06-20-2022 Council Packet - Laserfiche WebLink

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73850847v2 2 "Completion Date" shall mean the date when development of the Project and related activities upon the Premises have been completed and a Certificate of Completion has been issued by the City, which date shall be on or before December 31, 2024, subject to Unavoidable Delays and any extensions granted by the Lender. "Construction Costs" shall mean all costs paid to complete construction of the Project, including, but not limited to, site preparation costs, architectural fees, engineering fees, surveying charges, contractor fees, bond fees, insurance costs, legal fees, and all costs of labor, material and services paid or incurred by Borrower, as shown on a sworn construction cost statement approved by Lender. "Construction Plans" shall mean the written plans and specifications for the Project, which shall be approved in writing by the Lender prior to the advances disbursed pursuant to Article 3 and which are hereby made a part hereof, along with other drawings and related documents on the construction work to be performed by Borrower or its contractor on the Premises, which (a) shall be as detailed as the plans, specifications, drawings and related documents which are submitted to the building inspector of the City; and (b) shall include at least the following: (1) site plan; (2) basement plans, if applicable; (3) floor plan for each floor; and (4) landscape plan. Borrower agrees that all work items within the plans and specifications pertaining to mechanical, electrical or structural work shall have been reviewed, approved and/or certified by the appropriate licensed or registered professional engineer or architect as required by law and necessary to ensure health and safety. "Construction Start Date" shall mean the date on which the construction of the Project begins, which shall be no later than 30 days after the Date of Closing. "Date of Closing" shall mean on or before July 11, 2022. "Eligible Project Costs" means the portion of Construction Costs that are eligible for reimbursement from the TIF Loan Proceeds, as listed on Exhibit C attached hereto. "Event of Default" means an event of default, as defined in Section 5.01. "Fiscal Agent" shall mean U.S. Bank Trust Company, National Association, a national banking association, its successors and assigns. "Funding Loan Agreement" shall mean that certain Funding Loan Agreement by and between the City, the Fiscal Agent, and Allianz Life Insurance Company of North America, dated as of July 1, 2022, relating to the City's $9,319,750 Multifamily Housing Revenue Note (Twin Lake Apartments Project), Series 2022. “General Partner” shall mean Twin Lake GP LLC, a Minnesota limited liability company, the general partner of the Borrower, together with its successors and assigns. "Guaranty" shall mean the individual guaranty of repayment of the TIF Loan provided by Nicholas Walton, as an individual, in the form attached hereto as Exhibit D.