Laserfiche WebLink
h, The Agreement to Pay Deficiencies. <br />i. If requested, a subordination agreement, subordinating the Lien Agreement to a <br />First Mortgage granted against the Development Property by Developer. <br />J. <br />The Development Permit in the form attached. <br />At the closing, Developer shall execute, where appropriate, and deliver to the City: <br />a. The Development Permit in the form attached. <br />b. The Assessment Agreement. <br />c. The Lien Agreement. <br />d. The Agreement to Pay Deficiencies <br />Section 2.7 Real Estate Taxes, Special Assessments, Utility Bills. Real estate taxes due and <br />payable in all years prior to that in which closing occurs, including any amounts otherwise <br />payable in such years which may have been deferred pursuant to the Minnesota Statutes or other <br />applicable law, shall be paid by City. Real estate taxes due and payable in the year in which <br />closing occurs, shall be pro -rated as of the Closing Date based upon the parties' respective <br />periods of ownership of the Development Property in the calendar year of closing. <br />On or prior to the Closing Date, City shall pay all special assessments, whether or not <br />then due, then levied against the Development Property or pending for improvements with <br />respect to which, as of the date of this Agreement, the letting of contracts has been duly <br />authorized by appropriate governmental action. <br />Section 2.8 Possession. City shall deliver possession of the Development Property to <br />Developer on the Closing Date. <br />Section 2.9 Developer's Contingencies. Developer's obligation to close under this <br />Agreement is expressly conditioned upon each of the following contingencies being satisfied or <br />waived on or before the closing date: <br />a. The Environmental Audit and Developer's inspections and investigations of the <br />Development Property shall have disclosed no unsatisfactory conditions or <br />defects, including no unsatisfactory environmental conditions. <br />b. Developer having determined that the Development Property is physically <br />suitable (including but not limited to, the elevation and soil conditions), for the <br />construction thereon of the Minimum Improvements. <br />c. Developer having determined that.it will be able to obtain financing and the City <br />having approved financing which, together with Developer's equity, is sufficient <br />for the Construction of the Minimum Improvements. <br />10 <br />