CCP 06-02-2014 - Laserfiche WebLink

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Section 5.6 Minimum Improvement Construction Escrow Agreement. On the Closing Date, the Owner will deposit with Escrow Agent fifty percent (50 %) of the costs to complete the construction of the Minimum Improvements in compliance with the requirements of this Agreement (the "Minimum Improvement Construction Costs ") in the form attached hereto as Exhibit O (the "Minimum Improvement Construction Escrow Agreement "). Such escrowed amount shall be held in escrow and applied against the remaining fifty percent (50 %) of the Minimum Improvement Construction Costs. Section 5.7. Preliminary Plans and Construction Plans. (a) PreliminaaPlans. The City hereby approves the Preliminary Plans in the form attached hereto as Exhibit M. (b) Construction Plans. Prior to the Redeveloper's commencement of construction of the Minimum Improvements, the Redeveloper shall submit the Construction Plans to the City. The Construction Plans shall provide for the construction of the Minimum Improvements and shall be in conformity in all material respects with this Agreement, the Preliminary Plans, and all Applicable Laws. The City shall approve the Construction Plans in writing if: (i) the Construction Plans conform in all material respects to the terms and conditions of the Preliminary Plans and this Agreement; (ii) the Construction Plans conform to all Applicable Laws; (iii) the Construction Plans are adequate to provide for the construction of the Minimum Improvements; and (iv) no Event of Default by the Owner or the Redeveloper has occurred and is continuing. No approval by the City shall be deemed to relieve the Redeveloper of the obligation to comply with the terms of this Agreement and Applicable Laws, or to construct the Minimum Improvements in accordance therewith. No approval by the City shall constitute a waiver of any Event of Default. Upon the Redeveloper's submittal of the Construction Plans to the City, such Construction Plans shall be deemed approved unless rejected in writing by the City, in whole or in part. The City shall approve or reject (in whole or in part) the Construction Plans in writing within ten (10) business days after the date of receipt thereof. If no written rejection is made within said ten (10) business days, the Construction Plans shall be deemed approved by the City. Any rejection shall set forth in detail the reasons therefor. If the City rejects the Construction Plans, in whole or in part, the Redeveloper shall submit new or revised Construction Plans within a reasonable time after receipt by the Redeveloper of the notice of rejection. The provisions of this Section relating to approval, rejection and resubmission of new or revised Construction Plans shall continue to apply until the Construction Plans have been approved by the City. The City's approval of the Construction Plans shall not be unreasonably withheld, conditioned or delayed. Approval shall constitute a conclusive determination that the Construction Plans (and the Minimum Improvements, if constructed in accordance with said plans) comply with the provisions of this Agreement relating thereto. The Construction Plans shall not be rejected due to any objection which could have been raised upon review of the Preliminary Plans and corrected more economically at that time. 32