R2003-67 RECEIVING AGREEMENT - Laserfiche WebLink

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3.5 Closing (a) At Closing, the Municipality shall deliver a warranty deed to the Developer. Title may be subject only to those matters to which title may be subject as provided in Section 3.2. The Municipality shall pay all general real estate taxes and special assessments due and owing on the date of Closing, if any. (b) At Closing, the Developer shall execute quit claim deeds ("Quit Claim Deeds") conveying Phase I of the Development Property to the Municipality, said deeds to each convey a portion of Phase I intended to be used for the construction of a building as shown on the Construction Plans and such deeds to be held in escrow by Central Illinois Title Company (the "Escrow Agent"). The Escrow Agent shall deliver the Quit Claim Deeds to the Municipality in the event that the Developer fails to substantially complete Phase I of the Development Project within two (2) years of Closing, as determined by the Construction Inspector in accordance with the provisions of Section 4.6 hereof, but otherwise shall deliver said Quit Claim Deeds to the Developer; provided that, if a mortgage or other lien is recorded against Phase I of the Development Property, or any portion thereo� by agreement of the Developer in accordance with subsection (c) hereof and prior to such substantial completion of Phase I of the Development Project, the Escrow Agent shall deliver the Quit Claim Deed, or the Quit Claim Deed for such portion, as the case ma.y be, to the Developer. (c) Prior to any agreement by the Developer to permit the placement and recording of any mortgage or other lien against any portion of Phase I of the Development Property to secure the financing of the construction of a building thereon, the Developer shall provide to the Municipality letters of credit, with a bank and in a form acceptable to the Municipality Attorney, in the amount of One Hundred Fifty Thousand Dollars ($150,000.00) for each such building. The letters of credit shall be so conditioned that the Municipality shall be able to draw or otherwise realize the same in the event that the Developer does not substantially complete Phase I of the Development Project within two (2) years of Closing, as determined by the Construction Inspector. Each letter of credit may be reduced during the construction of the building to which it applies in proportion to the amount of construction completed, as approved by the Construction Inspector. (d) "Substantial completion", for the purposes of this Section, shall mean the completion of Phase I to the degree necessary to permit the legal occupancy of not less than fifty per cent (50%) of the gross leasable space in said Phase, as shown on the Concept Site Plan. (e) Notwithstanding the foregoing, if the Developer meets the criteria set forth in Section 3.3 for one of the two buildings in Phase I, it may close with respect to such portion of Phase I only and the Closing for the remaining portion of Phase I will be postponed until the criteria set forth in Section 3.3 with respect to such second building have been satisfied; provided that, such postponed Closing with respect to the remainder of Phase I shall not be later than two (2) yeazs from the Closing for the initial portion of Phase I. Nothing herein shall be construed to alter or amend the meaning of "substantial completion" as set forth in subsection(d) hereof. 3.6 Possession The Developer shall be entitled to possession of Phase I of the Development Property on the date of Closing. 3.7 Public Improvements (a) The Municipality shall, at its own cost and expense, build and maintain the azcades, fountain(s) and open grassy areas and other similar attributes ("Greenspace") located on property owned by the Municipality and as set forth in the Concept Site Plan for Phase I, subject to the completion of Phase I. 6