Laserfiche WebLink
AGREEMENT <br />1. The City shall execute and deliver an instrument releasing the restriction <br />in the City Deed, to be recorded at closing under the EDA Agreement. <br />2. Upon closing under the EDA Agreement, EDA shall reserve $250,000 of <br />the purchase price (the "Reserved Funds ") for use by the City for improvements to the <br />Atlantic Union Bank Pavilion determined necessary or desirable as a result of the <br />development of the North Pier. The Reserved Funds shall be used only for improvements <br />to the Pavilion that address impacts directly resulting from the development of the North <br />Pier and shall be held in reserve for a period of four (4) years from the date of closing <br />under the EDA Agreement (the "Reserve Period "). Upon the expiration of the Reserve <br />Period, any remaining Reserved Funds shall be released from reserve and may be used by <br />EDA for whatever purpose EDA deems appropriate. <br />{SIGNATURES ON FOLLOWING PAGE <br />