03-08-2000 Council Agenda - Laserfiche WebLink

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days of written notice of default from the City of any of the identified provisions provided such default remains uncured for sixty (60) days after said written notice. i. Developer shall, without appeal, accepts its allocated share of special assessments to the Property based upon assessable front foot calculations, for the future improvement of Market Place Drive at a rate equal to that charged to other commercial properties abutting said improvement. The rate shall not exceed eighty -five dollars ($85.00) per lineal foot for 417.44 feet. 6. Obligations of City: City shall assign its interest in the Exclusive Option to Purchase and the Amendment to the Exclusive Option to Purchase to Developer upon execution of this agreement by Developer. 7. Default Resolution and Faults: If the Developer fails or refuses to perform Developer's Obligations under this Development Agreement and such default continues and remains uncured for a period of sixty (60) days after the City gives notice to the Developer of such default, (an "Event of Default "), the City may commence action in Ramsey County District Court to recover damages from Developer or to seek Developer's specific performance of Developer's obligations under this Development Agreement. In any action to enforce Developer's performance of Developer's obligations under this Development Agreement, the City shall be entitled to recover reasonable attorney's fees and reasonable court costs. 8. Full Agreement: Developer and City acknowledge that this Development Agreement represents the full and complete agreement of the parties. Any amendments to this Development Agreement shall be in writing and executed by both parties to be effective. 9. Choice of Law: The Development Agreement shall be governed by the laws of the State of Minnesota. 10. Binding Effect and Release: This Development Agreement shall inure to the benefit of and be binding upon the Developer and the City and their respective successors and assigns. The obligations of the Developer under this Development Agreement shall run with title to the Property. Upon the Developer's completion of all its obligations described in Section 5, the City shall provide the Developer with a recordable document indicating that the Developer has satisfied all of its obligations under the Development Agreement and that the Development Agreement no longer encumbers the property. Page 6