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12 <br />forth in Minn. Stat. § 549.09. For the purpose of this Article XII, “Event of Default” shall mean <br />any one or more of the following events: <br /> <br />(a) Failure by the Property Owner to timely pay any Pilot Payment to the City <br />on the Payment Date; or <br />(b) Failure of the Property Owner to observe or perform any other covenant, <br />condition, obligation or agreement on their part to be observed or performed under this <br />Agreement. <br />Section 12.4. Binding Effect. The obligation to make the PILOT Payment established <br />by this section shall be binding on future owners to the extent the Property remains tax-exempt. <br />The City shall have all remedies against further owners that it has against AFSA hereunder. <br /> <br /> <br /> <br /> IN WITNESS WHEREOF, the City has caused this Agreement to be duly executed in its <br />name and behalf and AFSA has caused this Agreement to be duly executed in its name and <br />behalf on or as of the date first above written. <br /> <br /> <br /> AFSA BUILDING COMPANY, a Non-Profit <br />Corporation <br /> <br /> By:________________________________ <br /> <br /> Its:______________________________ <br /> <br /> <br /> <br />STATE OF MINNESOTA ) <br /> ) SS. <br />COUNTY OF RAMSEY ) <br /> <br /> On this _____ day of _____________________, 2019, before me, a Notary Public within <br />and for said County, personally appeared ___________________________ to me known to be the <br />_____________________ of AFSA Building Company, a Non-Profit Corporation, and who <br />executed the foregoing instrument and acknowledged that they executed the same on behalf of said <br />company. <br /> <br /> <br /> Notary Public <br /> <br />***** <br />