Res 2003-032 - Laserfiche WebLink

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price equals (at a minimum) the remaining principal amount originally funded by the City that has not been recaptured through lease payments previously paid by Company and received by City; f. A condition which prohibits Company from sub-leasing all or any portion of the project site without prior written approval by City; if Company is permitted to sub-lease the facility, Company agrees to forward all payments from the sub-lessee to City; and g. Amendments to the lease agreement shall require prior written approval by the City. The term of the lease shall not exceed 120 months. Any change in the total lease amount will result in an adjustment of the monthly lease payment and the calculation of a revised payment schedule. 21. Company shall provide City a copy of the site plan used to award the construction contract(s) for the proposed real estate activitieslimprovements identified in the Exhibit A, Performance Statement. Such plan shall depict the dimensions of the project site, easements, encroachments, ingress and egress, including the location of the Company's proposed real estate improvements, flatwork, driveways and the connections to the public infrastructure. 22. Company shall submit to City a copy of an executed interim or construction loan agreement with Citizens National Bank in the amount of at least $1,801,500.00, which includes enginee,ing to be utilized in conjunction with the project. Company shall also submit to City a copy of the executed permanent loan agreements from Bank of the West and Texas Certified Development Company, Inc. in the amounts of $998,000 and $803,500, respectively. 23. Prior to allowing the recording of any lien on the project site, Company shall submit to City executed Tri-Party Agreements between Company, City, and each of the following lenders for the project: Citizens National Bank, Bank of the West and Texas Certified Development Company, Inc. These agreements shall include, but will not be limited to, the following conditions: a. A condition which requires the lender to notify City of a default on the lender's loan secured by the project site; b. A condition which requires the lender to give Company a minimum of 90 days past the specified due date to make the scheduled loan payments on the lender's loan secured by the project site, prior to foreclosure; and a condition requiring the lender to provide written notification of foreclosure to Company and City; c. A condition which requires the lender to give Company a minimum of 90 days to retire the outstanding balance of the loan secured by the project site, prior to foreclosure; and a condition requiring the lender to provide written notification of foreclosure to Company and City; d. A condition which allows the lender to take a lien on the project site. The lien may not exceed the original amount of financing, for real estate improvements, on the project site, without Company's and City's approval; and e. A condition which requires that in the event of a foreclosure sale, if the lender acquires the project site, and the lender subsequently sells the project site for an amount in excess of the amount due lender at foreclosure, the lender agrees to pay City a pro-rata share of the gain. Such pro-rata share to be based on a comparison of the lender's investment, in the project site, to City's investment. C. Company shall satisfy the following Special Conditions as required, but no later than 30 days prior to contract expiration. Failure to submit these special conditions shall constitute noncompliance with the terms of this contract: RLF Contract Page 14