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04/05/11 Work Session
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04/05/11 Work Session
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7/18/2025 10:59:29 AM
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4/1/2011 12:43:18 PM
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Meetings
Meeting Document Type
Agenda
Document Title
Housing & Redevelopment Authority - Work Session
Document Date
04/05/2011
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Section 15.13 Business Days. If the date this Agreement establishes for a party's <br />performance of an obligation or delivery of a notice is not a Business Day, the date for such <br />performance or for the delivery of such notice is automatically extended to the next Business <br />Day. <br />Section 15.14 Agreement to Pay Attorney's Fees and Expenses. Whenever a party <br />defaults in the performance of the party's obligations under this Agreement and one or both of <br />the other parties to this Agreement employs one or more attorneys to advise and represent it in <br />connection with such default or incurs other expenses in connection with or as a result of the <br />default, the defaulting party must, upon demand therefore, reimburse the non - defaulting parties <br />their reasonable fees of such attorneys and such other reasonable expenses as the non - defaulting <br />parties may incur. <br />Section 15.15 Agreement Regarding Commercial Space and Related Business Subsidy <br />Agreement. Contemporaneously with the closing on Developer's Purchase of the Development <br />Property pursuant to the Purchase Agreement, Developer and the HRA will execute an <br />Agreement Regarding Commercial Space in the form attached as Exhibit K. The Agreement <br />Regarding Commercial Space will set forth certain terms and conditions under which the HRA <br />will agree to make payments to Developer if Developer is unable to lease the approximately <br />3,000 square feet of the Minimum Improvements that are intended for commercial use within the <br />first twelve (12) months following substantial completion of the Minimum Improvements. The <br />payments are intended to place Developer in substantially the same position Developer would be <br />if Developer leased the Commercial Space for a three -year term at a rental rent of $16.00 per <br />square foot upon other terms and conditions substantially similar to leases of similar space in the <br />Twin Cities' area. <br />2695614v8 <br />12/17/10 <br />21 <br />
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