RDA Reso 2000-006 - Laserfiche WebLink

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construction to completion. The Developer shall accomplish the completion of the Phase 1 Improvements on or before December 29, 2001. In the event the Developer commences construction of the Phase 2 Improvements, the Developer shall diligently prosecute such Phase 2 Improvements to completion. 4.06 Operating Covenants. The Developer, for itself, its successors and assigns, hereby covenants and agrees diligently to perform in accordance with the following provisions ("Operating Covenants"): (a) To continue to operate an upscale, first class office complex for no less than five (5) years from the date of the issuance of the Certificate of Completion for the Phase 1 Improvements. (b) Developer shall obtain and maintain property insurance on the improvements to the extent of the full replacement value of the property. (c) All insurance acquired under the terms of this article must be obtained through an insurance company authorized to do business in the State of California, and certificates of insurance must be filed with the Agency. (d) To maintain David C. Irmer as the Managing Member and managing principal of Developer, with a minimum of a fifty-one percent (51%) ownership interest (or a minimum fifty percent (50%) ownership interest together with evidence satisfactory to the Executive Director that David C. Irmer has authority to act on behalf of and bind the Developer) in the Property for a minimum of five (5) years after the issuance of a Certificate of Completion for the Phase 1 Improvements (unless otherwise approved in writing by the Agency). (e) To maintain the Property pursuant to the Agency Deed, and to maintain the Adjacent City Property in conformity with the Agency Deed and this License Agreement. (f) To maintain the Adjacent City Property for the life of the Redevelopment Plan, as more particularly provided in Section 4.12 hereof. If Developer, its successors or assigns are in default of the aforementioned Operating Covenant, after Developer has satisfied the requirements for issuance of a Certificate of Completion for the Phase 1 Improvements, Agency shall have as its remedy the right to, at its discretion, either a) enter the Property and/or the Adjacent City Property, as applicable, to conduct such reasonable maintenance and security measures as the Agency deems necessary, and remit the costs of such maintenance or security to the Developer which shall reimburse the Agency for such costs within thirty (30) days and if such reimbursement is not made, the Agency shall record a lien on the Property to secure such payment or b) pursue any legal and/or applicable remedies, including without limitation specific performance and/or damages. 4.07 Progress Reports. Until construction of the Phase 1 Improvements (and, if the Phase 2 Improvements are undertaken, the Phase 2 Improvements) has been completed, Developer shall provide a report to the Agency on the second Monday of every month with the following information: (a) the percent of 12 DOCS00701700v6\2425 8.0001