09-25-2017 Council Packet - Laserfiche WebLink

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NOW, THEREFORE, the parties agree as follows: 1. Developer. Section 1.1(e) shall be amended to delete "Orono Senior Housing, LLC" and to add "Orono Woods Apartments, LLC." 2. Tax Exempt Bonds Paid in Full. All Housing Bonds have been paid in full. As a result, Section 3.1 and all other references to "Housing Bonds" or "Financing Documents" are hereby deleted. 3. Ground Lease Terminated. The Ground Lease has been terminated. As a result, Section 3.3 and all other references to "Ground Lease" are hereby deleted. 4. Age of Residents. Section 2.1(f) shall be amended to delete "62 years of age or older" and to add the following: "fifty-five (55) years of age or older (the "Senior Housing Restriction"). The Senior Housing Restriction will be deemed satisfied if a married couple rents a rental housing unit in the Project and one of the spouses is 55 years of age or older, even though the other spouse is younger than 55 years of age. Moreover, if a housing unit is leased to a married couple, one of whom is 55 years of age or older, and one of whom is less than 55 years of age, and if the older spouse dies, or due to health reasons must relocate to a nursing home or similar facility, then the younger spouse remaining in the housing unit will continue to be deemed to meet and satisfy the Senior Housing Restriction, even if he/she is less than 55 years of age." Section 3.2 shall be amended to delete "who are not 62 years of age or older" and to add "in violation of the Senior Housing Restriction." 5. TIF Note. The TIF Note and the payments due thereunder have been assigned and endorsed to the Developer. The parties acknowledge the Developer is the holder of the TIF Note and is entitled to all payments from the City due thereunder. If it is determined that the TIF Note has been lost or misplaced, the City will execute a replacement TIF Note under the same terms of the original. 6. Construction of Improvements. All construction on the Improvements relating to the Project has been completed. A Certificate of Completion has been issued and filed as contemplated by Section 4.4 of the Development Agreement. As a result, and pursuant to Section 4. 1, the Development property is released from the requirements of Article IV ("Construction of Improvements") and is no longer encumbered by the obligations imposed thereunder. As a further result of the Certificate of Completion being issued and filed, Sections 5.1 and 5.3 (relating to covenants imposed on the parties prior to the issuance of the Certificate of Completion), and Sections 2.1(a) and 2.1(c) (relating to representations and covenants prior to the completion of the Improvements) are hereby deleted. 7. Notices and Demands. Section 8.3(c) is amended to: (c) As to the Developer: Orono Woods Apartments, LLC 2