03-11-13 Council Packet - Laserfiche WebLink

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3 419290v2 LN140 -109 (m ) “Minimum Improvements” means the construction on the Property of an expansion to the existing assisted living facility located on the Adjacent Parcel; such expansion consisting of approximately 36 memory ca re units . (n ) “Mortgage” means any mortgage made by the Developer which is secured, in whole or in part, with the Property and which is a permitted encumbrance pursuant to the provisions of this Agreement. (o ) “Property” means the real property upon which the Minimum Improvements will be constructed, a legal description of which is set forth at Exhibit A of this Agreement. After construction of the Minimum Improvements, the term means the Property as improved. (p ) “State” means the State of Mi nnesota. (q ) “Termination Date” means the date on which the Developer receives a Certificate of Completion pursuant to the terms and conditions of this Agreement. (r ) “Unavoidable Delays” means delays beyond the reasonable control of the party seekin g to be excused as a result thereof which are the direct result of strikes, other labor troubles, prolonged adverse weather or acts of God, fire or other casualty to the Minimum Improvements, litigation commenced by third parties which, by injunction or ot her similar judicial action, directly results in delays, or acts of any federal, state or local governmental unit (other than the EDA in exercising its rights under this Agreement) which directly result in delays. Unavoidable Delays shall not include dela ys in the Developer’s obtaining of permits or governmental approvals necessary to enable construction of the Minimum Improvements by the dates such construction is required under Section 17 of this Agreement. 2.0. Premises To Be Purchased . As of the da te of this Agreement, the Property is tax - forfeited. The EDA has entered into the Letter of Intent with the County which the EDA will acquire the Property for a purchase price of $321,474. Promptly after the date of this Agreement, the EDA will commence actions under the Letter of Intent to acquire the Property. Subject to compliance with the terms and conditions of this Agreement, EDA shall sell to Developer and Developer shall purchase from EDA the Property. 3.0. Purchase Price . The purchase pric e (“Purchase Price”) of the Property shall be $321,474 . Developer shall deposit the Purchase Price with EDA promptly upon or immediately after execution of this Agreement, and EDA shall promptly thereafter deposit that amount with the County in accordanc e with the Letter of Intent. 4 .0. Evidence Of Title .