Agenda - Council - 08/09/2005 - Laserfiche WebLink

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(h) The Agreement to Pay Deficiencies. (i) If requested, a subordination agreement, subordinating the Lien Agreement to a First Mortgage granted against the Development Property by Developer. The terms of any subordination agreement shall be acceptable to the City. At the closing, Developer shall execute, where appropriate, and/or deliver to the City: (j) The Development Permit. (k) The Assessment Agreement. (1) The Lien Agreement. (m) The Agreement to Pay Deficiencies. (n) Cashiers Check in the amount of 119,468.00, payable to the City, in order to compensate the City for the difference between the value of the Development Property and the Public hnprovements and the Financial Assistance provided by the City. Section 2.7. Real Estate Taxes, Special Assessments, Utility Bills and Deed Stamps. Real estate taxes duc and payable in all years prior to that in which closing occurs, including any amounts otherwise payable in such years which may have been deferred pursuant to the Minnesota Statutes or other applicable law, shall be paid by City. Real estate taxes due and payable in thc year in which closing occurs, including any amount otherwise payable in such year which may have been deferred pursuant to the Minnesota Statutes or other applicable law, shall be prorated as of the Closing Date based upon the parties' respective periods of ownership of the Development Property in the calendar year of closing. On or prior to the Closing Date, City shall pay all special assessments, including, but not limited to roadway or other like improvements to the Development Property, whether or not then clue, then levied against the Development Property or pending for improvements with respect to which, as of the date of this Agreement, the letting of contracts has been duly authorized by appropriatc governmental action. The City shall not make any special assessments in the future tbr the initial construction of the Public Improvements The Developer shall be responsible to pay the deed stamps necessary to be affixed to the warranty riced described in section 2.6.(a) above. Section 2.8. Possession. City shall deliver possession of the Development Property to l)evcloper on thc Closing Date. Section 2.9. Developer's Contingencies. Developer's obligation to close under this Agreement is expressly conditioned upon each of the following contingencies being satisfied or waived oa or before the closing date: (a) The Environmental Audit and Developer's inspections and investigations of the Development Property shall have disclosed no unsatisfactory conditions or defects, including no unsatisfactory environmental conditions that cannot be remedied by the City.