04-25-2018 Council Packet - Laserfiche WebLink

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Recorder if the Property is abstract property and/or with the Ramsey County Registrar of Titles if the Property is Torrens property. The Developer shall, prior to the time that this Agreement, and any easement or other document which is required to be executed and recorded by the Developer pursuant to this Agreement is executed and recorded, furnish the City with title evidence and make arrangements satisfactory to the City confirming that at the time that this Agreement, and such easements or other documents are executed and recorded, that the Owners are the sole fee simple owner of the Property and that there are no other parties having an interest in or a lien or encumbrance against the Property other than mortgagees who have consented to and subjected and subordinated their interest in the Property, with respect to this Agreement and any easement or other document. No work shall commence on the Property prior to the recording of this Agreement. 7. This agreement is also subject to the Cost Agreement executed by the Developer and dated January 29, 2018. 8. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota. Any legal proceeding pertaining to this Agreement, or the rights or obligations of the parties hereunder, shall be venued in courts or tribunals located in Ramsey County, Minnesota. 9. No interest shall accrue to the benefit of, or be payable to, the Owner or Developer on the Financial Guarantee, City Costs Deposit, or any other monetary amount deposited with the City, unless a court of competent jurisdiction determines that the City improperly used or withheld such funds and awards the payment of interest. 10. Third parties shall have no recourse against the City under thisAgreement. 11. The action or inaction of City shall not constitute a waiver or amendment to the provisions of this Agreement. To be binding, amendments or waivers shall be in writing, signed by the parties and approved by written resolution of the City Council. City’s failure to promptly take legal action to enforce this Agreement shall not be a waiver or release. 12. This Agreement shall not be effective or binding upon the parties until the Agreement is recorded in the Office of the County Recorder for Ramsey County, Minnesota. 13. Upon recording, this Agreement shall be fully effective and binding upon the parties hereto. 14