Agenda - Council - 04/13/2004 - Laserfiche WebLink

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If requested, a subordination agreement, subordinating the Lien Agreement to a First Mo~ntgage granted against the Development Property by Developer. The Development Permit in the form attached. At thc closing, Developer shall execute, where appropriate, and deliver to the City: a. The Development Permit in the form attached. b. The Assessment Agreement. c. The Lien Agreement. d. The Agreement to Pay Deficiencies e. Certified check payable to the City in the amount of $65,000.00 Section 2.7 Real Estate Taxes, Special Assessments, Utility Bills. Real estate taxes due and payable in all years prior to that in which closing occurs, including any amounts otherwise payable in such years which may have been deferred pursuant to the Minnesota Statutes or other applicable law, shall be paid by City. Real estate taxes due and payable in the year in which closing occurs, shall be pro-rated as of the Closing Date based upon the parties' respective periods of ownership of the Development Property in the calendar year of closing. On or prior to the Closing Date, City shall pay all special assessments, whether or not then due, then levied against the Development Property or pending for improvements with respect to which, as of the date of this Agreement, the letting of contracts has been duly authorized by appropriate governmental action. Section 2.8 Possession. City shall deliver possession of the Development Property to Developer on the Closing Date. Section 2.9 Developer's Contingencies. Developer's obligation to close under this Agreement is expressly conditioned upon each of the following contingencies being satisfied or waived on or before the closing date: The Environmental Audit and Developer's inspections and investigations of the Development Property shall have disclosed no unsatisfactory conditions or defects, including no unsatisfactory environmental conditions. Developer having determined that the Development Property is physically snitable (including but not limited to, the elevation and soil conditions), for the construction thereon of the Minimum Improvements. Developer having determined that it will be able to obtain financing and the City having approved financing which, together with Developer's equity, is sufficient for the Construction of the Minimum Improvements.