2017/12/13 Council Agenda Packet

s 3 "Use Restriction Covenant"means the covenant document executed by the City and Developer recorded at Closing and entitled"Use Restriction Covenant." Section 2. Intent and Relations. 2.1 Generally. This Covenant is intended by the parties to establish the design, development, and performance criteria for the Project. The parties agree that Developer has sole responsibility for construction, obtaining all necessary permits and approvals and complying with all Legal Requirements as they relate to ownership, construction, and operation of the Project. Developer shall at its own cost furnish all plans, engineering, supervision, labor, material, supplies, and equipment necessary for completion of the Project. 2.1.1 Standards. All construction of the Project and all other Improvements shall comply with, and be performed in accordance with, the Approved Plans and Specs, this Covenant, the City-Developer Agreements, and all Legal Requirements, free and clear of all liens (other than liens made in connection with the Financing Obligations and those other liens and encumbrances contemplated by this Covenant). 2.1.2 Cooperation. Subject to Section 6.5 of this Covenant, the City agrees to cooperate with Developer in the prosecution and completion of the Project, so long as the Project is prosecuted and completed in accordance with the Approved Plans and Specs and this Covenant and so long as there are no uncured Events of Default by Developer. Without limiting the generality of the foregoing,the City agrees that,so long as the Project is prosecuted and completed in accordance with the Approved Plans and Specs and this Covenant and so long as there are no uncured Events of Default by Developer,it will not take actions inconsistent with the goals of this Covenant. The City's duty to cooperate under this Section 2.1.2 shall not require it,however,to incur liability, costs or expenses,except as otherwise required in the City-Developer Agreements. Section 3. Restrictions on Use and Transfer Prior to Certificate of Completion. 3.1 Use Restriction. Until the recording of the Certificate of Completion,the Property is restricted to uses directly in connection with the design, development, and construction of the Project in accordance with the Approved Plans and Specs, this Covenant, the City-Developer Agreements, and all Legal Requirements. By way of example and not of limitation,the following uses are not directly in connection with such design, development, or construction of the Project and are therefore prohibited on the Property until substantial completion of the Project: (1)any construction of any 5 15