5508 - Laserfiche WebLink

Home Browse Search

successors or assigns; provided, however, that this contract shall not be construed as an enlargement of the authority conferred upon the City of University City by Chapter 353, R.S. Mo. 1978, as amended. 15. Due to the difficulty of ascertaining actual damages in this project the parties hereby stipulate that liquidated damages in the amount of One Hundred Dollars ($100) for each month of delay shall be payable to the City upon failure of the Developer to complete the development project within the time agreed by this contract, except as said time may be extended by the City Council for good cause. Periods of less than a month shall be assessed upon a pro- portionate basis as the number of days in that month. Such liquidated damages shall not exceed the reasonable value of any actual damages suffered by the City. 16. Performance or contractor's bonds in favor of the City, or other reasonable security insuring completion of the project, shall be filed by the Developer with the Director of Finance before construction commences. The amount of the bond shall be in an amount equal to ten percent (10X) of such estimated cost of the project. When construction is completed and a Certificate of Completion is issued with respect thereto, the surety on such bond or bonds shall be discharged. 17. The uses in the area shall be limited to the uses described in the Development Plan and Conditional Use Permit for a period of fifteen (15) years from the date of acquisition of the property by the Developer. 18. This contract shall remain in full force and effect so long as the Developer, its successors or assigns shall enjoy tax relief, and at the termi- nation of such relief, this contract shall terminate and become null and void, providing that the project as herein described has been completed and so certi- fied by the Director of Finance of the City of University City. 19. The rights and privileges given to the Developer, its successors or assigns, by the contract, and the duties and obligations imposed on the Developer, its successors or assigns, shall apply only to the development project herein described. 20. In the event that the Developer, its successors or assigns, shall be prohibited from performing convenants and agreements herein contained or contained in the Development Plan by the order of any Court of competent juris- diction, or in the event that the Urban Redevelopment Corporation Law, Chapter 8