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Development benchmark is achieved, the City may approve Final Plans for only an
<br />additional $48,363,000 00 of residential Development, because $241,815,000.00 of
<br />residential Development is hereby reserved for the Property.); (n) the City waives the
<br />applicability of Section 4.16 of the Master Development Agreement to such additional
<br />residential Development, or (iii) Purchaser's option rights with respect to a portion of the
<br />Property expire or are terminated prior to Purchaser's acquisition of fee title to such
<br />porlaon of the Property If Purchaser's option nghts with respect to a portion of the
<br />Property expire of are terminated prior to Purchaser's acquisition of fee title to such
<br />portion of the Property, the City may, pursuant to subsection {iii) above, approve Final
<br />Plans for residential Development on portions of the Subject Property other than the
<br />Property, provided, however, the total taxable market value of the residential
<br />Development the City approves pursuant to subsection (iii) may not exceed an amount
<br />equal to the product of $241,815,000 00 and a fraction the numerator of which is the
<br />number of square feet within that portion of the Property with respect to which
<br />Purchaser's option rights have expired or have terminated and the denominator of which
<br />is the total number of square feet within the Property. If Purchaser's option nghts with
<br />respect to a portion of the Property expire or are terminated before Purchaser acquires fee
<br />title to that portion of the Property, Seller may submit an affidavit to the City certifying
<br />that Purchaser's option nghts have expired or terminated with respect to a stated area of
<br />the Property, and the City may rely on such affidavit, without inquiry, for purposes of
<br />approving Final Plans pursuant to subsection (iii) above If the Property is totally built
<br />out with residential dwellings and the total taxable market value of the Property is less
<br />than $241,815,000.00, the actual total taxable market value of the Property shall
<br />thereafter be used in making any further determinations of whether benchmarks have
<br />been satisfied under Section 4 16.
<br />b The City's remedies under Section 15.1 of the Master Development
<br />Agreement are hereby modified as follows with respect to each portion of the Property
<br />(so long as Purchaser has option rights or fee ownership with respect to such portion of
<br />the Property),
<br />(1) The City shall provide Purchaser with Formal Notice of default by
<br />Seller under the terms of the Master Development Agreement, if the default
<br />specifically relates to the construction of improvements necessary for the
<br />Development of all or any portion of the Property, at the same time the City gives
<br />notice to Seller, and Purchaser shall have the same cure rights as Seller has under
<br />the Master Development Agreement For purposes of such Formal Notice,
<br />Purchaser's address shall be D.R. Horton, Inc. -Minnesota, 20860 Kenhndge
<br />Court, Suite 100, Lakeville, MN 55044, with a copy to D.R. Horton, Inc.
<br />Minnesota, Emerald Corporate Office, 1525 Lake Front Circle, The Woodlands,
<br />Texas, Attn- Randall Birdwell, with a copy to John C. Kuehn, Esq., Leonard,
<br />Street and Desnard P A , 150 South Fifth Street, Suite 2300, Minneapolis, MN
<br />55402, or to such other address as Purchaser shall have previously designated by
<br />Formal Notice given by Purchaser to the City in accordance with the "Formal
<br />Notice" provision in the Master Development Agreement Notices shall be
<br />deemed to have been duly given on the date of service if served personally on the
<br />party to whom notice is to be given, or on the third day after mailing if mailed as
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