Laserfiche WebLink
Neither the City nor the HRA shall be responsible for the failure of the Developer, <br /> Dunbar or any other person to satisfy the foregoing conditions and the City and HRA make <br /> no representations or warranties that such conditions can or will be met. The City and HRA <br /> have no obligation to issue any additional obligations to refund the Housing Bonds or <br /> Subordinated Housing Note or to provide any additional funds for completion of the <br /> Development or otherwise. <br /> Section 3.2. Park Dedication and Utility Connection Charges. The City agrees that <br /> park dedication fees in the amount of$ and utility connection fees in the amount of <br /> $ otherwise payable with respect to the Development are deferred and shall be <br /> payable only in the event that the Developer permits the Development to be occupied by <br /> tenants who are not 62 years of age or older. In that event such fees shall be immediately due <br /> and payable together with interest on the deferred amounts computed at the rate of 7.00% per <br /> annum from the date hereof. <br /> Section 3.3. Conveyance of Development Property; Execution of Ground Lease. On <br /> or prior to , 2001 the Developer shall convey fee simple title to the Development <br /> Property to the HRA by warranty deed, subject only to Permitted Encumbrances. In <br /> consideration of such conveyance the HRA shall execute and deliver the TIF Note to <br /> Developer. Upon execution and delivery of the Financing Documents, the HRA shall <br /> execute and deliver the Ground Lease. <br /> [The balance of this page intentionally left blank.] <br /> 11 <br />