10-11-2021 EDA Packet - Laserfiche WebLink

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3 Error! Unknown document property name. or, at the option of the Lender, in the name of the Lender, with the same force and effect as the Developer could do if this Agreement had not been made. 4. This Agreement shall constitute a perfected, absolute and present assignment, provided that the Lender shall have no right under this Agreement to enforce the provisions of the Development Agreement or the TIF Note or exercise any rights or remedies under this Agreement until an Event of Default (as defined in the Loan Agreement) shall occur and be continuing. 5. Upon the occurrence of an Event of Default, the Lender may, without affecting any of its rights or remedies against the Developer under any other instrument, document or agreement, exercise its rights under this Agreement as the Developer’s attorney-in-fact in any manner permitted by law and in addition the Lender shall have the right to exercise and enforce any and all rights and remedies available after a default to a secured party under the Uniform Commercial Code as adopted in the State of Minnesota. If notice to the Developer of any intended disposition of collateral or of any intended action is required by law in any particular instance, such notice shall be commercially reasonable if given in writing at least ten (10) days prior to the intended disposition or other action. Any payments received by the Lender pursuant to the TIF Note shall be applied by the Lender against amounts owed by the Developer under the Lender Notes and the Loan Agreement. 6. The Authority hereby consents and agrees to the terms and conditions of this Agreement. The Authority further represents to the Lender that the Development Agreement is, and upon issuance the TIF Note will be, a valid agreement and the Authority is not in default thereunder and that all covenants, conditions and agreements have been performed as required therein, except those not to be performed until after the date hereof. 7. The Authority hereby acknowledges that it has approved the Construction Plans (as defined in the Development Agreement). 8. Pursuant to Section 7.3 of the Development Agreement, the Authority hereby subordinates the Development Agreement to the Mortgage. 9. The Authority agrees that the obligations of the Developer, and the rights of the Authority, with respect to the commencement of construction and completion of the Minimum Improvements under Section 3.3 of the Development Agreement shall, in all respects, be subordinate to the rights of the Lender under the Mortgage. 10. The Authority acknowledges and agrees that the rights of the Authority with respect to the application of insurance proceeds are subordinate to the rights of the Lender under the Mortgage. 11. The Authority hereby agrees to provide the Lender with copies of any notice of default given under the Development Agreement, and that the Lender shall have the right, but not the obligation, to cure any such default on behalf of the Developer within the time period specified in the Development Agreement.