Res 2006-149 - Laserfiche WebLink

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and which include, at a minimum, structural drawings which are at least sixty percent (60%) complete and mechanical, electrical and plumbing drawings which are at least fifty percent (50%) complete. On or before September 22, 2006, City will obtain the Preliminary Cost Estimate for the Conference Center and furnish same to JQH upon completion. In addition, JQH must obtain a bid/final negotiated price from JQH's preferred contractor for the Hotel reflecting the cost to construct the Hotel pursuant to the Approved Plans on or before September 22, 2006. Such bid/final negotiated price and the City's Preliminary Cost Estimate obtained pursuant to this Section 6.1.3 shall be the basis for determining whether the conditions set forth in this Section 6.1.3 have been satisfied. Absent the Parties' subsequent written agreement to the contrary, the City's failure to obtain the Preliminary Cost Estimate for the Conference Center on or before September 22, 2006 shall be deemed for purposes of this Agreement to constitute a finding that a Preliminary Cost Estimate for the Conference Center would exceed $23,000,000.00. Failure of JQH to obtain a bid/final negotiated price from JQH's preferred contractor for the Hotel on or before September 22, 2006 shall constitute a waiver by JQH of the conditions set forth in this Section 6.1.3 relating to the cost of the Hotel (i.e., this Agreement will remain in place and neither party shall have any right to terminate same pursuant to the conditions set forth in this Section 6.1.3 due to the cost to construct the Hotel exceeding $46,000,000.00). In the event, (i) the City's Preliminary Cost Estimate for the Conference Center is timely received and exceeds, or is deemed to exceed, $23,000,000.00 (the "CC Cost Exceed") and/or (ii) the bid/final negotiated price for the Hotel from JQH's preferred contractor is timely received and exceeds $46,000,000.00 (the "Hotel Cost Exceed"), then JQH shall have until October 3, 2006 to deliver written notice (the "Termination Notice") to the City that it is terminating this Agreement due to the CC Cost Exceed and/or the Hotel Cost Exceed. Should the City not timely receive the Termination Notice from JQH on or before October 3, 2006, this Agreement shall continue in full force and effect and JQH's failure to timely deliver the Termination Notice to the City shall constitute a waiver by JQH of the conditions set forth in this Section 6.1.3 relating to the CC Cost Exceed and the Hotel Cost Exceed, if any. If the conditions set forth in Section 6.1.1 and 6.1.3 above are not satisfied and/or waived or deemed waived by September 22, 2006 or October 3, 2006, as applicable, or the condition set forth in Section 6.1.2 has not been satisfied on or before the date on which JQH is obligated to Commence Construction of the Hotel under this Agreement, this Agreement shall terminate and thereafter neither party shall have any further rights or obligations one unto the other hereunder unless, at such time, the Parties enter into a written agreement acknowledging that this Agreement shall continue notwithstanding the failure of any such condition to have been satisfied at such time." 1.2 Exhibit "E" to the Development Agreement is hereby amended in its entirety and replaced with Exhibit "E" attached hereto and incorporated herein by reference for all purposes. 2 946147.2