Agenda - Council - 11/12/2013 - Laserfiche WebLink

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performance of one or more of the obligations the letters of credit described in Sections 7.2(c) and 7.8(d) of the Master Development Agreement secure do not specifically relate to the construction of improvements necessary for the development of the Property and the City agrees not to deny building permits for buildings within a Phase of the Property and not to withhold approval of Final Plans of the Property if the Master Developer defaults in the performance of one or more of the obligations the Letters of Credit described in Sections 7.2(c) and 7.8(d) of the Master Development Agreement secure. b. Notification by City. The City agrees to use reasonable efforts to provide to Secondary Developer, by facsimile and by U.S. mail, written notice of all meeting time, dates, locations and agendas of the Ramsey Town Center Review Board, and Secondary Developer shall be entitled to attend and participate in all such Review Board meetings; provided, however, the City shall have no liability for failure to provide such notice and the failure to provide such notice shall not prejudice the effectiveness of any action taken at any such meetings. c. City Consent to Conveyance. The City hereby consents to the conveyance of the Property from Master Developer to Secondary Developer. d. City and Secondary Developer Acknowledgment of Development Agreement Status. The City acknowledges and agrees that, except as specifically amended herein, the Master Development Agreement is in full force and effect and has not been modified or amended. Notwithstanding the terms of Section 10.1 of the Master Development Agreement, the City has allowed the Developer to commence the first phase of the mass grading and storm water management system construction without requiring the Developer to submit a letter of credit in an amount equal to 125% of the full cost of the mass grading for the Subject Property and 125% of the cost of the storm water management system which is a part of the first phase. Instead, the City has allowed the Developer to commence specified mass grading and storm water management system construction based on a letter of credit in an amount the City deems sufficient to secure the Developer's performance of the specified activities. The Secondary Developer acknowledges and agrees that the provisions of the Master Development Agreement relating to the Master Development Agreement are solely for the benefit to the City, and the Secondary Developer further agrees that City may from time to time and in the City's sole and absolute discretion, determine the amount of the letter of credit the City requires from the Master Developer or waive the requirement for the letter of credit. 8. MISCELLANEOUS PROVISIONS. a. Binding Upon Successors. The terms, provisions, covenants, and agreements contained in this Agreement shall apply to, be binding upon, and inure to the benefit of, the parties hereto and their respective legal representatives, successors, and assigns. b. Paragraph Headings. The paragraph headings used in this Agreement are for convenience purposes only, and shall not be used in the interpretation of this Agreement. 9