Agenda - Council - 11/25/2003 - Laserfiche WebLink

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Agreement, any fights under the Master Development Agreement that this Agreement grants to Purchaser and any obligations under the Master Development Agreement that this Agreement imposes upon Purchaser relate only to the portions of the Property Purchaser actually acquires. Except as expressly set forth in this Agreement, if Purchaser does not acquire any portion of the Property, Purchaser shall acquire no rights and assume no obligations under the Master Development Agreement with respect to such portion of the Property. 2. Purchaser's Ri,~hts and Obligations under the Master Development A~eement. Purchaser's rights and obligations under the Master Development Agreement with respect to the Property shall be as follows: a. Both Seller and Purchaser shall have the benefit of Section 4.7 of the Master Development Agreement, such that either Seller or Purchaser may enforce Section 4.7 against the City. Notwithstanding the foregoing, Purchaser may enforce Section 4.7 of the Master Development Agreement only with respect to that portion of the Property in which Purchaser has rights, either as option holder or fee owner. So long as Purchaser has rights in any portion of the Property, either as option holder or fee owner, both Seller and Purchaser must consent, in writing,, to any requested change to the RTC Controls that affect that portion of the Property. b. Purchaser agrees to comply with Section 4.15 (permits) of the Master Development Agreement to the extent required for completion of Purchaser's development obligations pursuant to the Option Contract. Seller shall be solely responsible for obtaining all permits and payment of all fees associated with all permits required for development of the Property, except for the building permit for each residential unit to be constructed on the Property (including the fee for issuance of each such building permit), which shall be the responsibility of Purchaser. Purchaser acknowledges and agrees that the current fee for issuance of each building permit for a residential lot includes (i) the "Sanitary Sewer Connection charge/res. Equivalent" (currently $577.00 per residential unit) and (ii) the "Water Connection charge/res. Equivalent" (currently $1,285.00 per residential unit) as set forth in Exhibit G to the Master Development Agreement. Purchaser acknowledges and agrees that to obtain a building permit with respect to each of the residential lots included within the Property, the City's requirements may include, without limitation, an obligation for Purchaser to (i) install utilities from the point Seller is required to stub the utilities pursuant to the Option Contract to the point the utilities connect to the residential unit on each such residential lot, (ii) pave driveways and any sidewalks within each such residential lot, and (ii/) landscape each such residential lot. c. Purchaser acknowledges that it is subject to and bound bythe terms of Section 4.18 (special service district--park improvements) and waives the right to object to the establishment of the special service district, waives its r/ght to appeal the establishment of the special service district, and waives its right to file an objection to the ordinance, pursuant to Minn. Stat. Ch. 428A as cited in Section 4.18, with respect to the · Property. 2408159v5 2