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g. Remedy of De fault. I f the Developer (or the construction lender) does not cure various events of de fault as provided for in the various agreements, the City and or HRA may terminate the Development Agreement, Loan Agreement and TIFNote. Please contact me at 651-697-8506 with any questions. Notification: Public Hearings for the sale of land by the HRA and for public subsidy will occur at the December 14th, 2010 regular city council meeting and were published by December 3rd, 2010. Observations: Attached for your consideration as the HRA tonight is the Purchase Agreement, one of several components of the contract documents. Also attached to this case: • A summary of all documents, and when we anticipate those coming forward for various approvals by both the HRA and the City Council. • Memo from Ehlers , the HRA's financial consultant on this project. In the Purchase Agreement the HRA agrees to sell Lot 3, Block 1, COR ONE, Anoka County, Minnesota to F & C Ramsey, LLC ("F & C") for $250,000.00. The HRA assumes the obligation to record the final plat of COR ONE, to pay any fees Section 117 of the City's Ordinances imposes in connection with the recording of the final plat, to pay any special assessments levied against the property as of the Date of Closing, and to provide F & C with a title commitment and survey to evidence the status of the HRA's title to the property. The HRA represents that they have the legal authority to sell the property, that to the best of its knowledge, there are no tenants or other third parties in possession of any portion of the property, that the HRA has not entered into any other contracts, purchase agreements, options or rights of first refusal relating to the property and that, to the best of the HRA's knowledge, there are no hazardous substances located on the property except as may be disclosed in the Phase I report the HRA received from its seller. The HRA's obligation to sell is contingent upon F& C providing the City with evidence, reasonably acceptable to the HRA, that F & C has obtained all necessary governmental approvals to build the project and has obtained financing sufficient to finance 65% of the construction costs. The HRA's obligations are also contingent upon the HRA's determination, on or before January 14, 2011, that the City will secure a stop on the North Star Commuter Rail Line and construct a stop and station on or before July 1, 2012. F & C is obligated to purchase the property for $250,000. The HRA's conveyance of the property to F & C will be subject to a right of reverter in favor of the HRA which the HRA may exercise if F & C fails to substantially complete construction on project on or before June 30, 2013 (subject to force majeure) or if, prior to the earlier of June 30, 2013 or substantial completion, F & C's lender commences foreclosure proceedings F & C's obligation to purchase is contingent upon F & C's determination, on or before December 31, 2010, that the condition of the property is acceptable to F & C, F & C's determination that the terms of the amended Parking Improvement Use and Maintenance Agreement and the terms of the Special Service District Ordinance are acceptable to F & C, F & C's acquisition of all governmental permits necessary for the construction of the project, F & C's acquisition of financing and F & C's determination, on or before January 14, 2011, that the City will secure a stop on the North Star Commuter Rail Line and construct a stop and station on or before July 1, 2012.