Commencement of and Continuous Construction. NPD hereby acknowledges and agrees that NPD’s agreement to construct the Mixed Use Development by or before the Opening Date, and fulfill the NPD Commitment constitutes consideration for the City’s and FRC’s obligations described herein. NPD and City hereby acknowledge and mutually agree that if NPD fails to continuously construct the Mixed Use Development to completion, the (a) waiver of Fishers Fees shall automatically terminate; and (b) upon demand for re-conveyance provided by City, NPD shall immediately re-convey and transfer, in the same condition, the Site to the FRC pursuant to a duly executed limited warranty deed (“Right of Reconveyance”). For purposes of this Agreement, the phrase “continuously construct” shall mean construction without delay or lapse in time of more than seven (7) consecutive business days or fifteen (15) non-consecutive business days within a sixty (60) day time-period subject to force majeure and the opportunity to cure pursuant to Section 9.03. The phrase “same condition” shall mean free and clear of any lien or encumbrance not existing on the Closing Date Notwithstanding the foregoing or anything contained herein to the contrary, the parties agree that (a) Fishers must complete the Facility Relocation Project prior to NPD commencing constructing on the Site; and (b) depending on when the Facility Relocation Project is completed, construction may be delayed by early winter or other weather that would reasonably be expected to inhibit construction given the stage of construction at that time (individually or jointly, “Potential Delay”). If a Potential Delay occurs, the Opening Date shall be extended to December 31, 2016. The occurrence of a Potential Delay shall not be an event of default by NPD hereunder, provided that NPD is diligently and in good faith pursuing development of the Mixed Use Development.
Commencement of and Continuous Construction. BBS hereby acknowledges and agrees that BBS' agreement to construct the Office Building by or before January 31, 2018, and fulfill the Office Commitment constitutes consideration for the City’s and FRC’s obligations described herein. Accordingly, BBS hereby agrees to break ground and commence construction on the Office Building by or before December 31, 2016 ("Commencement Date") and diligently and uninterruptedly continue construction until the Office Building is complete.
