Reso 1997-101 to 105 - Laserfiche WebLink

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(d) It is understood that Creekside Center Associates desires to be the management company and the Agency agrees to accept Creekside Center Associates application to be management company. Creekside Center Associates may submit an application only upon receiving bids from a minimum of three (3) asset management companies who do the majority of their work in shopping center management. The Creekside Center Associates management fee shall be based on the fee structure of the lowest bidding company. Creekside Center Associates shall provide the Agency all bidding documentation prior to the Agency's final decision. (e) To maintain the property pursuant to the agreement set forth in Exhibit D and to maintain security at the site pursuant to Exhibit E. Prior to the issuance of the Certificate of Completion, the Developer and Agency shall agree to a detailed set of standards for maintenance and security to supplement Exhibits D and E. If Developer, its successors or assigns are in substantial default of the aforementioned Operating Covenant, after Developer has satisfied the requirements for issuance of a Certificate of Completion, Agency shall have as its remedy the right to, at its discretion, either a) enter the property 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 to secure such payment with the property, or b) notify the Developer that within ten (10) days, the promissory note issued pursuant to Section 3.03 of this Agreement shall become immediately due and payable. The Agency shall have these remedies within ninety (90) days from the earlier of: (a) the failure to continuously operate upscale retail facilities as provided in the Operating Covenant; or (b) the giving of notice to the Agency of the date as of which the upscale retail facilities as provided in the Operating Covenant will cease operations. The cessation of operation of an upscale retail center for remodeling or renovation for a period not to exceed ninety (90) days or for a reasonable period caused by Enforced Delay as set forth in Section 10.04, shall not be deemed a cessation of operation for purposes of this Section 4.04. These remedies of the Disposition and Development Page 22 Agreement (Creekside Center) 7/23/97, 8/5/97, 8/11/97, 8/12/97