Agenda - Council - 07/12/2016 - Laserfiche WebLink

Home

14.4 DEVELOPER'S LENDER. The City acknowledges that the Developer intends to mortgage the Subject Property (except for the City Property) to Community National Bank (the "Bank"), whose address is 5481 St. Croix Trail, North Branch, MN 55056-5200, Attention: President, and that the Developer intends to collaterally assign its rights under the Master Agreement to the Bank pursuant to Section 14.2 above. The City agrees to provide Foinial Notice to the Bank, at the address set forth above, in the event of any default by the Developer, at the same time the City provides any Formal Notice to the Developer required pursuant t o Article 15 of this Master Agreement and to provide the Bank with the same opportunity to cure any default that is afforded to the Developer under the terms of this Master Agreement. 14.5 ESTOPPEL CERTIFICATES. Within twenty (20) days after the City's receipt of Formal Notice requesting an estoppel certificate, the City will cause an appropriate representative of the City to execute, acknowledge and deliver to the Developer an estoppel certificate certifying: (a) Either (i) that this Master Agreement is unmodified and in full force and effect; that this Master Agreement is in full force and effect as modified, and stating the modifications; or (ii) that this Master Agreement has terminated; and (b) Either that, to the best of City's actual knowledge, (i) neither the City nor the Developer is in default under this Master Agreement or (ii) stating that neither the City nor the Developer is in default under this Master Agreement except as stated in the Estoppel Certificate and setting forth, and specifying, the nature and extent of the default. 14.6 CERTIFICATE OF COMPLETION. Upon the Developer's completion of all of the Developer Public Improvements or a discrete portion of the Developer Public Improvements, the City will, upon the Developer's request, furnish the Developer with a recordable Certificate of Completion substantially in the form attached as Exhibit H. or will provide the Developer with a written statement indicating, in reasonable detail, in what respects the Developer has failed to complete the relevant Developer Public Improvement and the measures or acts that are required, in the opinion of the City, for the Developer to complete the Developer Public Improvement in question. The City will provide the Certificate of Completion or written statement described in this Section 14.6 within thirty (30) days after receipt of the Developer's request. Unless sooner terminated pursuant to the terms hereof, this Master Agreement terminates and neither party has any further liability hereunder, upon the full build out of all of the public and private improvements contemplated by the Master Development Plan, as the same may be amended from time to time, which shall be evidenced by Certificates of Completion having been issued as to all of the public improvements and certificates of occupancy as to all of the private improvements. When the City has: (a) Issued Certificates of Completion with respect to all of the Developer's Public Improvements; and (b) Entered into Secondary Development Agreements with Secondary Developer's for all of the Subject Property (other than property the City owns or property that has been dedicated to the Public), 1555730v13 36