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BRIGGS AxD 'MORGAN <br /> Dave Maroney <br /> Rick Jopke <br /> July 28, 1998 <br /> Page 3 <br /> provide to the City a letter of credit, in a form acceptable to the City, in an amount not <br /> less than one year's taxes on the facility. <br /> 11. The developer may obtain mortgage financing for the facility provided the City receives a <br /> copy of the mortgage documents and is allowed to cure any event of default under the <br /> mortgage, if it so chooses. The City will agree to subordinate its interest to the interest of <br /> the holder of the first mortgage;provided if the holder of the first mortgage forecloses on <br /> the facility, it agrees to be bound by the minimum market value set forth in the <br /> Assessment Agreement. <br /> 12. The developer agrees to restore the facility in the event of damage or destruction or repay <br /> the City the tax increment financing assistance provided by the City. <br /> 13. The developer may transfer substantially all of its assets and transfer the facility and <br /> assign the Development Agreement to another entity provided that it has obtained City <br /> approval. <br /> 14. The developer agrees to indemnify the City for any claim arising from the facility. <br /> 15. The Development Agreement will contain events of default which are as follows: <br /> a. Failure by the developer to pay real estate taxes on the facility; <br /> b. Failure by the developer to cause the construction of the facility to be completed <br /> as required by the Development Agreement; <br /> c. Failure by the developer to cause the facility to be reconstructed if damaged; <br /> d. Transfer of the developer in violation of the provisions of the Development <br /> Agreement; <br /> e. If the holder of any mortgage forecloses on the facility; and <br /> f. If the developer files bankruptcy. <br /> 16. The remedies on default are as follows: <br /> 962504.1 <br />