Appendix 1.
HomeBase Cincinnati Approval of Development; HomeBase’s Right to recourse and the City's Right to Purchase Property.
(0) The Quick Strike Funding Agreement shall remain in effect until the Property is acquired, and redevelopment of the Property is commenced. However, HomeBase agrees that it will not exercise the Recourse Clause if the following conditions are met, according to the following timeline (the conditions occurring at or prior to the times listed being the "Milestones"):
(i) ~90 Days After Award is Granted ("Milestone 1"): Grantee has closed on property, or made significant progress towards closing, additionally there is a proposed final full redevelopment plan, timeline, and proforma.
(ii) 6 Months After Closing ("Milestone 2"): Both of the following constitute Milestone 2:
(1) Grantee's completion of the Project, to the satisfaction of the City; and (2) City approval, through DCED, of a proposed developer and a development plan, which must include sources and uses of funding.
(iii) 6 Months After Milestone 2 ("Milestone 3"): City approval, through DCED, of a detailed development plan substantially conforming to the proposals submitted for Milestone 2 (including drawings, pro forma, proposed project schedule, any other information required by the City at that time) and proof of financing to perform the development.
(iv) 6 Months After Milestone 3 ("Milestone 4"): Closing with the selected developer, only after (and contingent upon) City approval of any environmental assessments required by the City based upon initial environmental assessments required under this Agreement, and any subsequent environmental investigation or testing as may be required by the City pursuant to the results of such initial environment assessment.
(v) Completion of development ("Milestone 5"): Completion of the development shall be the final Milestone. After the development of the Property that was approved by the City has been completed to the City's satisfaction, in accordance with the approved plans, the City will permanently relinquish the Purchase Option and, upon Grantee's request, will provide a release of the Restrictive Covenant.