Agenda - Council - 01/23/2001 - Laserfiche WebLink

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-00- The City will reimburse the Developer for Site Improvements in the amount of $25,000. Reimbursement for the Site Improvements will be made in equal installments of $5,000 per yem' beginning in the year 2003 and ending in the year 2007. Payments will be made on or before December 31 of each year begimfing in 2003 and ending in 200'7. The developer must provide written evidence of actual Site Improvement costs equal to'or greater than $25,000. These site improvement payments 'will be made only if all property taxes and City fees and charges on the property are cmTent and a Certificate of Occupancy has been issued for the structure. The developer will waive any interest or penalty for any payrnent witl%eld. Section 2.3 Title and Survey. City, at City's expense, shall promptly obtain and deliver to Developer a commitment for an owner's title insurance policy (ALTA Owner's Form Policy 1992) issued by a title insurance company acceptable to Developer ("Title Compafiy"), naming Developer as the proposed owner-insured of the Development Property in the amount of $ : ::- (tile "Commitment"), together with copies of all documents referred to in the Commitment. The Commitment shall commit to insure fee title in Developer, free and clear of all mechanic's lien claims, qnestions of survey, unrecorded interests, rights of parties in possession, or other exceptions. Developer will be allowed ten (10) business days after receipt of the Comi'nitment, the copies of the documents referred to in the Commitment and the Survey (as hereinafter defined) for examination thereof, and for making any objections to the marketability of the title to the Developrnent Property, said objections to be made by written notice or to be deemed waived. Developer need not object to mortgages or other monetary liens. If any objections are so made to the marketability of the title to the Development Property, City shall immediately commence and diligently endeavor to complete all actions necessary to cure the objections, including, but not limited to, the institution of "quick take" eminent domain proceedings, and shall be allowed until the Closir~g Date to cure such objections and make the title to the Development Property good and marketable of record in City and to obtain and deliver to Developer appropriate endorsements to the Commitment and an updated Survey indicating that any such objections have been cured. If not sooner satisfied, City shall satisfy any mortgages or other monetary liens against the Development Property at the closing. If the title to the Developrnent Property, as evidenced by the Commitment and Survey together with any updating of the Commitment and Survey, is not made good and marketable of record in City on the Closing Date, Developer, at its option, may temfinate this Agreement by giving written notice to City in which event this Agreernent shall become null and void, and neither party shall have any further rights, obligations, or liability hereunder. City agrees to promptly obtain and deliver to Developer, at City's expense, a currently dated survey of the Development Property ("Survey"), prepared by a Mim~esota registered land surveyor acceptable to Developer and City. The Survey will be certified to City, Developer, and Title Company. The Survey shall show the exact location, legal description, and boundary lines of the Development Property; the nature and location of all easements and encroactu-nents from or on the Development Property; the square footage of the Development Property. The Survey shall be certified to meet the Minimum Detail Standards adopted in 1992 by ALTAJASCM for ! i I I I I