Agenda Packets - 1987/12/14 - Laserfiche WebLink

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completion thereof. Such certification and such determination shall not constitute evidence of compliance with or satisfaction of any obligatlon of the Grantee to any holder of a mortgage, or any Insurer of a mortgage, securing money loaned to finance the pureahsa of the Property hereby conveyed or the improvenents, 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, Ramsey County, Minnesota. If the Grantor shall refuse or fall 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 the Improvements In accordance with the provisions of the Agreement or is otherwise In default, and what measures or sets it will be uecessary, in the opinion of the Grantor, for the Grantee to take or perform in order to obtain such certification. SECTION 2. In the event the Grantee herein shall, prior to the recording of the certificate of completion hereinabove referred to: (a) Subject to Unavoidable Delays (as defined in the Agreement), fail to begin construction of the Minimum improvements (as defined in the Agreement) in conformity with the Agreement and such failure is not cured within thirty (30) days after written notice from the Grantor to the Grantee to do so; or (b) Subject to Unavoidable Delays (as defined in the Agreement), fail to carry out its obligations with respect to the construction of the Minimum Improvements (as defined in the Agreement), or shall abandon or substantially suspend construction work, and any failure, abandonment or suspension shall not be cured, ended or remedied within thirty (30) days after written demand from the Grantor to the Grantee to do so; or (c) Fall to pay real estate taxes or assessments on the Property or any part thereof when due, or create, suffer, assume, or agree to any encumbrance or lien on the Property unauthorized by the Agreement wish the Grantor, or shall suffer any levy or attachment to be made, or any materialmen's or mechanic's liens, or any other unauthorized encumbrances or liens to attach, and such taxes or assessments shall not have been paid or the encumbrance or lien removed or discharged, or provisions satisfactory to the Grantor made for such payments, removal or discharge, within thirty (30) days after written demand by the Grantor to do so, provided, that If the Grantee shall first notify the Grantor of Its intention to do so, It me; In good faith contest any mechanics' or other lien filed or established and In such event the Grantor shall permit such mechanics' or other lien to remain undischarged and unsatisfied during the period of such contest and any appeal, but only if the Grantee provides the Grantor with a bank letter of credit in the amount of the lien or such other collateral as the Grantor may request, all In a form satisfactory to the Grantor so that the amount of any ltd lien will be paid in the event that the lien is finally determined to be valid 13-2