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Development Agreement relating to Orono Woods Apartments 4-30-01
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2040 Wayzata Boulevard West - 34-118-23-21-0036 - (Orono HRA)
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Development Agreement relating to Orono Woods Apartments 4-30-01
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Last modified
8/22/2023 4:55:41 PM
Creation date
10/18/2021 10:32:45 AM
Metadata
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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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Updated
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10.5 Forbearance. If there is a Mortgage on Tenant's interest in this Lease <br /> or the Development Property, Landlord will not terminate this Lease or Tenant's right <br /> of possession of the Development Property pursuant to Section 10.2, if Holder or any <br /> purchaser or transferee of Tenant's interest in this Lease or the Development by <br /> reason of foreclosure or other proceedings or by deed or assignment in lieu of such <br /> proceedings (or an assignee of Holder or such purchaser or transferee) shall, within <br /> forty-five (45) days after acquiring Tenant's interest in this Lease or the <br /> Development, cure all defaults susceptible of being cured by such entity (or, if such <br /> cure would reasonably require more than forty-five (45) days and thereafter promptly, <br /> effectively and continuously proceed to cure such default). Nothing in this Section <br /> shall affect Landlord's right to enforce any remedy under this Lease for an Event of <br /> Default except, so long as Holder is in the process of curing such Event of Default or <br /> foreclosing its Mortgage under this Section, the right to terminate this Lease or <br /> Tenant's right of possession of the Development. <br /> 10.6 Costs. Tenant shall indemnify Landlord against all costs and charges <br /> (including reasonable legal fees) lawfully and reasonably incurred in enforcing <br /> payment of Rent, and in obtaining possession of the Development after an Event of <br /> Default of Tenant or upon expiration or earlier termination of this Lease, or in <br /> enforcing any covenant, proviso or agreement of Tenant contained in this Lease. <br /> Landlord shall indemnify Tenant against all costs and charges (including legal fees) <br /> lawfully and reasonably incurred in enforcing any covenant, proviso or agreement of <br /> Landlord contained in this Lease. <br /> 10.7 Waiver of Default. No failure or delay by Landlord or Tenant to insist <br /> on strict performance of any term of this Lease or to exercise any right, power, or <br /> remedy upon a breach of this Lease shall constitute a waiver of such term or such <br /> breach. <br /> 10.8 Tenant's Liability. Notwithstanding anything to the contrary provided <br /> in this Lease, it is specifically understood and agreed, such agreement being a primary <br /> consideration for the execution of this Lease by Tenant, that(i)there shall be <br /> absolutely no personal liability on the part of Tenant, or its officers, directors, <br /> members, employees and agents, to Landlord with respect to any of the terms, <br /> covenants and conditions of this Lease, and(ii) Landlord shall look solely to <br /> recovering possession of the Development Property in the event of any breach by <br /> Tenant of any of the terms, covenants and conditions of this Lease to be performed by <br /> Tenant. <br /> ARTICLE 11 <br /> MISCELLANEOUS <br /> 11.1 Relationship. Nothing contained in this Lease shall create any <br /> relationship between the parties hereto other than that of lessor and lessee. Landlord <br /> and Tenant disclaim any intention to create a joint venture, partnership or agency <br /> relationship. <br /> 11.2 Number and Gender. The words "Landlord" and "Tenant" as used <br /> herein includes the plural as well as the singular. The use of specific gender includes <br /> any other gender as applicable. <br />
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