Agenda - Council - 01/14/2014 - Laserfiche WebLink

Home

completes construction of the Minimum Improvements. Payment of the lien amount shall be suspended during any time in which the Developer is making substantial progress on construction of the Minimum Improvements. If the Developer fails to make substantial progress on the Minimum Improvements for a 90-day period following initiation of work, the lien amount may become immediately due and payable in full. Notwithstanding any other provision herein to the contrary, the lien amount may, at the City's option become immediately due and payable in full if the Minimum Improvements are not substantially completed by December 31, 2007, subject to Unavoidable Delays as defined in the Agreement. 4. The Lien shall automatically become null and void upon issuance by the City of a Certificate of Completion for the Minimum Improvements. 5. This agreement shall run with the Development Property and shall insure to the benefit of, and be binding upon, the parities hereto and their respective heirs, executors, representatives, successors and assigns. 6. In the event that the Developer or any of its successors or assigns fails or refuses to make the repayment required by this agreement, within the time established. the City may, with or without notice, foreclose said lien in the same manner as is provided by statute for action for the foreclosure of mortgages upon real property. 7. This agreement shall be subordinate to any first mortgage granted by the Developer to finance the construction of the Minimum Improvements. The City will execute any agreements reasonably requested by the Developer and/or Holders of any first mortgage to evidence such subordination. 8. Capitalized terms not otherwise defined herein have the meanings given them in the Agreement. CITY OF RAMSEY, MINNESOTA BY"..t�. Its: Mayor Its: m City Admiiistrator O'CULLINAN PROPERTIES, LLC By: Its: Chief Manager 39