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2.1.92 "Workers' Compensation Insurance" means worker's compensation <br />insurance complying with the provisions of State Law and an employer's liability insurance <br />endorsement, with commercially standard limits, covering all employees of the Developer, its <br />contractors and vendors. <br />ARTICLE 3 <br />PROPERTY DISPOSITION <br />3.1 Prior to City Conveyance of Property. Prior to City conveying the Property to <br />Developer and Developer accepting the property from the City, Developer shall provide sufficient <br />evidence that is satisfactory to the City, in City's sole and absolute discretion, that the following <br />have been completed: <br />3.1.1 Developer has obtained all entitlements for the entirety of the Project. <br />3.1.2 Developer has obtained proof of construction financing for the entirety of <br />the Project. <br />3.1.3 Developer has obtained permanent financing for the entirety of the Project, <br />which may include equity investment by the Developer or a third party. <br />3.1.4 Developer has obtained all necessary building permits for the entirety of the <br />Project. <br />3.1.5 Developer and City have executed an agreement regarding the Bond <br />Financing or other financing the City deems appropriate and Developer's obligation regarding <br />repayment of the debt service obligations. <br />3.1.6 Developer and City have agreed upon an acceptable demolition schedule <br />based upon contractors' schedule. <br />3.1.7 Developer and City have executed the Grant of Easements and Reciprocal <br />Access, Parking Operation and Maintenance Agreement, attached hereto as Exhibit K. <br />3.1.8 Developer shall to provide to the City a draft of the Covenant, Conditions <br />and Restrictions (CC&R's), in compliance with ARTICLE 6, for review and approval in <br />compliance with Section 6.1. <br />3.1.9 City has satisfied the terms of Section 5.10.1. <br />3.2 Purchase and Sale. Once Developer has satisfied Section 3.1 and City has <br />satisfied Section 5.10 City shall convey land to the Developer for the Mixed Use Project and the <br />Developer shall accept the Property frorn the City, pursuant to the terms and conditions of this <br />Agreement. City shall retain ownership of the parcel containing the 211 public parking spaces <br />contained within the Parking Structure and Developer shall grant City an easement for street, <br />highway and public utility purposes over, under and upon the private portion of Sycamore Street <br />between 3rd Street and 4th Street which shall be constructed by Developer as part of this <br />15 <br />5 5394.00049\3 323 9203.12 <br />