Reso 1997-101 to 105 - Laserfiche WebLink

Home

Any change in the Construction Plans required in order to comply with applicable codes shall be deemed approved, so long as such changes do not substantially nor materially change the architecture, design, function, use, or other amenities of the Improvements as shown on the latest approved Construction Plans. 4.05 Completion of the Improvements The Developer, for itself, its successors and assigns, hereby covenants and agrees diligently to perform in accordance with the following provisions: (a) To prosecute to completion the construction of the Improvements no later than fifteen (15) months following the date of commencement of construction of the Improvements; and (b) To open at least one of the major anchor tenants within thirty (30) days after the date specified in subparagraph (a) above. 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 retail center for no less than five (5) years from the Date of the issuance of the Certificate of Completion. (b) Developer shall obtain and maintain property insurance on the improvements to the extent of the full replacement value of the property. All insurance acquired under the terms of this article must be obtained through an insurance company authorized to do business with the State of California, and certificates of insurance must be filed with the Agency. (c) To maintain David C. Irmer as the President and managing principal of Developer, with a minimum of a twenty-five percent (25%) ownership interest in the Property for a minimum of five (5) years from the date Developer satisfies all the requirements for issuance of a Certificate of Completion for the Improvements. Disposition and Development Page 21 Agreement (Creekside Center) 7/23/97, 8/5/97, 8/11/97, 8/12/97