Resolution 5871 - Laserfiche WebLink

(G) The dedications and easements to be granted pursuant to the Dedication, Easement and Maintenance Agreement described in Section 16.6 below have all been completed. 16.2.2 Final Completion Date Subject to Force Majeure delays, the Minimum Development Elements must be substantially completed by the eighth (8th) anniversary of OM obtaining the Key Development Permits(the"Final Completion Date"). 16.2.3 Partial and Final Certificates of Completion (a) Generally Upon substantial completion of all of the Minimum Development Elements in accordance with this Agreement, or upon substantial completion of all of the Minimum Development Elements that pertain to a particular phase of the Development or a discrete portion of the City Property, and upon receiving a written request therefore from OM, the City shall promptly furnish either a Final Certificate of Completion or Partial Certificate of Completion, as appropriate, to OM in a form suitable for recording. "Substantial Completion," as used in this Section 16.2.3 means that all of the improvements that are required to be constructed by OM for the Development or a recognized phase of the Development or a discrete portion of the City Property, as appropriate, are sufficiently complete that it may be used and occupied for their intended purpose and that only minor work remains that does not impair the safety or functionality of the improvements. In the event of Substantial Completion with some minor items of work remaining, the City may condition its issuance of a Final or Partial Certificate of Completion upon the posting of a bond or other adequate security to assure the timely completion of the remaining items (in an amount not less than 125% of the cost of completing the remaining work) or impose such other condition as may be reasonable and necessary. The City may also condition its issuance of a Final or Partial Certificate of Completion upon OM's satisfactory compliance with all of the terms of this Agreement as of the date of issuance. OM shall submit sufficient information to justify the issuance of the Final or Partial Certificate of Completion in order to confirm OM's compliance with this Agreement and to thereby release the relevant portions of the City Property from the rights retained by the City under Section 17.1; provided that if the City believes that OM has failed to submit sufficient information, it shall promptly notify OM in writing with specifics as to that information it reasonably believes is necessary to make the OM submittal complete. Promptly upon substantial completion of all of the Minimum Development Elements in accordance with this Agreement and allowing adequate time for review, the City shall furnish OM with a Final Certificate of Completion confirming substantial completion of all Minimum Development Elements in a form suitable for recording, together with such other documents as may be reasonably requested by OM in order to evidence the City's release of its rights retained under Section 17.1 from such relevant portion of the City Property. Until a Final Certificate of Completion is issued, all of the terms of this Agreement remain enforceable against OM and all of the City Property not previously released pursuant to a Partial Certificate of Compliance, and the City retains all its rights contained within this Agreement. The City shall not withhold a Certificate of Completion in violation of this Agreement. If the City denies a request by OM for a Certificate of Completion for all or any phase of the Development after receiving a written request from OM, the City shall promptly -26- 06 107-0063:LEGAL 13023969.1