Inc. ("BWC"), which document is attached hereto as Exhibit D . 5 !