Agenda - Council - 01/10/1995 - Laserfiche WebLink

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Draft 1/4/95 The lien shall be repaid to the City within 90 days of completion date of the Site Improvements by the City unless, within such 90 days, the Owner completes construction of the Minimum Improvements. Payment of the lien shall be suspended during any time in which the Owner is making substantial progress on construction of the Minimum Improvements. If the Owner fails to make substantial progress on the Minimum Improvements for a 90-day period following initiation of work, the lien may become mediately due and payable in full. Notwithstanding any other provision herein to the contrary, the lien may become immediately due and payable in full if the improvements are not completed by June 1, 1996. The lien shall become null and void upon issuance by the City of a Certificate of Completion for the Minimum Improvements. 5. ~ This Agreement shall run with the Development Property and shall insure to the benefit of, ~' and be binding upon, the parities hereto and their respective heirs, executors, ~ representatives, successors and assigns. WENDELL'S, In the event that the Owner or any of their heirs, executors, representatives, successors or assigns fails or refuses to make the repayment required by this agreement within the time established, the City may with or without notice foreclose said lien in the same manner as is provided by statute for action for the foreclosure of mortgages upon real property. INC. By: Its: Notary Public ylTY OF RAMSEY: ~By: Attest: ~ Mayor City Administrator Page 33 S~ATE OF MINNESOTA ) ) ss. ~OUNTY OF ) On this~ day of , 1995, before me a Notary Public, sonaiIy appeared .... a , and. , a . of Wendell's, Inc., a corporation under the laws of State °f Minnesota, on behalf Of the Corporation.