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its successors, grantees and assigns, to the terms and provisions <br />of this Agreement and the development, rehabilitation and <br />improvement of said Property in accordance with the Urban Renewal <br />Plan and the Redevelopment Proposal. <br /> <br /> NOW, THEREFORE, in consideration of the premises and the <br />covenants, agreements and stipulations herein contained, and to <br />be kept, observed, executed and performed by the parties hereto, <br />it is hereby agreed by the Authority and the Redeveloper, for <br />themselves and on behalf of their successors, grantees and <br />assigns as follows: <br /> <br /> 1. Adherence to Urban Renewal Plan and The Redevelopmerit <br />Proposal. Redeveloper agrees that it will redevelop, <br />rehabilitate and improve the Property in accordance with the <br />Redevelopment Proposal and Urban Renewal Plan, and Redeveloper <br />further agrees that it will use and maintain the Property in <br />accordance with the Urban Renewal Plan and all applicable <br />ordinances of the City of University City, Missouri. <br /> <br /> 2. Construction. Redeveloper agrees to complete the <br />redevelopment, rehabilitation and improvement of the exterior of <br />the building, the theatre, and the storefront units in accordance <br />with its Redevelopment Proposal within twenty four (24) months <br />after the date of this Agreement. The Redeveloper will complete <br />the balance of the redevelopment, rehabilitation and improvements <br />set forth in the Redevelopment Proposal within sixty (60) months <br />after the date of this Agreement. <br /> <br />STL-295439 <br /> - 3 - <br /> <br /> <br />