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[D,RAFT] <br /> <br /> ARTICLE 3 <br />REPRESENTATIONS AND WARRANTIES <br /> <br /> 3.1 KEPRESENTATIONS AND WARRANTIES OF THE CITY. The City <br />represents and warrants to the Developer. that: <br /> <br />(a) <br /> <br />The City is a Minnesota municipal corporation and a home rule charter eit~2 and <br />has the power to'enter into this Master A~eement and carry out its obligations <br />hereunder. The City has duly authorized the execution, delivery and performance <br />of this Master Agreement. <br /> <br />(b) <br /> <br />The City has prepared the AUAR, as authorized by Minnesota Rules 4410.3610, <br />and the City requires no further environmental review to develop the RTC <br />Project, except that a review of the AUAR is required every 5 years and a use <br />proposed by a Secondary Developer could require further environmental review. <br /> <br />3.2 REPRESENTATJONS AND WARRANTIES OF THE DEVELOPER. The <br /> <br />Developer represents and warrants to the City: <br /> <br />(a) <br /> <br />Exce r ot l, Block .¢,, ......... ~, ......................... j,~,,L Pre, pc> <br /> <br />............................. s ........... 3 as identified on the Preliminary Plat and <br />the CiW Tract, the-Developer holds fee title to the Subject ProperD'. <br /> <br />¢) <br /> <br />The Developer is a Minnesota limited liability company in good standing under <br />the laws of the State of Mirmesota. The Developer's members or board of <br />governors have authorized the individual executing this Master A~eement on <br />behalf of the Developer to execute this Master Agreement on behalf of'the <br />Developer. <br /> <br />DEVELOPER'S OBLIGATION TO EXECUTE AND RECORD THIS <br /> <br />AGREEMENT. The parties contemplate that the Developer will obtain title to the Subject <br />Propert)., after the City approves and executes this Master Agreement. The Citw will <br />execute this Master Agreement and deposit it in escrow, with the Developer's title insurer. <br />The City's approval of this Development Agreement will be void and the Cit3~'s offer, as <br />re_~presented by the executed Master Agreement deposited in escrow with the title insurance <br />company will be deemed withdrawn if the Developer does not acquire-fee title to the <br />Subject Property, execute this Master Agreement and record this Master Agreement <br />within days of the Cit3,'s approval of this Master Agreement. If. at the time the Master <br />Development Agreement is recorded, the Subject Property, is subject t° a mortgage or <br />other eonsensual or nonconsensual lien, the Developer must cause the iienholder to execute <br /> <br />1555730.red <br />V8 tp V6; <br />8/29/03 <br /> <br />11 <br /> <br /> <br />