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12-06-1995 Council Agenda
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12-06-1995 Council Agenda
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2.4 Documents to be Delivered on or Before Commencement of the <br />Enhancement Work: <br />(a) The Enhancement Work Construction Contracts and evidence <br />that the Developer has complied with requirements of 6.10 in connection with <br />the letting of the Enhancement Work Contracts. <br />(b) The Enhancement Work Construction timetable reasonably <br />acceptable to the EDA. <br />(c) Enhancement Work Plans which provide for the performance <br />of the Enhancement Work in a manner and to an extent reasonably <br />acceptable to the EDA. <br />(d) A Sworn Construction Cost Statement for the Enhancement <br />Work signed by the Developer which: <br />(i) <br />Describes all costs of the Enhancement Work; <br />(ii) Lists the names of all Contractors performing <br />Enhancement Work; and <br />(iv) Shows that the funds available to Developer are sufficient <br />to assure completion of the Enhancement Work. <br />3. Representations and Warranties. To induce the EDA to enter into this <br />Agreement, Developer hereby represents and warrants that: <br />3.1 Developer is a duly organized and validly existing limited liability <br />company in good standing and qualified and licensed to do business under the laws <br />of the State of Minnesota and every jurisdiction in which the nature of the business <br />in which it is engaged makes such qualification or licensing necessary. <br />3.2 Developer has full power, right and authority to execute and deliver this <br />Agreement, the Note, the Mortgage and the other Loan Documents required hereby, <br />to borrow the funds herein provided for, and to perform and observe each and all <br />of the matters and things provided for in said Loan Documents. The execution and <br />delivery of this Agreement, the Note, the Mortgage, and such other Loan Documents <br />as are required hereby and the performance or observance of the terms hereof and <br />thereof have been duly authorized by all necessary action of Developer's board of <br />governors. <br />304291.2 <br />3.3 Developer is the owner of the Land in fee simple, and of all real and <br />personal property described in the Mortgage delivered herewith and has no <br />Page 11 <br />
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