Laserfiche WebLink
1 <br />Neither the City nor the lIRA 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 moke <br />no representations or warranties that such conditions can or will be met. The City and HRA <br />have no • bligation to issue any additional obligations to refund the Housing Bonds or <br />SuboroLnated Housing Note or to provide any additional funds for completion of the <br />Development or otherw'ise. <br />Section 3.2. Park Dedication and Utility Connection Charges. The City agrees that <br />park dedication fees in the amount of S_______and utility connection fees in the amount of <br />S_______. 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 ol^r. 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 CffV*^lfhJ liTfiff 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 e.xccute and deliver the TIF Note to <br />Developer. Upon c.\ecution and delivery of the Financing Documents, the HRA shall <br />c.\ecute and deliver the Ground Lease. <br />(The balance of this page intentionally left blank.)