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Patrick Brama <br />TIF Agreement — CAP Acquisitions <br />March 23, 2018 <br />Page 3 <br />5. Miscellaneous <br />a. Default. The following are considered events of default: (a) failure to pay <br />property taxes (b) Failure to construct the Project as required by the City <br />Development Agreement (c) failure to observe or perform any covenant, <br />condition, obligation or agreement under the TIF Agreement or City Development <br />Agreement, (d) mortgage foreclosure, or (e) if before issuance of a CO on the <br />property they file for bankruptcy, make an assignment for benefit of creditors, <br />admit in writing its inability to pay its debt. <br />b. EDA Remedies of Default. In the event of a default the City may (a) suspend <br />performance under the TIF Agreement and TIF Note, (b) cancel or rescind the <br />TIF Agreement and TIF Note, (c) Take any other necessary action to enforce <br />performance <br />c. Costs of Enforcement. The Developer is required to pay any reasonable fees of <br />the City in connection with enforcement of any events of default. <br />The remaining general provisions in the TIF Agreement are within industry standards <br />that Ehlers has seen within the Metropolitan Area on these types of developments. <br />Please contact me at 651-697-8512 with any questions. <br />cc: Mary Ippel — EDA Attorney <br />File <br />