Agenda - Council - 08/25/1998 - Laserfiche WebLink

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I '1 I I I I I I I '1 I I I I ! I I I determine, and thig Right of First Refusal tO Acquire Property shall terminate and be of no further force and effect. 2. The City shall have the right to acquire the Land and the Project in consideration of its assumption of al'l outstanding debt with respect to the Land and the Project, and with no additional cash payment; provided, however, that if the City should resell the Land and the Project or fail to operate the Project as a senior citizen housing project consistent with the limitations Of Section 4 of the Joint Powers Agreement at any time during a period, which commences on its acquisition of title and extends for a period equal to the period during which the ACHRA held title to the Land, sale proceeds in the case of sale, or appraised value of the Project as a market rate housing project in the case of failure to operate, if any, in excess of mounts necessary to pay remaining debt service costs of the original bond f'mancing shall be divided equally between the City and the ACHRA. 3. The ACHRA makes no re'i~resentations whatsoever as to the character of the real estate involved, zoning ordinances, state of title, marketability of title, liens, encumbrances, sewers, encroachments or restrictions of any kind whatsoever, and agrees only to convey whatsoever title it has; provided that the ACHR. A covenants that it shall allow no liens to attach to the Land during its period of ownership, and upon exercise by the City of its rights hereunder, the ACHRA shall return title to the Land to the City in the same condition as it was received from the City. 4. Notices hereunder shall be in writing and shall be deemed to have been given at the time when mailed in a United States Post Office by reg'ular, first-class mail, postage prepaid to the addresses set forth, which addresses may be amended in writing from time to time in the manner herein provided for notices:' To the City: City of Ramsey Rarnsey, MN Attn.' B-2