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shall be suspended during any time in which the Developer is making substantial <br /> progress on construction of the Minimum Improvements If the Developer fails to make <br /> substantial progress on the Minimum Improvements for a 90-day period following <br /> initiation of work, the lien amount may become immediately due and payable in full <br /> Notwithstanding any other provision herein to the contrary, the lien amount may, at the <br /> City's option become immediately due and payable in full if the Minimum Improvements <br /> are not completed by December 31, 2004, subject to Unavoidable Delays as defined in <br /> the Agreement <br /> 4. The Lien shall automatically become null and void upon issuance by the City of a <br /> Certificate of Completion for the Minimum Improvements <br /> I <br /> 5 This agreement shall run with the Development Property and shall insure to the benefit <br /> of, and be binding upon, the parities hereto and their respective heirs, executors, <br /> representatives, successors and assigns <br /> 6. In the event that the Developer or any of its successors or assigns fails or refuses to make <br /> the repayment required by this agreement, within the time established, the City may, with <br /> or without notice, foreclose said lien in the same manner as is provided by statute for <br /> action for the foreclosure of mortgages upon real property <br /> 7. This agreement shall be subordinate to any first mortgage granted by the Developer to <br /> finance the construction of the Minimum Improvements The City will execute any <br /> agreements reasonably requested by the Developer and/or Holders of any first mortgage <br /> to evidence such subordination <br /> 8 Capitalized terms not otherwise defined herein have the meanings given them in the <br /> Agreement <br /> CITY OF RAMSEY,MINNESOTA HSHT LLC <br /> By <br /> Its Mayor Its Chief Manager <br /> By <br /> ItsAyAnistrator <br /> 39 <br />