Laserfiche WebLink
4.03 Construction Plans Must Be Approved. <br />Notwithstanding any other provision of this Part, the Developer shall not <br />commence any construction of the Improvements until it has first received the <br />written approval by the Agency of the Construction Plans as provided in Section 1.04 <br />and 4.02 of this Part. Any breach of this Section shall afford the Agency its rights <br />under Section 7.04 of this Part. <br />4.04 Completion of the Improvements and Use of Property. <br />The Developer, for itself, its successors and assigns, hereby covenants and <br />agrees diligently to perform in accordance with the following provisions ("Operating <br />Covenants"): <br />(a) To prosecute to completion the construction of the <br />Improvements within nine (9) months following the date of commencement of <br />construction of the Improvements; and <br />(b) To open within thirty (30) days after the date specified in <br />subparagraph (a) above, and continue to operate new and used automobile sales and <br />leasing showrooms and lots, and related facilities for no less than twenty (20) years <br />from the date Developer satisfies all the requirements for issuance of a Certificate of <br />Completion for the Improvements; and <br />(c) Except as provided for in Section 6.04 of this Part, not, at any <br />time during such twenty (20) year period, to sell, transfer or assign all or part of its <br />interest in any portion of the Property without the prior written consent of the <br />Agency, which consent shall not be unreasonably withheld provided that transferee <br />uses the Property for a use which generates the minimum amount of taxable sales as <br />provided for in this Part One, Article Five. Notwithstanding the aforementioned, <br />Developer shall have the right to transfer Developer's interest in the Property to any <br />settlor or beneficiary of the Developer, or to any entity principally controlled by <br />Developer without having to obtain the prior written consent of Agency. <br />If Developer, its successors or assigns fail to open and operate new and used <br />automobile sales and leasing showrooms and lots, and related facilities as set forth in <br />the aforementioned Operating Covenant, after Developer has satisfied the <br />requirements for issuance of a Certificate of Completion, Agency shall have as its <br />Disposition and Development Page 12 of 39 <br />Agreement (Automall) <br />10/2/96 <br />