Failure to Construct. If Developer provides a Commencement Notice as required by Section 3.1 but does not timely complete construction of the Project as herein provided, then Developer shall pay to the City all sums incurred by the City with regard to the preparation and drafting of this Agreement and all other sums not recoverable from Tax Increments (as defined below), and be obligated to reconvey any and all portions of the Property owned by Developer (or by any entity affiliated with Developer in any way or with a common owner/owners or member/members as Developer or any entity affiliated with Developer in any way) at such time as follows: (a) by Special Warranty Deed; (b) insured by a policy of title insurance, or a binding commitment for such a title policy, with a gap endorsement, all of which are at the expense of Developer, that will be in the same insurance amounts obtained by Developer in the policy provided under Section 2.2(c) above, effective as of the reconveyance date and insure the quality of title of the Property free and clear of all liens, security interests, mortgages and encumbrances, except for Permitted Encumbrances; (c) subject to the proration of taxes, utilities and any and all other assessments applicable to the Property being re-conveyed to the City; and (d) at the time of the closing of the reconveyance of the Property by Developer to the City, the City shall pay to Developer a purchase price for the Property in the amount of one dollar ($1.00). All repayments and reconveyances shall be completed within thirty (30) calendar days after Developer’s non-performance or Default under this Agreement.
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Failure to Construct. If Developer provides a Commencement Notice as required by Section 3.1 but does not timely complete construction of the Project as herein provided, then Developer and Guarantor shall pay to the City all sums incurred by the City with regard to the preparation and drafting of this Agreement and all other sums not recoverable from Tax Increments (as defined below), and be obligated to reconvey any and all portions of the Property owned by Developer (or by any entity affiliated with Developer in any way or with a common owner/owners or member/members as Developer or any entity affiliated with Developer in any way) at such time as follows:
(a) by Special Warranty Deed;
(b) insured by a policy of title insurance, or a binding commitment for such a title policy, with a gap endorsement, all of which are at the expense of Developer, that will be in the same insurance amounts obtained by Developer in the policy provided under Section 2.2(c) above, effective as of the reconveyance date and insure the quality of title of the Property free and clear of all liens, security interests, mortgages and encumbrances, except for Permitted Encumbrances;
(c) subject to the proration of taxes, utilities and any and all other assessments applicable to the Property being re-conveyed to the City; and
(d) at the time of the closing of the reconveyance of the Property by Developer to the City, the City shall pay to Developer a purchase price for the Property in the amount of one dollar ($1.00). All repayments and reconveyances shall be completed within thirty (30) calendar days after Developer’s non-performance or Default under this Agreement.
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