Resolution No. 22-01 EDA - Laserfiche WebLink

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EXHIBIT B QUIT CLAIM DEED STATE DEED TAX DUE HEREON: $ ECRV: Date: 12021 FOR VALUABLE CONSIDERATION, Lino Lakes Economic Development Authority, a body corporate and politic under the laws of the State of Minnesota("Grantor"),hereby conveys and quitclaims to Silver Creek Equity,LLC, a Delaware limited liability company("Grantee"),that certain real property located in the City of Lino Lakes,Anoka County,Minnesota,and legally described as: [insert legal description] Abstract Property Check here if part or all of the land is Registered(Torrens) Such conveyance to be together with all hereditaments and appurtenances, subject to easements of record. SECTION 1. It is understood and agreed that this Deed is subject to the covenants, conditions, restrictions and provisions of an agreement entered into between the Grantor and Grantee identified as the "Purchase and Development Agreement,"of even date herewith,hereinafter"Agreement." The Grantee shall have the right to re-enter and take possession of the Property,or any part thereof, except as permitted by this Agreement until a Certificate of Commencement has been issued for all Buildings, including the Housing Building, Retail Building, and Restaurant Buildings as defined in the Section 13 of the Agreement, making up the Minimum Improvements and such Certificate of Commencement has been recorded for all Buildings. It is specifically agreed that the Grantee shall promptly begin and diligently prosecute to completion the Minimum Improvements thereon,as provided in the Agreement. Promptly after commencement of construction on each Building making up part of the Minimum Improvements in accordance with the provisions of the Agreement, the Grantor will furnish the Grantee with an appropriate instrument so certifying. Such certification by the Grantor shall be (and it shall be so provided in the certification itself)a conclusive determination of satisfaction of the terms of the Agreement and of this Deed with respect to that Building and the related obligation of the Grantee, and its successors and assigns,to commence construction of that portion of the Minimum Improvements. Such certification and such determination shall not constitute evidence of compliance with or satisfaction of any obligation of the Grantee to any holder of a mortgage,or any insurer of a mortgage,securing money loaned to finance the purchase of the Property hereby conveyed or the Minimum Improvements, or any part thereof. All certifications provided for herein shall be in such form as will enable them to be recorded with the County Recorder, or Registrar of Titles, Anoka County, Minnesota. If the Grantor shall refuse or fail B-1