07-23-2003 Council Agenda - Laserfiche WebLink

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the Developer will submit the Assessment Agreement to the County Assessor for certification as provided for in Minnesota Statutes, Section 469.177, Subd. 8. Upon the County Assessor's certification of the Assessment Agreement, and before or contemporaneously with the EDA's conveyance of the Development Property to the Developer, the EDA and the Developer will record the Assessment Agreement in the County land records. 7.2. Release of Assessment Agreement and Reduction of Minimum Market Value. The EDA's issuance of a Certificate of Completion and Release pursuant to Section 6.5 will also release the portion of the Development Property described in the Certificate of Completion and Release from the Assessment Agreement. Upon the EDA's execution and delivery of a Certificate of Completion and Release for a unit, the minimum market value set forth in the Assessment Agreement is automatically reduced by an amount equal to $269,040.00 for each unit released. If, in addition to releasing units, the Certificate of Completion and Release releases common elements of a common interest community of which the unit is a part, the minimum market value set forth in the Assessment Agreement will not be reduced to reflect the separate market value of the common elements it being agreed that the market value of the common elements is included in the market value of the units. 7.3. Impact of the this Agreement and the Assessment Agreement upon the Mellgren Property. It is the Developer's intention to acquire the Mellgren Property pursuant to a contract for deed with the Mellgren Property's owner ( "Mellgren ") and subject to an existing mortgage (the "Mellgren Mortgage "). The EDA acknowledges that neither this Agreement or the Assessment Agreement referenced in Section 7.1 are binding upon the interests of Mellgren or the holder of the Mellgren Mortgage and acknowledges that if the Developer's interest in the Mellgren Property is extinguished either as a result of Mellgren's cancellation of the contract for deed pursuant to Minnesota Statutes, Section 559.21 or through the foreclosure of the Mellgren Mortgage and the failure of Mellgren or the Developer to redeem the Mellgren Property from the foreclosure, the Mellgren Property will not be subject to the terms of this Agreement or the Assessment Agreement. 8. PAYMENT OF REAL ESTATE TAXES AND TAX INCREMENT SHORTFALL, GUARANTY. 1450998v8 8.1. Real Property Taxes. The Developer must pay all real estate taxes due and payable with respect to the Development Property between the date the EDA conveys the Rutzik/Cardinal /Venetian Property to the Developer and the Termination Date; provided, however, that upon the Developer's conveyance of a residential unit constricted on the Development Property to a bona fide third party, the Developer is relieved of its obligation to pay the real estate taxes due and payable with respect to that residential unit, and if the Developer conveys a portion of the Development Property to an association as common elements of a planned community, the Developer is thereafter relieved of its obligation to pay the real estate taxes due and payable with respect to that portion of the Development Property. The Developer further agrees that that, prior to the Termination Date, the Developer will not: - 1 3 -