8809-15 Authorizing agreement with Rockport Square LLC

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Effective Date or Developer's receipt of all permits and approvals from all pertinent regulatory agencies having jurisdiction over the Additional Development Property and the Additional Project. The final work associated with the construction of the Additional Project shall be completed in accordance with the following schedule: (A) amendments /revisions to entitlements and receipt of required approvals from the City within six (6) to twelve (12) months after the Effective Date; (B) development and design of the Additional Public Improvements and Additional Developer Improvements within twelve (12) months after the Effective Date (the "Development and Design Deadline "); = _ (C) construction of the Additional Public Improvements within fifteen (15) months after the Development and Design Deadline (the "PubItelmpiovements Period "); (D) construction of the Additional Developer Improvements after the Public Improvements Period, on an as needed basis, in anticipation of the Builder's acquisition of the lots on which Residential Units will be constructed (the "Construction Period "). The Additional Project shall be constructed and completed in accordanc� with the terms and subject to the conditions of this Development Agreement. Completion shall include the completion of all work in accordance with the Plans and Specifications and any proper amendments or change orders thereto, #lie fe—rins -of this Agreement, all Applicable Laws including the provisions of ORC Chapter-1311. The patties acknowledge and agree that time is of the essence with respect to the completion of tlrcdi6onalPublic Improvements. Section 12. City: the R Guarantees and Assurances. (B) Aepaymer Guaranty, the Replacer payments ") in an ammin (ii) the Debt Service of Guarantor from Project S between the City and the . As a condition to accordance with this Guarantv from f Section 13. Event of Default. Development Agreement and the City's ment, the Developer shall provide to the in the form of Exhibit and (ii) Developer in the form attached as Exhibit . �rtfall Payments. In the event that, pursuant to the Replacement rarantor makes any payments to the City (the "Shortfall the difference between (i) the Project Service Payments and ids, the City shall repay such obligations to the Replacement ayments after payment to the District required by the agreement and payment of Debt Service. (A) It shall be an "Event of Default" by the Developer under this Agreement if the following shall occur and continue beyond any applicable cure or grace periods, if any provided for herein: (03163827.DOCx;6 ) 11727136.4 (2026928v2) 14