07-23-2003 Council Agenda - Laserfiche WebLink

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EXHIBIT G Pro Forma Memorandum of Development Agreement The parties to this Memorandum of Development Agreement ( "Memorandum ") are the Economic Development Authority of the City of Little Canada, Minnesota ( "EDA ") and The Villas at Little Canada LLC ( "Developer"). This Memorandum is dated 2003. EDA and Developer have entered into a Development Agreement dated 2003 (the "Development Agreement "). In the Development Agreement, the EDA agrees to convey the property legally described on the attached Exhibit A (the "Development Property ") to the Developer and the Developer makes certain covenants and agrees to certain restrictions regarding the Developer's development of the Development Property which are intended to run with title to the Development Property including, but not limited to, the covenants set forth in Sections 6, 7 and 8 of the Development Agreement. EDA and Developer are executing and recording or filing, as the case may be, this Memorandum to comply the Minnesota Statutes Section 507.34 and to provide record notice of the Development Agreement. This Memorandum is not intended, and shall not be construed to define, limit, or modify the Development Agreement. For information regarding the terms of the Development Agreement, third parties should reference the Development Agreement, copies of which are in the possession of the EDA and the Developer. The Developer's has acquired a portion of the Development Property (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 the Development 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 the Development. 1450998v8 C-42-