Res 2007-183 - Laserfiche WebLink

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3.13 Article VII of the Loan Agreement is hereby amended and restated rn its entirety to read as follows: "ARTICLE VII SUBDIVISION PLAT AND FEE WAIVER 7.1 Subdivision Plat. The City agrees to temporarily waive, with respect to the acquisition of the Desired Project Site by JQII and the City from Gilmore, the provisions of the City's band Development Code that require City approval of a subdivision concept plat, preliminary plat and final plat before a tract of land is divided into two or more tracts for purposes of sale or building development. JQH and the City acknowledge and agree that this waiver is temporary, and prior to the start of construction of the Project, JQH and the City agree to cooperate with one another and with Gilmore to perform all actions necessary to file applications for and obtain approval from the City, in rts regulatory capacity, for a subdivision concept plat for the 203.55 acre tract of land out of which the Desired Project Site is being subdivided, and a preliminary subdivision plat and final subdivision plat of the Desired Project Site. 7.2 tee Waiver The City agrees to waive all City fees in connection with coning, the subdivision process, and building permits and inspections associated (the '`Fee Waiver") with the construction of the Hotel and related improvements. The Fee Waiver does not extend to water and wastewater impuct fees charged by the City. If the Master Development Agreement is terminated by the City based upon a default by JQH and/or JQH-San Marcos or any other successor to the rights of JQII-San Marcos thereunder, JQH shall pay to the City the full value of the Fee Waiver within sixty (60) days of the termination date. The City shall be entitled to record a lien against the Property to secure the full value of the Fee Waiver if this payment is not timely made." 314 The introductory paragraph of Article VIII is hereby amended in its entirety to read as follows: "JQH and JQH-San Marcos shall be in default (as used herein, an "Event of Default") under this Agreement and under each of the other Loan Documents if:" 3.15 ~'lrticle VIII, Section 8.1 of the Loan Agreement is hereby amended in its entirety to read as follows: '`8.1 Loan. Any payment of any amounts due and owing under the Note, this Agreement or any of the other Loan Documents is not made when due or should JQH or JQfI-San Marcos, as applicable, fail to timely and properly observe, keep or perform any term, covenant, agreement or condition in this Agreement or any other Loan Document." 985897 7