Res 2012-033 - Laserfiche WebLink

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ARTICLE II DEVELOPER'S OBLIGATIONS Section 2.01. Owner shall construct the Project on the Property to include three professional office buildings, each at least 18,000 square feet in size in three phases for lease to medical and professional tenants. The Project shall conform to the plans and specifications described in Exhibit "A," attached hereto and made a part hereof. The Project shall meet the standards for "Class A" office space as that term is commonly understood by Realtors and others in the real estate development community in the San Marcos region, to include office buildings competing for premier office users with rents above average for the area and having high quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence. Section 2.02. Subject to any events of force majeure, Owner shall commence construction of the first building of the Project on or before June 1, 2012. The Owner shall endeavor to commence construction of the second building on or before October 1, 2013 and construction of the third building on or before March 1, 2015. Subject to any events of force majeure, Construction of the first building shall be completed on or before December 31, 2012. The Owner will endeavor to complete construction of the second and third buildings with commercially reasonable diligence. Construction of a building will be deemed complete upon issuance by the City of a certificate of occupancy for the building. Section 2.03. Owner agrees to ensure that all of the construction related to the Project will conform to all applicable City ordinances, standards and regulations and other applicable state and federal laws.