Common use of Developer’s Obligations Clause in Contracts

Developer’s Obligations. (a) On or before ninety (90) days after the date the Village commences construction of the improvements (the “Intersection Commencement Date”) to the Rt. 72/Xxxxxxxxx Drive intersection (the “Subject Intersection”), the Developer shall have submitted to the Village all necessary plans and specifications to construct the following project (the “First Project”) on Lots 2 and 3 of Parcel 1 of the Subject Property : (i) The construction of an approximate 11,100 square foot commercial center on Lot 2 in Parcel 1 of the Subject Property; and (ii) The construction of an approximate 46,000 square foot commercial/industrial building on Lot 3 in Parcel 1 of the Subject Property. A conceptual site plan for the First Project (“First Project Concept Plan”) is as depicted on (b) On or before 120 days after the Intersection Commencement Date, the Developer shall have applied for all State and Village permits as may be required to undertake and complete the construction of the First Project in accordance with approved plans and specifications and to commence construction within thirty (30) days of receipt of all required permits. The date as of which the required permits are issued is hereinafter called the “Permit Issuance Date”. (c) On or before 365 days after the Permit Issuance Date, the Developer shall have completed construction of the First Project in accordance with the Legal Requirements, as hereinafter defined, and said First Project shall be ready for internal building-out to suit the needs of specific tenants / users who may seek to operate therein at the Subject Property. For purposes of this Agreement, Legal Requirements shall mean all applicable ordinances, regulations and laws of the Village, State and Federal government, all permits, licenses and the terms of this Agreement. (d) The Developer covenants and agrees that upon completion of the First Project, not less than approximately $6,800,000 shall have been invested in the improvement and development of the Subject Property. (e) The Developer hereby covenants and agrees that throughout the term of this Agreement, all Sales Taxes, all real estate taxes when due, and all other sums due and owing (collectively, “Sums Due”) including, but not limited to, all fines, fees, taxes, licenses, assessments and invoices for all services and utilities shall be paid when due to the Village or any other unit of government or governmental agency having jurisdiction over the Subject Property throughout the term of this Agreement. Notwithstanding the foregoing, the Developer shall not be in breach of this covenant if (i) any portion of the Subject Property is sold to third party not affiliated with and under the control of the Developer, and (ii) such third party purchaser fails to pay any of said Sums Due. (f) Developer covenants and agrees to repair and maintain Xxxxxxxxx Drive (but not the utilities located in or under the Xxxxxxxxx Drive right of way) (the “Xxxxxxxxx Drive Maintenance Covenant”) throughout the term of this Agreement, it being understood that such repair and maintenance shall not be deemed a reimbursable cost under this Agreement or the TIF Agreement; provided, however, that (i) the cost incurred by the Developer to install the final lift of asphalt onto Xxxxxxxxx Drive shall be an eligible reimbursable cost, and (ii) the Developer’s Xxxxxxxxx Drive Maintenance Covenant shall be terminated as of such date as Xxxxxxxxx Drive becomes connected to (A) Rock Road at a point north of the building commonly known as 401 Xxxxxxxxx Drive or (B) any other road that connects to the north directly or indirectly to Illinois Route 68.

Developer’s Obligations. 2.1 The City’s obligation to reimburse the Developer for certain eligible redevelopment costs of the Project is subject to satisfaction of the following by the Developer: (a) On or before ninety (90) days after the date the Village commences construction of the improvements (the “Intersection Commencement Date”) to the Rt. 72/Xxxxxxxxx Drive intersection (the “Subject Intersection”), the The Developer shall have submitted delivered to the Village all necessary plans and specifications to construct the following project (the “First Project”) City on Lots 2 and 3 of Parcel 1 of the Subject Property : (i) The construction of an approximate 11,100 square foot commercial center on Lot 2 in Parcel 1 of the Subject Property; and (ii) The construction of an approximate 46,000 square foot commercial/industrial building on Lot 3 in Parcel 1 of the Subject Property. A conceptual site or before December 31, 2021, its plan for the First Project (“First Project Concept Plan”) is as depicted on (b) On or before 120 days after the Intersection Commencement Date, the Developer shall have applied for all State and Village permits as may be required to undertake and complete the construction of the First Project in accordance with approved plans and specifications and to commence construction within thirty (30) days of receipt of all required permits. The date as of which the required permits are issued is hereinafter called the “Permit Issuance Date”. (c) On or before 365 days after the Permit Issuance Date, the Developer shall have completed construction of the First Project in accordance with the Legal Requirementsrequirements of Chapter 11, Section 11-139 of the City’s Code of Ordinances, itemizing the general components (i.e. Site Work, Environmental Remediation, Ingress and Egress) of the Project and estimated costs of such components, including the anticipated dates of commencement of construction and of completion of construction for each component (the “Plan”). The Plan may provide for redevelopment to occur in one (1) or more phases (each such phase is hereinafter referred to as hereinafter defined, a “Phase”) and said First may include costs not to exceed $250,000 that have been invested into the Project shall be ready for internal building-out prior to suit the needs of specific tenants / users who may seek to operate therein at the Subject Property. For purposes execution of this Agreement, Legal Requirements but only as mutually agreed by the parties. Reimbursement under Article 4 of this Agreement shall mean all applicable ordinancesnot be conditioned upon the Developer commencing or completing the Project (including any Phase) in accordance with an anticipated or estimated date of completion; provided, regulations and laws however, no reimbursement under Article 4 shall be made until completion of a Phase of the VillageProject. The Plan shall contain a description of the first Phase of the Project, State which is, subject to (b) and Federal government(c) below, all permits, licenses and shall be submitted to the terms City for approval prior to the issuance of this Agreement. (d) a permit and commencement of construction. The Developer covenants and agrees that upon completion may amend the Plan as to future Phases from time to time as the scope of the First ProjectProject becomes clear, and each such amendment of the Plan shall be subject to the approval of the City. Notwithstanding the foregoing, the City shall not less than approximately $6,800,000 shall have been invested withhold approval of an amendment of the Plan due to Hill & Valley Bakery or J&J Snacks having advised the Developer in the improvement and development of writing that they do not intend to construct a distribution center on the Subject Property. (eb) The Developer hereby covenants and agrees that throughout the term of this Agreementshall secure, as required, all Sales Taxesother approvals, all real estate taxes when dueconsents, building permits, licenses and authorization from the City and all other sums due governmental units and owing (collectively, “Sums Due”) including, but not limited to, all fines, fees, taxes, licenses, assessments and invoices for all services and utilities shall be paid when due to the Village or any other unit of government or governmental agency agencies having jurisdiction over the Subject Property throughout Property; and, (c) The City and the term of Developer shall use reasonable efforts to cooperate with each other in connection with the foregoing approvals, consents, permits, licenses and authorizations (each, a “City Approval”). The City shall expeditiously process, consider and act on each application for a City Approval, provided the application is consistent with the Plan and the Project, as the same are amended from time to time, and in compliance with all applicable legal requirements under this Agreement. Notwithstanding . 2.2 The City’s obligation to reimburse the foregoingDeveloper for certain eligible redevelopment costs of the Additional Project is subject to satisfaction of the following by the Developer: (a) Prior to the submission of the items described in (b) and (c) below, the Developer shall submit a concept plan for the Additional Project, which the City shall approve or deny within thirty (30) days. The Developer is under no obligation to proceed with the Additional Project. (b) The Developer shall have delivered to the City its plan for the Additional Project in accordance with the requirements of Chapter 11, Section 11-139 of the City’s Code of Ordinances, itemizing the general components of the Additional Project and estimated costs of such components, including the anticipated dates of commencement of construction and of completion of construction for each component (the “Additional Project Plan”). Reimbursement under Article 4 of this Agreement shall not be conditioned upon the Developer commencing or completing the Additional Project in breach accordance with an anticipated or estimated date of completion; provided, however, no reimbursement shall be made until the Additional Project is completed and the City has issued a certificate of occupancy therefore. (c) The Developer shall secure, as required, all other approvals, consents, building permits, licenses and authorization from the City and all other governmental units and agencies having jurisdiction over the Subject Property; and, (d) The City and the Developer shall use reasonable efforts to cooperate with each other in connection with the City Approvals. The City shall expeditiously process, consider and act on each application for a City Approval, provided the application is consistent with the Additional Project Plan and the Additional Project and in compliance with all applicable legal requirements under this covenant if Agreement. (ie) any portion The total investment of the Subject Property is sold to third party not affiliated with and under the control of the Developer, and (ii) such third party purchaser fails to pay any of said Sums DueAdditional Project will exceed $10,000,000. (f) Developer covenants The Additional Project, upon completion, will create, or cause to be created, a minimum of thirty (30) jobs. The requirement may be satisfied by jobs created at the Additional Project or with other employers located within the Quad Cities region and agrees to repair may be demonstrated with proof of employment and maintain Xxxxxxxxx Drive (but not the utilities located in or under the Xxxxxxxxx Drive right of way) (the “Xxxxxxxxx Drive Maintenance Covenant”) throughout the term of this Agreement, it being understood that such repair and maintenance shall not be deemed /or a reimbursable cost under this Agreement or the TIF Agreement; provided, however, that (i) the cost incurred business narrative supplied by the Developer to install applicable employer. 2.3 The Project and the final lift of asphalt onto Xxxxxxxxx Drive Additional Project shall be an eligible reimbursable costconstructed pursuant to and in accordance with the following: (a) This Agreement; (b) The approved Plan and the Additional Project Plan; (c) The City’s Zoning Code and the City’s Building Code; (d) All other applicable provisions of the Rock Island Code of Ordinances; and, (e) All applicable federal, State of Illinois, and (ii) the Developer’s Xxxxxxxxx Drive Maintenance Covenant shall be terminated as of such date as Xxxxxxxxx Drive becomes connected to (A) Rock Road at a point north of the building commonly known as 401 Xxxxxxxxx Drive or (B) any other road that connects to the north directly or indirectly to Illinois Route 68all local laws, resolutions, orders rules and regulations.

Developer’s Obligations. (a) On or before ninety (90) days after the date the Village commences construction 4.1 DEVELOPER agrees, in consideration of the TIRZ BOARD’S reimbursement of the costs of the Project Improvements under this Agreement, to build the Project Improvements, further described on Exhibit “B”, and the Private Improvements, further described on Exhibit “A”, adjoining and served by the eligible Project Improvements for the benefit of TIRZ One. Reimbursement to DEVELOPER shall not be made until such time as the Planning Director has inspected the improvements (and deems such improvements complete and acceptable. Such determination shall lie at the “Intersection Commencement Date”) to sole discretion of the RtPlanning Director and shall not be unreasonably withheld. 72/Xxxxxxxxx Drive intersection (the “Subject Intersection”), the Developer DEVELOPER shall have submitted to the Village all necessary plans and specifications no obligation to construct the following project (Public Improvements if DEVELOPER elects not to construct the “First Project”) on Lots 2 and 3 of Parcel 1 Private Improvements, or if for any reason DEVELOPER elects not to obtain reimbursement for the costs of the Subject Property : (i) The construction of an approximate 11,100 square foot commercial center on Lot 2 in Parcel 1 of the Subject Property; and (ii) The construction of an approximate 46,000 square foot commercial/industrial building on Lot 3 in Parcel 1 of the Subject Property. A conceptual site plan for the First Project (“First Project Concept Plan”) is as depicted on (b) On or before 120 days after the Intersection Commencement Date, the Developer shall have applied for all State and Village permits as may be required Public Improvements pursuant to undertake and complete the construction of the First Project in accordance with approved plans and specifications and to commence construction within thirty (30) days of receipt of all required permits. The date as of which the required permits are issued is hereinafter called the “Permit Issuance Date”this Agreement. (c) On or before 365 days after the Permit Issuance Date, the Developer 4.2 DEVELOPER shall have use good faith efforts to cause all Public Improvements to be completed construction of the First Project in a timely manner in accordance with the Legal Requirementscontract documents, plans and specifications approved by CITY. DEVELOPER shall review all payment estimates and forward same to the TIRZ BOARD with such supporting documentation as hereinafter defined, and said First Project the TIRZ BOARD may require. All payments for work performed under the construction contract shall be ready made by DEVELOPER. Notwithstanding anything herein to the contrary, DEVELOPER is to make payments to the construction contractor for internal building-out to suit the needs of specific tenants / users who may seek to operate therein at Public Improvements from its own funds and obtain reimbursement from the Subject Property. For purposes of this Agreement, Legal Requirements shall mean all applicable ordinances, regulations and laws of the Village, State and Federal government, all permits, licenses and TIRZ BOARD in accordance with the terms of this Agreement. (d) The Developer covenants and agrees that upon completion of the First Project, not less than approximately $6,800,000 shall have been invested in the improvement and development of the Subject Property. (e) The Developer hereby covenants and agrees that throughout the term of this Agreement, all Sales Taxes, all real estate taxes when due, and all other sums due and owing (collectively, “Sums Due”) including, but not limited to, all fines, fees, taxes, licenses, assessments and invoices for all services and utilities shall be paid when due to the Village or any other unit of government or governmental agency having jurisdiction over the Subject Property throughout the term provision of this Agreement. Notwithstanding All Improvements shall be completed on or before December 31, 2013. Such date may be extended upon written approval by the foregoing, TIRZ BOARD. 4.3 In addition to the Developer shall not be in breach requirements of subsection 4.2 of this covenant if (i) any portion section, DEVELOPER shall perform the usual and necessary construction management services incident to construction projects of the Subject Property is sold to third party not affiliated with nature and scope of this Project. DEVELOPER shall thoroughly inspect the work of the assigned contractor, without assuming responsibilities for means and methods used by the assigned contractor, and upon completion of construction assign all warranties under the control construction contract to CITY. In addition, DEVELOPER shall fully and completely settle, by litigation or otherwise, any claims of the Developer, and (ii) such third party purchaser fails to pay any assigned contractor arising out of said Sums Due. (f) Developer covenants and agrees to repair and maintain Xxxxxxxxx Drive (but not the utilities located in or under the Xxxxxxxxx Drive right of way) (the “Xxxxxxxxx Drive Maintenance Covenant”) throughout the term of this Agreement, it being understood that such repair and maintenance shall not be deemed a reimbursable cost under this Agreement or the TIF Agreement; provided, however, that (i) the cost incurred by the Developer to install the final lift of asphalt onto Xxxxxxxxx Drive shall be an eligible reimbursable cost, and (ii) the Developer’s Xxxxxxxxx Drive Maintenance Covenant shall be terminated as of such date as Xxxxxxxxx Drive becomes connected to (A) Rock Road at a point north performance of the building commonly known as 401 Xxxxxxxxx Drive or (B) any other road that connects to construction contract without involving the north directly or indirectly to Illinois Route 68TIRZ BOARD.

Developer’s Obligations. Developer shall have the obligations set forth below, in addition to those set forth elsewhere in this Agreement, for the development, construction, financing, completion and furtherance of the Project: A. The Developer shall construct the Project materially and substantially in conformance with the approvals therefor from the Village. The Developer shall pay or cause to be paid all building-related fees required by the Village Code. B. The Developer shall at all times acquire, install, construct, operate and maintain the Project in substantial conformance with all applicable laws, rules, ordinances, and regulations. All work with respect to the Project shall substantially conform to all applicable federal, State and local laws, regulations and ordinances, including, but not limited to, zoning, subdivision and planned development codes, building codes, environmental laws (aincluding any law relating to public health, safety and the environment and the amendments, regulations, orders, decrees, permits, licenses or deed restrictions now or hereafter promulgated thereafter), life safety codes, property maintenance codes and any other applicable codes and ordinances of the Village, or any of its rules or regulations or amendments thereto which are in effect from time to time during the construction and maintenance of the Project and/or during the term of this Agreement. C. During the initial construction of the Project as herein contemplated, the Developer shall stage its construction of the Project to avoid to the fullest extent possible any material community disruption. During construction, the Developer shall also keep all public streets used by the Developer clean on a daily basis, and for each day in which such public streets are not properly clean and such condition is not remedied within twenty four (24) On or before hours of written notice to Developer, the Developer shall pay the Village the sum of Two Hundred Fifty and No/100 Dollars ($250.00) for each such violation. D. Developer shall park and stage all construction equipment, materials and vehicles to be used in relation to the construction of the Project on the Property. E. Developer shall submit written evidence to the Village, in a form and substance reasonably satisfactory to the Village, that Developer has access to sufficient funds to pay any costs of the Project within ninety (90) days after the date Effective Date. Such evidence can include, without limitation, commitments for financing and/or letters of credit from a lender, and/or investor commitments, for the anticipated costs of such Project. F. Developer shall meet with the Corporate Authorities and Village staff and make presentations to the Corporate Authorities and Village staff as reasonably requested by the Village commences construction Mayor or Village Manager in order to keep the Village apprised of the improvements progress of the Project. G. The Developer shall have a period of ninety (90) days after the Effective Date (the “Intersection Commencement DateDue Diligence Period”) to the Rt. 72/Xxxxxxxxx Drive intersection (the “Subject Intersection”), the Developer shall have submitted to the Village all necessary plans and specifications to construct the following project (the “First Project”) on Lots 2 and 3 of Parcel 1 perform investigations of the Subject Property : (i) The construction of an approximate 11,100 square foot commercial center on Lot 2 in Parcel 1 of the Subject Property; and (ii) The construction of an approximate 46,000 square foot commercial/industrial building on Lot 3 in Parcel 1 of the Subject Property. A conceptual site plan for the First Project (“First Project Concept Plan”) is as depicted on (b) On or before 120 days after the Intersection Commencement Date, the Developer shall have applied for all State and Village permits as may be required to undertake and complete the construction of the First Project in accordance with approved plans and specifications and to commence construction within thirty (30) days of receipt of all required permits. The date as of which the required permits are issued is hereinafter called the “Permit Issuance Date”. (c) On or before 365 days after the Permit Issuance Date, the Developer shall have completed construction of the First Project in accordance with the Legal Requirements, as hereinafter defined, and said First Project shall be ready for internal building-out to suit the needs of specific tenants / users who may seek to operate therein at the Subject Property. For purposes of this Agreement, Legal Requirements shall mean all applicable ordinances, regulations and laws of the Village, State and Federal government, all permits, licenses and the terms of this Agreement. (d) The Developer covenants and agrees that upon completion of the First Project, not less than approximately $6,800,000 shall have been invested in the improvement and development of the Subject Property. (e) The Developer hereby covenants and agrees that throughout the term of this Agreement, all Sales Taxes, all real estate taxes when due, and all other sums due and owing (collectively, “Sums Due”) including, but not limited toto environmental investigations, all finesand determine, feesin Developer’s sole and absolute discretion, taxeswhether the Property is suitable for Developers use. Developer shall have the right to terminate this Agreement, licenses, assessments and invoices for all services and utilities shall be paid when due at any time prior to the Village or any other unit expiration of government or governmental agency having jurisdiction over the Subject Property throughout Due Diligence Period, as a result of an adverse environmental condition on the term of this Agreement. Notwithstanding the foregoingProperty, which is discovered by the Developer shall not be in breach of this covenant if (i) any portion and which either prevents the construction of the Subject Property is sold to third party not affiliated with and under the control of Project by the Developer, and (ii) such third party purchaser fails to pay any of said Sums Due. (f) Developer covenants and agrees to repair and maintain Xxxxxxxxx Drive (but not the utilities located in Developer’s reasonable judgment, or under the Xxxxxxxxx Drive right of way) (the “Xxxxxxxxx Drive Maintenance Covenant”) throughout the term of this Agreement, it being understood that such repair and maintenance shall not be deemed a reimbursable cost under this Agreement or the TIF Agreement; provided, however, that (i) materially increases the cost incurred by the Developer to install the final lift of asphalt onto Xxxxxxxxx Drive shall be an eligible reimbursable cost, and (ii) the Developer’s Xxxxxxxxx Drive Maintenance Covenant shall be terminated as of such date as Xxxxxxxxx Drive becomes connected to (A) Rock Road at a point north of the building commonly known as 401 Xxxxxxxxx Drive or (B) any other road that connects to construction of the north directly or indirectly to Illinois Route 68Project.