Laserfiche WebLink
on the project. The Developer can only sell or transfer its rights upon written approval from the Cit <br />which approval can be granted, withheld or conditioned solely at the City's discretion. <br />Kurt Ulrich <br />COR Apartments - Development Proposal and Terms of Development Agreement and Other Obligations <br />November 23, 2010 <br />Page 6 <br />f Events of Default. The following issues constitute an event of default: <br />g. <br />i. Developer's default in the performance of one or more of their obligations under the Purchase <br />Agreement. <br />ii. Failure of the Developer to construct the minimum improvements. <br />iii. Developer default in the timely payment of any amounts due under the City Loan Agreement or <br />the City Note. <br />iv. Developer default in timely reimbursement to the City for costs associated with the way finding <br />and stall designation signage in the parking ramp expansion. <br />v. The holder of any mortgage on the property com nences foreclosure proceedings. <br />vi. Developer filing any petition for bankruptcy or reorganization. <br />vii. Failure of Developer to pay real estate taxes or special assessments. <br />Remedy of Default. If the Developer (or the construction lender) does not cure various events of <br />default as provided for in the various agreements, the City and /or HRA may terminate the <br />Development Agreement, Loan Agreement and TIF Note. <br />After the City Council has an opportunity to review and consider the various aspects of the above <br />referenced proposed terms, they can either approve the Development Agreement at their meeting on <br />November 23, 2010 or request changes and/or clarifications and have the documents brought back for final <br />approval on December 14, 2010 (date the HRA is scheduled to review all documents). Please contact me <br />at 651- 697 -8506 with any questions. <br />