2008 018 Ordinance - Laserfiche WebLink

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Development Agreement between W0St0T2 and Mayfield Village 5. FINANCIAL ASSISTANCE IS A LOAN It is understood- by the Village and Weston that all funds remitted to the Village from the CRF are in the form of loans and are subject to repayment under the terms and conditions set forth by the Cuyahoga County Commissioners. Weston agrees to remit principal and interest payments due on the CRF loan at least 30 days prior to the due date set by Cuyahoga County for such payments. In the event of Weston's failure to submit principal and interest payments to the Village at least 30 days prior to their due date, the Village reserves the right to assess Weston penalties and interest on the delinquent payments under the same terms that the Cuyahoga County Treasurer assesses penalties and interest on delinquent property tax bills. If Weston fails to remit principal and interest payments prior to their due date and the Village is required to remit payment in order to avoid penalties and interest to the CRF, the Village may assess Weston penalties and interest in addition to those described above. If Weston defaults on ,payments during the time of the loan, the Village is authorized to assess the total outstanding principal, accrued interest, an amount equal to the present value of future interest payments, penalties and interest on penalties in the form of a special assessment to be levied on the property located at 600 Beta Drive. 6. LIENS, GUARANTEES OR LETTERS OF CREDIT Weston understands that Cuyahoga County will require from the Village, Weston or both, liens, guarantees or letters of credit of a specific value as a condition for the loan. Weston agrees that any lien, guarantee or letter of credit will name Mayfield Village as a potential recipient in the event of default. 7. INSURANCE Weston agrees that for the entire term of any loan provided by the CRF to the Village it will carry property and casualty insurance on the property at 600 Beta Drive in an amount sufficient to extinguish any and all outstanding financing provided Weston regardless of the source of such financing. 8. PROMISE TO REBUILD In the event that the facilities located at 600 Beta Drive, are destroyed in part or whole, Weston agrees to make a good faith effort to repair or rebuild facilities comparable to those currently located on the site.. In the event that Weston decides that it is not practical to rebuild on the property located at 600 Beta Drive, it will notify the Village in writing as to its intentions for the property. If Weston elects to sell the property located at 600 Beta Drive, it promises to offer the Village the right of first refusal on the property provided that the Village is able to demonstrate that it is financially capable of financing the. purchase of the property in a reasonable time frame. Page 3 of 5