Agenda - Council - 09/26/2017 - Laserfiche WebLink

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Mortgagee shall exceed Two Hundred Thousand and No/100 Dollars ($200,000.00); and (c) if the work is structural, or if the cost of the work as estimated by the Mortgagee shall exceed Two Hundred Thousand and No/100 Dollars ($200,000.00), plans and specifications for such work will be prepared by a licensed architect reasonably satisfactory to Mortgagee which plans and specifications will be subject to approval by Mortgagee, and which approval as to architect, plans and specifications will not be withheld unreasonably; and (d) Mortgagor submits the following items to Mortgagee for its approval, which approval will not be withheld, conditioned or delayed unreasonably: (1) evidence of sufficient contractor's commercial general liability insurance, builder's risk insurance and workmen's compensation insurance, insuring Mortgagor and Mortgagee, as their interests may appear, all issued by insurance companies legally authorized to do business in the State of Minnesota; (2) if the cost of the work as estimated by the Mortgagee shall exceed Two Hundred Thousand and No/100 Dollars ($200,000.00), performance and payment bond(s) issued by an insurance company legally authorized to do business in the State of Minnesota, reasonably satisfactory to Mortgagee and naming Mortgagee, and Mortgagor as co -obligees thereon; (3) a project cost certificate itemizing the cost of the work; (4) if the cost of the work as estimated by the Mortgagee shall exceed Two Hundred Thousand and No/100 Dollars ($200,000.00), a guaranteed -maximum - cost construction contract for performance of the work, executed by an acceptable contractor; (5) if the cost of the work as estimated by the Mortgagee shall exceed Two Hundred Thousand and No/100 Dollars ($200,000.00), a guaranteed - maximum -cost architectural contract; and (6) if applicable, assignments of (4) and (5) above in favor of Mortgagee, and signed by the contractor and architect approved by the Mortgagee; and (e) If the cost of the work as estimated by the Mortgagee shall exceed Two Hundred Thousand and No/100 Dollars ($200,000.00), Mortgagor, Mortgagee and the title insurance company shall have entered into an agreement in form and substance reasonably acceptable to Mortgagee whereby all payments to be made by such title insurance company will be based upon lien waivers and completion certificates reasonably satisfactory to such title insurance company to insure that sufficient funds will be available to complete the restoration of the property, and to insure that Mortgagee will continue to have full title insurance including, without limitation, mechanic's lien insurance, during and after the construction period. In the event that all of the foregoing conditions are met within 90 days after said availability of proceeds, the Mortgagee shall make its share of the insurance or condemnation proceeds (not in excess of the amount required for repair, restoration and replacement of the property) available to, as applicable, Mortgagor or the title insurance company set forth in paragraph (b) above. Said funds shall first be applied toward repair and restoration of the portion of the Mortgaged Property not taken by any condemnation, and may then be used for the purchase of additional US.113578590.01 B-2-12