12-19-2001 Council Agenda - Laserfiche WebLink

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(i) The outstanding principal and accrued, unpaid interest due and payable under the Developer Note; or 2. (ii) The difference between (XX) the purchase price the Developer receives for the Redevelopment Property, if the Developer Note becomes due and payable as a result of the Developer's conveyance of fee title to all of the Redevelopment Property to a bona fide third party in an arm's length transaction, or the fair market value of the Redevelopment Property, as determined by an appraiser reasonably acceptable to the City, if the Developer Note otherwise becomes due and payable pursuant to Section 6.3(d)(i), Section 6.3(d)(ii) or Section 6.3(d)(iii) and (YY) the sum of: the amount necessary to satisfy the First Mortgage, if any, the amount of Developer's Equity on the Maturity Date, the amount of Developer's Additional Operating Equity h • n • s iv if r n if an s • w • • 1 Cumulative Cash Flow and the outstanding amount of Developer's Cumulative Return on Equity as of the Maturity Date. (g) Notwithstanding anything else in this Section 6.3, if the Developer Note becomes due and payable pursuant to Section 6.3(d)(ii) or 6.3(d)(iii) on a date prior to the fifth anniversary of the Disbursement Date, the amount the Developer must pay to satisfy the Developer Note is the greater of the amount determined pursuant to Section 6.3(f) or $375,000. tl The Developer Note will provide that in the event of a default by Developer under the terms of the Developer Note, the it sole remedy all be to exercise its rights under the Developer Mortpape (i.e. to foreclose. by action or advertisement, the Mortpape; to exercise its rights under the Assignment of Rents and Profits and to foreclose any security interest provided for in the Developer Mortgage). 6.4. Loan Closing. If the Developer delivers a notice pursuant to Section 6.2(a) above requesting the City to make the City Loan, the City and the Developer will close on the City Loan 10 Business Days from the date the City receives the Developer's notice (or the next Business Day if the date 10 Business Days from the date the City receives the Developer's notice is not a Business Day) or on such other date as the City and the Developer may mutually agree upon, in writing. 6.5. Financial Re o r sixty (601 days after the end of each Fiscal Year through and including the Fiscal Year in which the Termination Date occurs, Developer must provide the City with an annual financial statement of Developer (including a balance sheet and an income statement) reviewed by a certified public accountant who is licensed by the Minnesota State Board of Accountants; is not an employee of the Developer or a Related Entity; is professionally independent of the control of the Developer and any Related Entities; and satisfies the test for independence as promulgated by the American Institute of Certified Public Accountants. The financial statements must be prepared in accordance with generally accepted accounting rp incinles as established from time 1353333vDOC Red (V3 to V2) Page 118