Agenda Packets - 1987/12/14 - Laserfiche WebLink

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ARTICLE XI Termination of Agreement Section 11.1. Termination of Agreement. Either party to this Agreement may terminate this Agreement upon the occurrence of the following. (a) All governmental permits and other approvals necessary for the construction of the Minimum Improvements have not been granted to the Redeveloper by December 31, 1987. (b) The Environmental impact Statement has not been determined to be adequate by either the City or a court of competent jurisdiction by December 31; 1987. (c) The City has failed to give its approval to the Redeveloper's request for Planned Unit Developmeat approval with respect to the Minimum improvements be December 31, 1987. (d) The City has failed to issue the Bonds by anu 311 1988. Section 11.2. Effect of Termination. Upon a termination of this Agreement pursuant to this Article Xi, this Agreemett shall be null and void and neither party shall have any further obligations or liabilities hereunder; provided, however, upon �- such termination the Redeveloper shall pay to the City an amount equal to the city prep1arationBond3 and the and costs Incurred Implementation of this Agreement, which ocostsashall spefl fica ly Include but not be limited to the City's costs of preparing plans and specifications for the Public Improvements. Upon such a termination the Redeveloper shall deliver such documents to the City as may be necessary to evidence the terminatnterest wch obtainediby he Redeveloper Inis Areement antheeRedevelopment release of any iP opertyhaiss amesult have b een of the execution of this Agreement. IN WITNESS WHEREOF, the City has caused this Agreement to be duly executed in Its name and behalf and Its seal to be hereunto duly affixed and the Redeveloper has caused this Agreement to be duly ctecuted In Its name and behalf on or as of the date first above written. THE CITY OF MOUNDS VIEW, MINNESOTA By And by 42