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<br />. <br /> <br />. <br /> <br />. <br /> <br />DEVELOPERS AGREEMENT <br /> <br />THIS AGREEMENT is made this day of April 1999 by and between the CITY <br />OF MOUNDS VIEW, a Minnesota municipal corporation, (the "City") and the REALlFE <br />COOPERATIVE OF MOUNDS VIEW, a Minnesota cooperative corporation, (the <br />"Developer") . <br /> <br />RECITALS <br /> <br />A. The Developer has applied to the City for a building permit to construct a 74 unit <br />senior cooperative housing project on the real property legally described as: <br /> <br />Lot 4, Block 1, Silverview Estates, Ramsey County, Minnesota. <br /> <br />Referred to in this Agreement as the "Property". <br /> <br />NOW. THEREFORE, in consideration of each party's promises stated in this <br />Agreement, it is mutually agreed as follows: <br /> <br />ARTICLE ONE <br />REPRESENTATIONS AND WARRANTIES <br /> <br />1.01. City Representations and Warranties. The City makes the following <br />representations as the basis for the undertakings on its part contained herein: <br /> <br />A. The City is a municipal corporation under the laws of Minnesota. <br /> <br />B. The City has the right, power and authority to execute, deliver and perform <br />its obligations under this Agreement. The City assures the Developer that the <br />individuals who execute this Agreement on behalf of the City are duly authorized to sign <br />the same on behalf of the City and to bind the City thereto, <br /> <br />1,02. Developer Representations and Warranties, The Developer makes the <br />following representations as the basis for the undertakings on its part contained herein: <br /> <br />A. The Developer has the right, power and authority to execute, deliver and <br />perform its obligations under this agreement. The Developer assures.t~e City that the <br />individuals who execute this Agreement on behalf of the Developer are'duly authorized <br />to sign on behalf of the Developer and to bind the Developer thereto. <br /> <br />B. The Developer is not in default under any lease contract, or agreement to <br />which it is a party or by which it is bound which would affect its performance under this <br />Agreement. The Developer is not a party to or bound by any mortgage, lien, lease, <br />agreement, instrument, order, judgment, or decree which would prohibit the execution <br />or performance of this Agreement by the Developer or prohibit any of the transactions <br />provided for in this Agreement. <br />