Common use of Developer Undertakings Clause in Contracts

Developer Undertakings. (a) In order to receive the payments as described in paragraphs 2 and 3 above, the Developer shall undertake or cause to be undertaken the following (the “Developer Undertakings”): i. Develop the Project (including the Theater), generally as depicted in the approved Conceptual Development Plan for the Special Exceptions for mixed use and bonus height as approved by the City Council for the Project on August 13, 2018, and in accordance with the Voluntary Concessions (“VC”s) and all parts of the Special Exception approval, and as further approved by the Planning Commission in the Site Plan for the Project on September 24, 2018, and further modified on February 22, 2021. ii. Lease the Theater space in the Project to the Theater Company through a lease that satisfies the requirements of VC number 3, as confirmed by the City Manager (the “Theater Lease”). iii. Cause the Theater Company to execute an agreement that permits the Commissioner of Revenue and the City Treasurer to disclose to the Authority and the City any information that may be reasonably necessary for the Authority to perform the Authority Undertakings in paragraph 3 hereof or the City to perform the City Undertakings in paragraph 2 hereof. (b) On an annual basis for each Fiscal Year beginning after the first day on which the Theater is open for business and operating in the Project and each subsequent Fiscal Year commencing prior to the expiration of payments called for under paragraphs 2(a)1.a, Developer shall deliver to the Authority and the City such financial reporting received by Developer from Theater Company pursuant to the Theater Lease as is reasonably required to verify and confirm Gross Revenue for such Fiscal Year. The Developer shall deliver such reporting promptly following receipt of the same from the Theater Company following the end of each such Fiscal Year. (c) ▇▇▇▇▇▇▇▇▇ agrees to meet the timeline set forth below and in the event any of these items have not been completed on or before the dates set forth below, the City may, by giving five business days’ written notice to the Developer and the Authority, terminate this Agreement and the obligations of the City hereunder: i. A lease with a theater company meeting the standards set forth in the Voluntary Concessions shall have been fully executed on or before September 30, 2022; and ii. The Developer shall have submitted complete building permits for all Theater tenant improvements on or before December 31, 2022; and iii. The Theater shall be open and operating on or before December 31, 2023. (d) The Developer acknowledges and agrees that the payments due from the Authority to the Developer as provided in paragraph 2 and 3 above represent the full and complete financial contribution from the City and the Authority under this Agreement.

Developer Undertakings. (a) In order to receive the payments as described in paragraphs 2 and 3 above, the Developer shall undertake or cause to be undertaken the following (the “Developer Undertakings”): i. Develop the Project (including the Theater), generally as depicted in the approved Conceptual Development Plan for the Special Exceptions for mixed use and bonus height as approved by the City Council for the Project on August 13, 2018, and amended on September 27, 2022, and in accordance with the Voluntary Concessions (“VC”s) and all parts of the Special Exception approvalapprovals, and as further approved by the Planning Commission in the Site Plan for the Project on September 24, 2018, and further modified on February 22, 2021. ii. Lease the Theater space in the Project to the Theater Company through a lease that satisfies the requirements of VC number 33 and the terms of this Agreement, as confirmed by the City Manager (the “Theater Lease”). iii. Cause the Theater Company to execute an agreement that permits the Commissioner of Revenue and the City Treasurer to disclose to the Authority and the City any information that may be reasonably necessary for the Authority to perform the Authority Undertakings in paragraph 3 hereof or the City to perform the City Undertakings in paragraph 2 hereof. (b) On an annual basis for each Fiscal Year beginning after the first day on which the Theater is open for business and operating in the Project and each subsequent Fiscal Year commencing prior to the expiration of payments called for under paragraphs 2(a)1.athe Economic Development Payment Term, Developer shall deliver to the Authority and the City such financial reporting received by Developer from Theater Company pursuant to the Theater Lease as is reasonably required to verify and confirm the Theater’s Gross Revenue for such Fiscal Year. The Developer shall deliver such reporting promptly following receipt of the same from the Theater Company following the end of each such Fiscal Year. (c) ▇▇▇▇▇▇▇▇▇ agrees to meet the timeline set forth below and in In the event any of these items the below conditions have not been completed satisfied on or before the dates date set forth belowbelow with respect thereto, the City may, by giving five business days’ written notice to the Developer and the Authority, terminate this Agreement and the obligations of the City hereunder: i. A lease with a theater company meeting the standards set forth in the Voluntary Concessions shall have been fully executed on or before September 30October 31, 2022; and ii. The Developer shall have submitted complete building permits for all Theater tenant improvements a Design Development progress set of theater drawings to City on or before December 31, 2022; and iii. The Developer shall have submitted complete applications for building permits for all Theater tenant improvements on or before March 31, 2023; and iv. The Developer shall have completed all tenant improvements that are its responsibility on or before March 31, 2024; and v. The Theater shall be open and operating on or before December May 31, 20232024; and vi. Within thirty (30) days after the end of each calendar quarter ending prior to the date on which the Theater is open for business and operating in the Project, the Developer shall provide the City with a written update on the status and progress of the Theater’s design, permitting, and construction. (d) The Developer acknowledges and agrees that the payments due from the Authority to the Developer as provided in paragraph 2 and 3 above represent the full and complete financial contribution from the City and the Authority under this Agreement.