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progress on the Minimum Improvements for a 90-day period following initiation of work, <br />the Lien may become immediately due and payable in full. Notwithstanding any other <br />provision herein to the contrary, the Lien may, at the City's option become immediately <br />due and payable in full if the Minimum Improvements are not completed by December <br />31, 2008, subject to Unavoidable Delays as defined in the Agreement. <br />4. The Lien shall become automatically null and void upon issuance by the City of a <br />Certificate of Completion for the Minimum Improvements. <br />5. The Lien shall run with the Development Property and shall insure to the benefit of, and <br />be binding upon, the parities hereto and their respective heirs, executors, representatives, <br />successors and assigns. <br />6. In the event that the Developer or any of its successors or assigns fails or refuses to make <br />the repayment required by this Lien Agreement, within the time established, the City <br />may, with or without notice, foreclose the Lien in the same manner as is provided by <br />statute for action for the foreclosure of mortgages upon real property. <br />7. This Lien Agreement shall be subordinate to any first mortgage granted by the Developer <br />to finance the construction of the Minimum Improvements. The City will execute any <br />agreements reasonably requested by the Developer and/or holders of any first mortgage <br />to evidence such subordination. <br />8. Capitalized terms not otherwise defined herein have the meanings given thin in the <br />Agreement. <br />CITY OF RAMSEY, MINNESOTA <br />Its: Mayor <br />Attest By: <br />Its: City Administrator <br />ASSET RESOU <br />ACQUISITION, <br />By: <br />Its: Chief Manager <br />40 <br />