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10/09/12
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10/09/12
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7/18/2025 11:18:55 AM
Creation date
10/8/2012 8:46:15 AM
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Meetings
Meeting Document Type
Agenda
Document Title
Housing & Redevelopment Authority
Document Date
10/09/2012
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material or labor to be furnished to the Property in a <br />manner and to an extent sufficient that a mechanic's lien <br />for such work would attach and take effect pursuant to <br />Minn. Stat. §514.05, and Buyer will be deemed to have <br />substantially completed construction of Buyer <br />Improvements when Buyer Improvements are sufficiently <br />complete to make them eligible for receipt of a certificate <br />of occupancy under the City's ordinances. To facilitate <br />Buyer's acquisition of financing for the project, Seller will <br />subject Seller's interest under the right of re-entry to the <br />lien of a mortgage granted by Buyer provided Buyer and <br />the Mortgagee agree that the proceeds of the loan that the <br />mortgage secures must be used to pay hard or soft costs <br />Buyer incurs in connection with the acquisition of the <br />Property and the construction of Buyer Improvements and <br />provided further that Buyer and mortgagee acknowledge, in <br />writing, that if Buyer defaults in the performance of <br />Buyer's obligations under the mortgage and the mortgagee <br />forecloses before Buyer has satisfied the conditions of the <br />right of re-entry, Seller may redeem the Property from <br />foreclosure, as an owner, within the time allowed by law. <br />The provisions of this Section 7(e) shall survive the <br />Closing and the delivery of the Deed. <br />(f) The Agreement and Declaration of Easements, Covenants <br />and Restrictions for COR Two attached as Exhibit B; <br />(g) <br />A special service district "SSD" established by the City of <br />Ramsey pursuant to Minn. Stat. Chapter 428 (A) described <br />on attached Exhibit C; <br />(h) The covenants, conditions, restrictions and easements <br />attached as Exhibit D (the Existing Encumbrances); <br />The COR Two Plat attached as Exhibit E; <br />Use restriction -Quick Service Restaurant with Beef or <br />Chicken Benefiting Lot 4 described on attached Exhibit F; <br />(k) The Sunwood Construction Improvements described on <br />attached Exhibit G; <br />(1) The Platting Fees attached as Exhibit H. <br />(i) <br />(j) <br />(ii) execute and deliver to BUYER and BUYER's title insurer, if any, a <br />Minnesota Uniform Conveyancing Form 50.1.3 Affidavit Regarding Business <br />Entity; <br />
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