Resolution No. 22-01 EDA - Laserfiche WebLink

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to provide any such certification in accordance with the provisions of the Agreement and this Deed, the Grantor shall,within thirty(30)days after written request by the Grantee,provide the Grantee with a written statement indicating in adequate detail in what respects the Grantee has failed to commence construction of a Building or Buildings making up the Minimum Improvements in accordance with the provisions of the Agreement or is otherwise in default, and what measures or acts it will be necessary, in the opinion of the Grantor,for the Grantee to take or perform in order to obtain such certification. SECTION 2. It is further understood and agreed that this Deed is subject to the further covenants, conditions, restrictions and provisions of the Agreement. Grantor will not Transfer any portion of the Property intended to be occupied by a Building as described in Section 13(F), except as permitted by the Agreement, until a Certificate of Completion has been issued for that Building, such buildings including the Housing Building, Retail Building, and Large Restaurant Buildings as defined in the Section 13 of the Agreement, making up the Minimum Improvements and such Certificate of Completion has been recorded for that Building. Promptly after completion 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 complete 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 to provide any such certification in accordance with the provisions of the Agreement and this Deed, the Grantor shall,within thirty(30)days after written request by the Grantee,provide the Grantee with a written statement indicating in adequate detail in what respects the Grantee has failed to complete construction of a Building making up the Minimum Improvements in accordance with the provisions of the Agreement or is otherwise in default,and what measures or acts it will be necessary,in the opinion of the Grantor,for the Grantee to take or perform in order to obtain such certification. SECTION 3. The Grantee's rights and interest in the Property are subject to the terms and conditions of Sections 13 and 14 of the Agreement relating to the Grantor's right to re-enter and revest in Grantor title to the Property or any part thereof,and the restriction of Grantee's ability to Transfer any portion of the Property intended to be occupied by a Building, under conditions specified therein, including but not limited to termination of such right and upon issuance of a Certificate of Commencement, and termination of such restriction upon issuance of a Certificate of Completion as defined in the Agreement. IN WITNESS WHEREOF, the Grantor has caused this Deed to be duly executed in its behalf by its President and Executive Director,this day of ,2022. B-2