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<br />Use of Citv GRANT Funds <br /> <br />The GRANT from the City to the Grantee ("GRANT Funds") shall be in the amount of Two Hundred <br />Thousand Dollars ($200,000.00) in accordance with Article II and the other provisions of this <br />GRANT Agreement. Such GRANT Funds shall be used for: <br /> <br />Site preparation <br /> <br />$200,000 <br /> <br />Section 1.03 <br /> <br />Timetable for Proiect Activities <br /> <br />Grantee shall perforrn the Project in accordance with the following schedule: <br /> <br />Activity Commencement Date Comoletion Date <br />Site Preparation Project October 1, 2004 October 31,2004 <br />New Buildinq Construction October 1, 2004 October 1. 2005 <br />Soft Costs October I, 2005 <br /> Julv 1. 2004 <br /> <br />Section 1.04 <br /> <br />Guarantee of Completion <br /> <br />Grantee unconditionally and irrevocably guarantees timely completion of the Project in <br />accordance with Section 1.03 of this GRANT Agreement. To accomplish complete and timely <br />execution of the Project, Grantee shall make payment for any cost overruns for any portion of the <br />project under Grantee's control, specifically excluding any cost overruns for site preparation for <br />which the Grantor is responsible. This guarantee shall not hinder the City in any way from <br />requiring other individuals or entities not party to this Agreement, including but not limited to <br />tenants, contractors and subcontractors, to make similar guarantees in connection with the <br />Project. <br /> <br />Upon the City's request, the Grantee shall provide the City a completion guaranty with <br />respect to said obligation in the form of a performance bond, letter of credit or, if the City shall so <br />require, a completion guaranty executed by the Grantee. <br /> <br />The bond or letter of credit shall be in an amount at least equal to the budgeted <br />construction cost for said redevelopment in an amount as the City and the Grantee shall mutually <br />agree. <br /> <br />Successful completion of the Project is defined as substantially completing all work listed in <br />Article I of this GRANT Agreement, reasonably within the time lines listed in Section 1.03 of this <br />GRANT Agreement, and with a total cost of at least the amount listed as Total Project Costs in <br />Section 1.01 and Exhibit A of this GRANT Agreement. <br /> <br />Page 3 of 16 <br />