10-29-2018 Council Packet - Laserfiche WebLink

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4626500v1 3 ARTICLE II REPRESENTATIONS AND WARRANTIES Section 2.1 Representations, Warranties and Covenants by the Property Owner. The Property Owner represents and warrants that: (a) The Property Owner is a corporation duly organized and in good standing under the laws of the State of Minnesota and the Property Owner is authorized to enter into and perform its obligations under this Agreement. (b) The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and the fulfillment of or compliance with the terms and conditions of this Agreement are not prevented or limited by and will not conflict with or result in a breach of any of the Property Owner's organizational documents or of any provision or requirement applicable to the Property Owner or of any provision of any evidence of indebtedness, agreement or instrument of whatever nature to which the Property Owner is now a party or by which it is bound. (c) The Property Owner has received no notice or communication from any local, state or federal official or body that any activities of the Property Owner respecting the Premises referenced by this Agreement may be or will be in violation of any law or regulation. ARTICLE III PILOT PAYMENTS Section 3.1 Payments in Lieu of Taxes. The Property Owner agrees to pay to the City, on each Payment Date, as a Pilot Payment, the amount calculated as indicated on Exhibit B attached hereto, Section 3.2 Payment Dates. The Pilot Payment shall be paid to the City at the address set forth in Section 6.3 hereof. The payment shall continue in to perpetuity or until the property is no longer tax exempt and is subject to normal property taxation at full value for non-exempt commercial property. Section 3.3 Late Payments. Interest shall accrue on any portion of a Pilot Payment not paid on when due at the annual rate of ten percent (10.00%).