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

Home

ARTICLE 3 REPRESENTATIONS AND WARRANTIES 3 1 REPRESENTATIONS AND WARRANTIES OF THE CITY The City represents and warrants to the Developei that (a) (b) The City is a Minnesota municipal corporation and a home rule charter city and has the power to enter into this Master Agreement and carry out its obligations hereunder The City has duly authorized the execution, delivery and performance of this Master Agreement The City has prepared the AUAR, as authorized by Minnesota Rules 4410 3610, and the City's current ordinances do not require further environmental review prior to Development of the RTC Project, except that a review of the AUAR is required every 5 years and a use proposed by a Secondary Developer may require further environmental review 3 2 REPRESENTATIONS AND WARRANTIES OF THE DEVELOPER The Developer iepiesents and wanants to the City (a) Except for the City Property, the Developer holds fee title to the Subject Property (b) The Developer is a Minnesota limited liability company in good standing under the laws of the State of Minnesota The Developer's members or board of governors have authonzed the individual executing this Master Agreement on behalf of the Developer to execute this Mastei Agreement on behalf of the Developer 3 3 DEVELOPER'S OBLIGATION TO EXECUTE AND RECORD THIS AGREEMENT AND THE MASTER FINAL PLAT The parties contemplate that the Developer will obtain title to the Subject Property after the City approves and executes this Master Agreement Aftei the Council approves this Master Agreement, the City will execute this Master Agreement and deposit it in escrow with the Developei's title insurer The Developer must submit the proposed Master Final Plat to the Council within 30 days after the date the Council approves this Master Agreement As set forth in Section 4 2, the City may terminate this Mastei Agieement if the Developer does not acquire fee title to all of the Subject Property except for the City Property, execute this Master Agieement and the Master Final Plat and record this Mastei Agieement and the Master Final Plat on or before December 31, 2003 If, at the time the Master Development Agreement or the Master Final Plat are recorded, as applicable, all of any part of the Subject Property is subject to a rnoitgage or other consensual or nonconsensual hen, the Developer must cause the lienholder to execute this Master Agreement or the Master Final Plat, as applicable, or a separate instrument, to unconditionally subject the lienholder's interest in the Subject Pioperty to the teuuis of this Master Agreement or the terms of the Master Final Plat, as applicable 155573Qv{3 10