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ASSIGNMENT OF CONSTRUCTION/ARTHITECT'S CONTRACTS 16. (2)
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ASSIGNMENT OF CONSTRUCTION/ARTHITECT'S CONTRACTS 16. (2)
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8/22/2023 4:55:39 PM
Creation date
10/4/2021 10:36:45 AM
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x Address Old
House Number
2040
Street Name
Wayzata
Street Type
Boulevard
Street Direction
West
Address
2040 Wayzata Boulevard West
Document Type
Land Use
PIN
3411823210036
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ARCHITECT'S ACKNOWLEDGMENT AND CONSENT <br /> In consideration of the Underwriter's purchase of the Bonds issued to finance the Project <br /> as described in the foregoing Assignment, the undersigned Architect hereby consents to the <br /> above Assignment and acknowledges and agrees with the Trustee as follows. Any capitalized <br /> term used but not defined herein, has the meaning assigned such term in the above Assignment, <br /> unless otherwise noted. <br /> 1. The Architect has entered into the Architect's Contract(as identified on Schedule <br /> I to the Assignment) with the Company whereby the Architect has agreed to act as Architect in <br /> connection with the design and construction of the Project. <br /> 2. The Architect's Contract is in full force and effect, has not been modified or <br /> assigned and no event has occurred or failed to occur as of the date hereof which but for the <br /> passage of time, the giving of notice or both, would be a default thereunder. <br /> 3. Upon the occurrence of an Event of Default under the Loan Agreement, the <br /> Indenture, the Mortgage or the Subordinate Mortgage, the Architect shall, at the Trustee's <br /> request, continue performance on the Trustee's behalf under the Architect's Contract in <br /> accordance with the terms thereof,provided that the Architect shall be reimbursed in accordance <br /> with the Architect's Contract for all work, labor and materials rendered by the Architect on the <br /> Trustee's behalf. <br /> 4. The disbursement provisions contained in the Loan Agreement shall control <br /> disbursement of the payments to the Architect. <br /> 5. The Trustee may enforce the obligations of the Architect's Contract with the same <br /> force and effect as if enforced by the Company; and may perform the obligations of the <br /> Company; and the Architect will accept such performance in lieu of performance by the <br /> Company in satisfaction of the Company's obligations thereunder. <br /> 6. The Architect will give the Trustee prompt written notice of any default by the <br /> Company under the Architect's Contract. <br /> 7. The Architect will not terminate the Architect's Contract on account of any default <br /> of the Company thereunder without written notice of such default to the Trustee and providing <br /> the Trustee thirty(30)days to cure the default. In the event the Trustee so elects to complete the <br /> Project, the Architect will not terminate the Architect's Contract so long as the default of the <br /> Company thereunder is cured by the Trustee within a reasonable time. However,nothing herein <br /> shall require the Trustee to cure any default of the Company under the Architect's Contract. <br /> 8. The Project as reflected in the Plans does and will comply, to the best of the <br /> Architect's professional knowledge,in all material respects,with all federal state and local laws, <br /> ordinances, codes and rules applicable to structures of the nature of the Project. The officer <br /> 1 <br />
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