PUD Agreement 2B for Orono Woods Apartments

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Compliance with some of these restrictions is within the control of the City and compliance 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 at the time of development of the Senior Housing.The City will reimburse itself for these deferred fees via TIF proceeds as described in the"Development Agreement"as long as there is no default by the Developer under the 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 TIF District not applied toward payment of the TIF Note, which would violate the TIF Act, invalidate the TIF District in whole or in part or adversely affect the tax increment payment obligations to the Developer under this Agreement or the TIF Note. Nothing in this subsection shall diminish the Developer's obligations under this Agreement or create any 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 of any communication from the Office of the State Auditor, the Department of Revenue, Hennepin County or other public official which questions the propriety or legality of the TIF District or the expenditure of its increment. 18. Compliance. At any time and from time to time the Developer may request that the City provide the Developer a certificate certifying that that the terms and provisions of this Agreement have been complied with and that this PUD Agreement is in full force and effect with respect to the development 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 afforded a reasonable time to bring the development into conformance, and thereafter the City shall be obligated to provide such certificate. 19. Binding Effect: The terms and provisions hereof shall be binding upon and inure to the benefit of the heirs,representatives,successors and assigns of the parties hereto and shall be binding deemed covenants running with the land. References herein to Developer, if there be more than one, shall mean each and all of them. This agreement at the option of the City shall be placed of record so as to give notice hereof to any subsequent purchasers and encumbrancers of all or any part of the property. Page 12 of 17