2017/12/20 Council Agenda Packet

• • Nothing in this Covenant is intended or shall be construed to require that the City exercise its discretionary authority under its regulatory ordinances to further the Project nor binds the City to do so. Developer understands that the City will process applications for permits and approvals in accordance with its normal processes. Section 7. Certificate of Completion. 7.1 When Developer Entitled to Certificate of Completion. Upon substantial completion of the Project in accordance with this Covenant and satisfaction of the other conditions of this Section 7,the City will furnish Developer with a recordable Certificate of Completion signed by the Mayor of the City, substantially in the form attached hereto as Exhibit B. Notwithstanding the foregoing,the City shall not be required to issue the Certificate of Completion if uncured Event(s) of Default exist. In addition, if punchlist items remain when Developer requests the Certificate of Completion, the City may require as a condition to the issuance thereof that Developer post a bond or provide other financial assurance reasonably satisfactory to the City to insure completion of the punchlist items, and Developer agrees to proceed with all reasonable diligence to complete the punchlist items. 7.2 Meaning and Effect of Certificate of Completion. Issuance by the City and the recording of a Certificate of Completion shall terminate this Covenant. 7.3 Procedure if City Does Not Issue. The City shall not unreasonably withhold,condition,or delay the issuance of the Certificate of Completion. If,within ten (10)business days after receipt of written notice clearly marked"Request for Certificate of Completion" from Developer, the City has not issued the Certificate of Completion, then the City shall provide Developer with a detailed statement indicating in what respects Developer has failed(if any)to complete the Project or Improvements in accordance with the provisions of this Covenant or is otherwise in default and what measures or acts must be taken, in the opinion of the City,to obtain such Certificate of Completion. Failure by the City to furnish Developer with such detailed statement within such ten (10)business day period shall be deemed an approval by City of Developer's request for Certificate of Completion. Upon receipt of such detailed statement,Developer may either complete the Project or Improvements and cure the alleged default in a manner responsive to the stated reasons for disapproval or contest whether City has unreasonably withheld issuance of such Certificate of Completion through an appropriate legal forum. Section 8. Not Used. Section 9. Termination of Covenant. This Covenant terminates on the date of recording of the Certificate of Completion. 10 40