08-29-1994 CC - Laserfiche WebLink

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First Amendment to Development Assistance Agreement This First Amendment to Development Assistance Agreement (the "Amendment") is dated as of August 29, 1994; is by and between the Mounds View Economic Development Authority (the "Authority") and Silver Lake Pointe Apartments, LLC, a Minnesota limited liability company (the "Developer") ; and provides as follows: 1. Recitals. (a) The Authority and the Developer entered into that certain Development Assistance Agreement, dated as of May 23, 1994 (the "Agreement") , concerning the intended development of certain "Improvements" defined thereunder, consisting generally of 83 units of low/moderate income senior apartments. (b) In order to assist it in obtaining financing for the construction of the Improvements, the Developer has requested that. the Authority agree to this Amendment. 2. Amendment. Section 3.1 of the Agreement is hereby amended to read as follows: "Section 3.1. Undertakings of the Developer. Subject to Unavoidable Delays, the Developer shall have completed the Improvements in accordance with the approved Construction Plans by June 30, 1996; provided, however, that if the Developer shall not have obtained (and notified the Authority in writing that it has obtained) , on or before December 31, 1994, financing sufficient to allow the Developer to complete the Improvements (and Developer agrees to use its best efforts to obtain such financing) , then either Party may terminate this Agreement upon 10 days' prior written notice to the other Party, without further right, interest or obligation hereunder." IN WITNESS WHEREOF, the Authority has caused this Amendment to be duly executed in its name and on its behalf by its duly authorized representatives, and the Developer has caused this Amendment to be duly executed in its name and on its behalf by its 271529.9 -1- 7/8 'd 468-4 i 00988 'ON /9G:4( 'WS/ Z8:4 i 76 s8,7 '80(3Ili) 4799 8 c 19 iflVd 'iS NV011OH QNY Mai HOS