12-19-2001 Council Agenda - Laserfiche WebLink

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performs its obligations under the Developer Note at a rate equal to the Tenn Rate plus 2 %. (d) All amounts due and payable under the terms of the Developer Note are due and payable, in full, on the "Maturity Date" which is the earlier of 1. (i) The date immediately preceding the 15th anniversary of the Disbursement Date; (ii) The date the Developer conveys fee title to all or substantially all of the Redevelopment Property to a third party; 3 (iii) The date and cease to hold 50% or more of the "governance rights" and "financial rights ", each as defined in Minnesota Statutes, Chapter 322B.03, in Developer [this provision assumes Developer is a Minnesota LLC]; and 4. (iv)-If Developer defaults in the performance of one or more of its obligations under one or more of the Developer Documents, the City gives any notice required into the terns of the relevant Developer Document and the Developer fails to cure the default within the cure period established in the relevant Developer Document, the date the cure period established under the relevant Developer Document expires. (e) Within 60 days after the end of each Fiscal Year, the Developer must calculate and provide written notice to the City of the amount of the Annual Cash Flow for that Fiscal Year, Developer's Cumulative Return on Equity through the end of that Fiscal Year, Cumulative Cash Flow through the end of that Fiscal Year and the amount of Excess Annual Cash Flow, if any, as of the end of that Fiscal Year and must pay the amount of Excess Annual Cash Flow, if anv. to the City for application to amounts due under the Developer Note. In addition, ,Developer may, at Developer's option, prepay, in whole or in part, amounts due and payable under the terms of the Developer Note at any time. The City must apply payments pursuant to this Section 6.3(e) and prepayments, if anv, first to accrued, unpaid interest, if any, and thereafter to the reduction of principal. (f) If the Developer Note becomes due and payable as a result of the occurrence of one of the events described inpursuant to Section 6.3(d)(iv), the Developer must pay all amountsthe outstanding rp incipal and accrued, unpaid interest due and payable under the terms of the Developer Note. If the Developer Note becomes due and payable as a result of the occurrence of one of the events described inpursuant to Section 6.3(d)(i), 6.3(d)(ii) or 6.3(d)(iii), the Developer may fully satisfy its obligations under the Developer Note by paying to the City and amount equal to the lesser of : 1353333vDOC 1 1 Red (V3 to V2) Page 117