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1. The recitals are true and correct and are incorporated into this Covenant in their entirety <br />by this reference. <br />2. Definitions. All initially capitalized terms used in the Covenant shall have the same <br />meaning as the Terms in the DDA <br />3. Use of Land — The Developer covenants and agrees with the City that the Site must only <br />be built on and used in strict accordance with this Covenant. <br />4. Covenant to Build Hotel — The Developer agrees to timely construct the Hotel in strict <br />compliance with this Covenant and in accordance with all development entitlements issued for <br />this Project by City. Developer agrees that Developer will design and build the hotel to <br />Automobile Association of America (AAA) minimum acceptable conditions to be considered a <br />AAA hotel with the amenities set forth in Section 6.3 below. <br />5. Restriction on Use of Land — The use of the Land must include a hotel, having a <br />minimum of 75 Guest Rooms and providing facilities set forth in Section 6.5 (the "Hotel"). <br />Without limiting the foregoing, the Land and the Development thereon may be used for <br />additional residential or office use, in addition to the required Hotel use, as part of a mixed -use <br />development. <br />6. Covenant to Operate Hotel <br />6.1 Developer will use commercially reasonable efforts to execute an operating <br />agreement with a nationwide hotel chain. <br />6.2 Should Developer be unsuccessful in securing an operating agreement with a <br />nationwide hotel chain, then Developer will self -operate a Hotel. <br />6.3 Hotel shall contain the following minimum amenities: <br />(a) <br />Fitness Room <br />(b) <br />Community Meeting Space <br />(c) <br />Baggage Storage <br />(d) <br />Elevators <br />(e) <br />24 hour Pantry Market <br />(1) <br />Multi -Lingual Staff <br />(g) <br />Safety Deposit Box <br />(h) <br />ATM. <br />6.4 After <br />construction of the Hotel, the Developer shall operate the Hotel or cause the <br />Hotel to be operated <br />such that its Guest Rooms are used only for Public Lodging Use and for no <br />other purpose, and the <br />Developer shall take or cause to be taken all reasonable commercial steps <br />Page 2 of 7 <br />5 5394.00049\3 3266069.5 Form of Operations Covenant <br />