07-23-2003 Council Agenda - Laserfiche WebLink

Home Browse Search

EXHIBIT E Guaranty To induce the Economic Development Authority of the City of Little Canada, Minnesota (the "EDA "), to convey the Development Property (as defined in the Development Agreement) to The Villas at Little Canada LLC (the "Developer ") as provided in that certain Development Agreement between the EDA and the Developer, dated , 20 (the "Development Agreement "), the undersigned hereby unconditionally guarantees payment of all sums payable by the Developer to the EDA in accordance with the terms of Section 8.1 and Section 8.2 of the Development Agreement. No notice of any renewal, compromise or extension of the Development Agreement or of any modification in the terms of the same need to be given to the undersigned, who hereby consents to each of such acts. The undersigned hereby expressly waives presentment, demand, notice of nonpayment, protest and notice of protest on any obligation and also acceptance of this guaranty. The undersigned agrees that possession of this instrument of guaranty by the EDA shall be conclusive evidence of due delivery hereof by the undersigned. This guaranty shall be construed according to the laws of the State of Minnesota, in which state it shall be performed by the undersigned. Dated as of the day of , 20 . 1450998v8 George E. Sherman E-40-