07-23-2003 Council Agenda - Laserfiche WebLink

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1450998v8 the Northeast Property, as defined in the Preliminary Development Agreement, and those portion of the Preliminary Development Agreement remain in full force and effect. 13.6. Law Governing. This Agreement will be governed and construed in accordance with the laws of the State. 13.7. Authority Approval. Any approval, execution of documents, or other action to be taken by the EDA pursuant to this Agreement, for the purpose of carrying out the terms of this Agreement or for the purpose of determining the sufficiency of the Developer's performance under this Agreement, may be made, executed or taken by the City's staff without further approval by the EDA. 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 this Agreement is not 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. 13.8. Memorandum. Contemporaneously with the execution of this Development Agreement the Parties will execute and the EDA may thereafter record a Memorandum of this Agreement in the foilit attached as Exhibit G. The benefits and burdens of the covenants and restrictions set forth in this Agreement run with title to the Development Property and inure to the benefit of and are binding upon the EDA, the Developer and their respective successors and assigns. 13.9. Effective Date. If the Parties execute and deliver this Agreement without completing the blank for the Effective Date in Section 1, the Effective Date is the date on which the last individual to execute this Agreement on behalf of one of the Parties acknowledges his or her signature as evidenced by the acknowledgments appearing beneath the Parties' signature blocks. 13.10. Third Party Litigation. Each Party will reasonably cooperate with the other Party with respect to any litigation third parties commence with respect to the Project. 13.11. Tel urination and Survival of Tel This Agreement terminates as of the Termination Date; provided, however, the EDA's obligations under Section 5.2, the Developer's obligations under Section 9.4 survive the expiration of this Agreement or the termination of this Agreement pursuant to Section 12.3(b) with respect to any event, occurrence or circumstance existing prior to the date of such expiration of tet,nination. 13.12. Common Interest Community Documents. The Developer must deliver drafts of the Common Interest Community Disclosure Statement, the Common Interest Community Declaration, and the Common Interest Community Association's Articles of _71_ -24-