I-2 - Economic Development Grant Agreement - Honey Lane Development

City accepts such Public Infrastructure Project in accordance with State law, the Developer will provide the City with either a deed or permanent easement to the improvements and related right-of-way comprising the Public Infrastructure Project, which shall thereafter be maintained by the City. 3. Economic Development Grant Disbursement Request and Public Infrastructure Costs Documentation. Upon completion of the Public Infrastructure Project, the Developer agrees to submit a grant disbursement request (the “Grant Disbursement Request”) in the form attached hereto as Exhibit C. The Grant Disbursement Request shall be accompanied by documentation (the “Costs Documentation”) detailing the costs (the “Public Infrastructure Costs”) incurred in the completion of the Public Infrastructure Project, including invoices and such other documentation as is reasonably requested by the City, confirming that such Public Infrastructure Costs detailed in such Costs Documentation were in fact incurred in the construction of the Public Infrastructure Project and that such Public Infrastructure Costs are of an amount reasonably to have been expected with respect to such construction. The Public Infrastructure Costs may include costs related to designing, constructing, landscaping, and grading the Public Infrastructure Project, as well as other reasonably related costs of carrying out the Public Infrastructure Project. 4. Property Taxes. The Developer agrees to make timely payment of all property taxes as they come due with respect to the Property throughout the Term (as hereinafter defined) of this Agreement and to submit a receipt or cancelled check in evidence of each such payment. 5. Default Provisions. A. Events of Default. The following shall be “Events of Default” under this Agreement, and the term “Event of Default” shall mean, whenever it is used in this Agreement (unless otherwise provided), any one or more of the following events: (i) Failure by the Developer to complete construction of the Public Infrastructure Project pursuant to the terms and conditions of this Agreement. (ii) Failure by the Developer to fully and timely remit payment of property taxes when due and owing as required by this Agreement. (iii) Failure by the Developer to comply with Section A.3 of this Agreement. (iv) Failure by the Developer to observe or perform any other material covenant on its part, to be observed or performed hereunder. B. Notice and Remedies. Whenever any Event of Default described in this Agreement occurs, the City shall provide written notice to the Developer describing the cause of the default and the steps that must be taken by the Developer in order to cure the default. The Developer shall have thirty (30) days after receipt of the notice to cure the default or to provide assurances satisfactory to the City that the default will be cured as soon as reasonably possible. If the Developer fails to cure the default or provide assurances, the City shall then have the right to: