2001 - Orono Senior Housing L.L.C.- PUD #2B agreement

Home Browse Search

Compliance with some of these restrictions is within the control of the City and co*tpliance with some of these restrictions is within the control of the Developer and/or Owner. (4) The City has agreed to defer Sewer and Water Connection Fees in the amount of$40,838 and Park Dedication Fees in the amount of$161,200 that would otherwise be due sit the time of development of the Senior Housing.The City will reimburse itself for these deferred fees via TIF proceeds as described in the"Delveloprnent Agreement"as long as there is no dcfault by the Developer under tie terms of that Agreement. (e) The City covenants not to take any actions,including without limitation any approval of the expenditure by the City of increment from the T1F District not applied toward payment of th* TIF Note, which would violate the TIF Act, invalidate the TIF District in whcile or in part or adversely affect the tax increment payment obligations to the Develojer under this Agreement or the TIF Note. Nothing-in-this-subsection shall diminish the Developer's obligations-under-this--Agree •• • • - - • liability of the City respecting an Event of Default. The City shall promptly give the Developer written notice and copy of any lawsuit or similar proceeding,or any threat thereof, and 4f any communication from the Office of the State Auditor, the Department of Revenue,Hennepin County or other public official which questions the propriety ccr legality of the TIF District or the expenditure of its increment. 18. Co 'alliance. At any time and from,time to time the Developer may request that the City provide the Develop& a certificate certifying that that the terms and provisions of this Agreement have been jeornplied with and that this PUD Agreement is in full force and effect with respect to the de+elopment for the purpose of facilitating sale,mortgage, insurance or other matters. To the,extent that there be any bona fide defaults in such compliance, the Developer shall be aforded a reasonable time to bring the development into conformance, and thereafter the Cit)}shall be obligated to provide such certificate. 19. Binding Effect: Thei terms and provisions hereof shall be binding upon and inure to the •• • • - - • , - r - - Y. • , I - • .I I .I. •'J • •.1 • - • d • • • binding deemed coveants running with the land. References herein to Developer, if there be more than one,shad mean each and all of them. This agreement at the option of the City shall be placed of record so as co give notice hereof to any errand encumbrancers of all Or any part of the property. Developer Initial City Clerk Initial )9,a4/ Page 12 of 17