Friday, July 8, 2011

Clarification of King Soopers-Commerce City Agreement for Northern Range...

Conditions Precedent... Developer and Store hereby agree that the City’s obligations under this Agreement are predicated on Developer and/or Store, as applicable, meeting each of the following conditions and that the failure of either Developer or Store to meet each such condition shall constitute a default under this Agreement:

i. Construction of the Marketplace Public Improvements shall begin not later than thirty (30) days after the commencement of installation of footings and/or foundations for the Marketplace and be completed not later than thirty (30) days prior to the date the store is open to the public;

ii. Store shall construct on the Marketplace Land a “Marketplace concept” store approximately one hundred twenty thousand square feet (120,000 sq. ft.) in size, which shall include a full-service grocery store including, but not limited to, a pharmacy and produce, deli, bakery, meat and floral departments; notwithstanding the foregoing, the defined term “Marketplace,” as used in this Agreement, shall not include a fuel center, whether or not constructed in conjunction with the Marketplace;

iii. Site work for the Marketplace, including grading of the site, shall begin not later than August 1, 2011;

iv. Installation of footings and/or foundations for the Marketplace shall begin not later than September 6, 2011;

v. The Marketplace shall be operating and open to the public not later than the earlier of: (a) fifteen (15) months from the issuance of a building permit for construction thereof, or (b) October 10, 2012; and

vi. If required by the City, final approvals, as applicable, of the Marketplace and the Marketplace Public Improvements have been given by the City confirming that construction thereof is in compliance with all City building codes, standards and regulations.

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