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16. <br /> <br />17. <br /> <br />City, on the date that is five (5) years from the date of this First Amendment, the <br />entire outstanding principal balance of the $2,000,000.00. No such payments are <br />due as a result of DevelOper's prior sale of the Urisold Subject Property or <br />Developer's prior sale of Outlot I, RAMSEY TOWN CENTER ADDITION, <br />Anoka County, Minnesota* [AND THE 1031 EXCHANGE THAT TOOK <br />PLACE IN 12/0.4--ROLFE VqORDEN HAS THE DETAILS.1. <br /> <br />Subject to the condition precedent and the condition subsequent described beloTM, <br />Sections 4.17, 4.18 and 4.19 o'f the Master Agreement are deleted and the text of each <br />Section is replaced with the following: "INTENTIONALLY OMITTED". The <br />provisions of this SectiOn 16 are not effective until the City has levied the special <br />assessments described in Sections 7.6, 7.12, 7.16 and 9.2 of the Master Agreement, as <br />amended by this First Amendment, and the period during which any party is entitled to <br />object to or appeal any one or more of those assessments pursuant to Minnesota Statutes, <br />Section 429.08t has expired. Once. all applicable appeal .periods under Minnesota <br />Statutes, Section 429.081 have expired, the City and the Developer must execute a <br />written instrument confirming the expiration of those appeal periods. If prior to the <br />expiration of the appeal Periods established by Minnesota Statutes, Section 429.081, <br />Developer or any other party with any right, title or interest 'in or to the Unsold Subject <br />Property files a notice of objection to the special assessment pursuant to Minnesota <br />Statutes, Section 429.061, Subd, 2,-or commences an action to appeal the special <br />assessment pursuant to Minnesota Statutes, Section 429.081 or otherwise, this Section 16 <br />shall, at the option of the City, terminate and be of no further force and effect. <br /> <br />Section 5.1 of the Master Agreement is hereby deleted in entirety, and a new Section 5.1, <br />is hereby added to the Master Agreement to read as follows: <br /> <br />5.1 CITY HALL AND cITY pARKING RAMP SITES. <br /> <br />after the date hereof'as the City plats the Core Area as Ramse¥ Town <br />Center '5th Addition, th_._~e City must convey the City's Ninety Foot Tract to <br />the Developer subject to all covenants, conditions, restrictions and <br />easements that were of record as_ of September 16, 2003, if any, and the <br />pending special assessments described in Section 7.6, 7112, 7.16 and 9.2 of <br />the Master Agreement, as :amended, and the Developer must convey <br />marketable title to the City Hall and Parking Ramp Sites to the City <br />snbject only to <br /> <br />(a) the pending special assessments described in Section 7.6, 7.12, <br />7.16 and 9.2 of this Master Agreement, as amended [Jim, is this <br />correct?l; <br /> <br />(b) the restriction set forth in .the [Tills IS THE RESTRICTIVE <br />COVENANT IN FAVOR OF COMMUNITY NATIONAL BANK-- <br /> <br />ROLFI~ WORDEN HAS THE PARTICULARS ON HIS <br /> <br />I)OCUMENT.1 : dated and recorded in the <br />office of the Anoka County Registrar of .Titles on as <br /> <br />1710652v2 <br /> <br />5 <br /> <br /> <br />