07-23-2003 Council Agenda - Laserfiche WebLink

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EXHIBIT C PRO FORMA CERTIFICATE OF COMPLETION AND RELEASE 1. Recitals. 1.1. Recital One. The Village at Little Canada LLC (the "Developer ") is the owner of the real property legally described on the attached Exhibit A (the "Development Property "). 1.2. Recital Two. Developer acquired title to the Development Property from the Economic Development Authority of the City of Little Canada (the "EDA ") pursuant to a deed dated , 20 and recorded in the office of the Ramsey County Recorder on as Document No. (the "Deed "). 1.3. Recital Three. The Deed includes a right of re -entry for breach of conditions subsequent in favor of the EDA (the "Right of Re- entry "). 1.4. Recital Four. The EDA and the Developer are parties to a development agreement, as evidenced by a Memorandum of Development Agreement dated , 20 and recorded in the office of the Ramsey County Recorder on as Document No. (the "Development Agreement "). 1.5. Recital Five. Pursuant to Section 6 of the Development Agreement, the Developer is obligated to complete the construction of certain Minimum Improvements on or before the construction completion dates set forth on the Construction Schedule attached to the Development Agreement. The Development Agreement provides that the construction completion date may be extended as a result of an Unavoidable Delay, as defined in the Development Agreement. 1.6. Recital Six. The EDA's Right of Re -entry would be triggered by the Developer's failure to complete construction of Minimum Improvements on or before the construction completion date, as such dates may be extended as a result of a Unavoidable Delay, subject to Section 6.5 of the Development Agreement. 1.7. Recital Seven. Section 6.6 of the Development Agreement provides that upon the EDA's issuance of a Certificate of Completion and Release pursuant to Section 6.6 of the Development Agreement, the property subject to the Certificate of Completion and Release is also released from all obligations under the Development Agreement, except Sections 8.1, 8.2, 9.1(b), 9.2, 9.3, and 9.4. 1.8. Recital Eight. The Developer has completed the Minimum Improvements located on the portion of the Development Property described on Exhibit A and has requested this Certificate of Completion and Release from the EDA. 2. Certificate of Completion and Release. The EDA hereby certifies that the Developer has satisfied its obligations with respect to the constriction of Minimum Improvements on the real property legally described on the attached Exhibit A (the "Completed C -1