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<br />to completion of the acquisition, construction and completion of improvements to <br />the Redevelopment Area, however, shall be subject to the requirements of the <br />Development Plan, this Agreement and the ordinance of which this Agreement is a <br />part, to complete the development activities called for in the Development Plan with <br />respect to such property. All such transfers, before or after completion of the <br />development activities, shall be subject to the covenants set forth in Section 23 of <br />this Agreement. <br /> <br />18. Performance Bonding. Developer has demonstrated its financial <br />capability to undertake and complete the acquisition of the Redevelopment Area. <br />The covenants of Developer contained herein are therefore deemed sufficient to <br />assure acquisition of the Redevelopment Area and there shall be no requirement <br />for performance bond or other surety respecting acquisition of the Redevelopment <br />Area or performances required by this Agreement. <br /> <br />19. Liquidated Damages. Notwithstanding the City's right to terminate for <br />substantial non-compliance consistent with Paragraph 10 hereof, liquidated <br />damages in the amount of Five Hundred Dollars ($500.00) for each month of delay <br />may be assessed in favor of the City upon failure of Developer to complete the <br />Development within the time agreed after acquisition of the Redevelopment Area, <br />except as said time may be extended automatically hereunder or by the City <br />Council for good cause and except as provided for in Section 6 and Section 25 of <br />this Agreement, or upon failure of Developer to comply with the other requirements, <br />covenants and conditions herein. Periods of less than one (1) month shall be <br />assessed upon a basis proportionate to the number of days in the period. The City <br />shall be entitled to enforce the terms of this provision by civil action. <br /> <br /> <br />20.Certificate of Completion. Developer shall request, in writing, after <br />completion of the redevelopment, or any phase or any part thereof, in accordance <br />with the approved Development Plan, that the City issue a Certificate of Completion <br />on any part of the Development. Upon receipt of such request by the City, the City <br />Council shall consider the matter then before it and if Developer has substantially <br />completed the Development in accordance with the Development Plan, shall grant <br />the issuance of a Certificate of Completion. However, in the event the City Council <br />determines that any part of the Development has not been substantially completed <br />in accordance with the approved Development Plan, the City shall forthwith transmit <br />notice by certified or registered mail, return receipt requested, to Developer, stating <br />the reasons for the finding that there has not been substantial compliance with the <br />approved Development Plan. Failure to so notify Developer within thirty (30) days <br />after receipt of said written request shall be deemed a Certificate of Completion. <br />Developer shall have one hundred and eighty (180) days after the transmission of <br />such notice by the City within which to correct any such failure to substantially <br />complete the Development in accordance with the Development Plan. <br /> <br />September 4, 2007 <br /> <br />