Res 2006-016 - Laserfiche WebLink

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i i(,ri?491 ~ OF'R ?5`4i] 588 3.7.1.3. issued a "Notice to Proceed" to the contractor authorizing the contractor to commence and pursue all of the work necessary to complete the improvement with all reasonable diligence in accordance with the aforementioned contract; 3.7.1.4. actually commenced substantial site work on the improvement under its construction contract, with the intent of prosecuting all work to be performed under said contract until completion in accordance with the terms of the contract; 3.7.1.5. with respect to the Hotel only, entered into a loan or credit agreement with a so called conduit lender, commercial bank or similaz financial institution (a "Commercial Lender"), having the financial capability to perform its obligations under such agreement, which provides construction and permanent financing upon terms typical for "construction/mini-perm" financing (not subject to any contingency or condition other than those typically associated with such loans), which loan must be in a principal amount sufficient, together with other available funds committed by JQH to the satisfaction of the City, to pay all costs and expenses for the design, development, construction and furnishment of the Hotel. Upon reasonable notice, a representative of the City shall be permitted, during normal business hours, to review the loan or credit agreement and accompanying security instruments relating to the Hotel financing; and 3.7.1.6. with respect to the Hotel only, the Approved Franchise has been obtained. 3.7.2. Construction Completion. "Completion of Construction" of any improvement will be deemed to have occurred when the constructing party has accomplished all of the following tasks and the improvement has been substantially completed in accordance with the requirements of this Agreement, subject only to the completion of "punch list items" (defined below): 3.7.2.1. The constructing party has obtained, for the Hotel, an AIA standazd Certificate of Substantial Completion for the improvement, or for the Conference Center, a Certificate of Substantial Completion for the improvement in a form approved by the City, executed by the party's project azchitect; and 3.7.2.2. The constructing party has obtained a permanent certificate of occupancy or such similar document for the improvement, permitting continuous uninterrupted legal use thereof. For purposes of this Agreement, the term "punch list items" means details of construction, decoration and mechanical adjustment which, individually and in the aggregate, aze minor in character and do not, either by their nature or because of the repair or completion work necessary, materially interfere with the use or enjoyment of the improvement. 3.8. Infrastructure. 3.8.1. Project Utilities. construct all necessary improvements to service to the boundary of the Project Site. City agrees (at City's expense) to design and bring water, sanitary sewer, and electricity 11 803277,4