My WebLink
|
Help
|
About
|
Sign Out
Home
04/05/11 Work Session
Ramsey
>
Public
>
Dissolved Boards/Commissions/Committees
>
Housing & Redevelopment Authority
>
Agendas
>
2010's
>
2011
>
04/05/11 Work Session
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
7/18/2025 10:59:29 AM
Creation date
4/1/2011 12:43:18 PM
Metadata
Fields
Template:
Meetings
Meeting Document Type
Agenda
Document Title
Housing & Redevelopment Authority - Work Session
Document Date
04/05/2011
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
149
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
(d) Developer agrees that Developer will cooperate fully with the City and the <br />HRA with respect to any litigation a third party may commence with respect to the Development <br />Property; provided, however, that Developer shall not be obligated to settle any litigation to <br />which it is a party unless it approves such settlement in its sole discretion. This covenant shall <br />survive the termination of this Agreement. <br />(e) Developer agrees that Developer will cooperate fully with the City in <br />resolution of any traffic, parking, trash removal or public safety problems which may arise in <br />connection with the construction and operation of the Project. <br />ARTICLE IV <br />PURCHASE AGREEMENT <br />Section 4.1 Purchase Agreement. The HRA and Developer are executing the <br />Purchase Agreement and delivering it to one another contemporaneously with the execution and <br />delivery of this Agreement. <br />Section 4.2 Relationship Between this Agreement and the Purchase Agreement. In the <br />event of a conflict between the terms of this Agreement and the terms of the Purchase <br />Agreement, the terms of this Agreement control. If the HRA or Developer terminate the <br />Purchase Agreement, this Agreement automatically terminates except as to terms and provisions <br />that this Agreement expressly states survive termination. The Purchase Agreement provides that <br />if the City, HRA or Developer terminate this Agreement, the Purchase Agreement automatically <br />terminates except as to terms and provisions that the Purchase Agreement expressly states <br />survive termination. <br />Section 4.3 Right of Reverter. The Purchase Agreement provides for the HRA's <br />conveyance of the Development Property to Developer subject to a right of reverter. The Right <br />of Reverter shall provide that (a) if the Developer fails to commence construction of the <br />Minimum Improvements on or before the Commencement Date, as the same may be extended <br />pursuant to Section 5.4 as a result of an Unavoidable Delay; (b) if Developer fails to <br />substantially complete the construction of the Minimum Improvements in accordance with the <br />Final Construction Plans on or before the Completion Date, as the same may be extended <br />pursuant to Section 5.4 as a result of an Unavoidable Delay; or (c) if the holder of a Construction <br />Mortgage commences proceedings to foreclose the Construction Mortgage prior to Developer's <br />substantial completion of the Minimum Improvements, the HRA may commence an action in <br />Anoka County District Court seeking an order that re -vests title to the Development Property in <br />the HRA and grants the HRA immediate possession of the Development Property. In the <br />Purchase Agreement, the HRA agrees that the HRA will subject the HRA's interest in the <br />Development Property pursuant to the Right of Reverter to the lien of any Construction <br />Mortgage provided the holder of the Construction Mortgage acknowledges, in writing, that if the <br />Construction Mortgage is foreclosed and if the HRA obtains a District Court Order re- vesting <br />title to the Development Property in the HRA, the HRA shall be entitled to redeem the <br />Development Property from foreclosure, as an owner, pursuant to Minnesota Statutes Sections <br />580 or 581, as applicable. <br />2695614v8 <br />12/17/10 <br />7 <br />
The URL can be used to link to this page
Your browser does not support the video tag.