R2003-67 RECEIVING AGREEMENT - Laserfiche WebLink

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which do not restrict reasonable use. The Developer shall promptly advise the 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. 3.11 Documentation, Phase II (a) Prior to Closing II, 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 II of the Development Project as shown on the Concept Site Plan, in accordance with Section 4.3; (ii) a fully executed construction contract, or contracts, with a contractor acceptable to the Municipality, which approval shall not be unreasonably withheld by the Municipality, for the construction of one or both of the buildings in Phase II of the Development Project in accordance with the Concept Site Plan and the approved Construction Plans, contingent only upon the conveyance of Phase II 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 II of the Development Project in accordance with the approved Construction Plans, contingent only upon the conveyance of Phase II of the Development Property, any copy of which may be redacted by the Developer so as to omit the rate of interest and other ternls of repayment, but may not omit any contingencies that must be met before such loan is 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 II of the Development Project, 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 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 unreasonably be 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 II. Notwithstanding the foregoing, if the Developer reasonably believes that it will lose a key tenant prior to its obtaining the necessary co�nmitments for fifty per cent (50%) of the gross leasable space in Phase II, 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 gros leasable space in Phase I devoted to the retail sale of goods and commodities and such right shall survive Closing II. The furnishing of the above described documentation prior to Closing II is a condition precedent to the Municipality's duty to convey�the Phase II of the Development Property. _ 3.12 Environmental Disclosure, Phase II (a) Not less than sixty (60) days prior to Closing II, the Municipality shall fizrnish to the Developer an executed and completed environmental disclosure document regarding Phase II of the Development Property prepared by Blank, Wesselink, Cook & Associates ("BWC") and in substantially the form set out in E�ibit D hereto. The furnishing of such document is a condition precedent to the Developer's duty to accept conveyance of said Phase II. (b) If the environmental disclosure document furnished to the Developer pursuant to 8