CC PACKET 10131987 - Laserfiche WebLink

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• which. wou.ld:give• any ,.person - a valid ciaim'under .the -Minnesota Environmental Rights Act-: . , (e) Redeveloper will complete the Minimum Improvements according- to the Time. Table. (f) Neither the execution' or delivery of this Agreement, the consumation of the transactions' contemplated hereby, nor the fulfillment of or compliance -with the terms and conditions of this Agreement is prevented by,, -limited by, conflicts with, or results in a breach - of, - any restriction, agreement or instrument to which Redeveloper is now a party or by which it is bound . ARTICLE .III Acquisition and Conveyance of Redevelopment Property Section 3 . 1 . Acquisition. The HRA shall' use its best efforts to acquire the Redevelopment Property for conveyance to Redeveloper if the following conditions are first satisfied: (a) Redeveloper . has submitted to HRA, and -HRA has approved,,,-_ " proof that the Redeveloper- has completed the Refunding; (b) Redeveloper is in compliance with this -Agreement 'and all conditions to performance by HRA have been satisfied; (c) in • the reasonable opinion of the HRA' s Bond consultant, the City will be able to repay the Bonds in 'a timely mariner solely from tax increment funds generated by the Project and other revenues specifically pledged to the Bonds; and (d) the. available proceeds of the Bonds will be sufficient to pay all .costs which will be incurred by the HRA in acquiring title to., and possession of, the Redevelopment Property. Section 3 .2 Purchase and Conveyance-. Redeveloper agrees to purchase the Redevelopment Property from the HRA in accordance with this Agreement . The HRA shall convey. title and possession of the Redevelopment Property• to the Redeveloper by execution and delivery of the Deed to Redeveloper . Conveyance of the Redevelopment Property and Redeveloper ' s use of the Redevelopment Property shall be subject to the Permitted Encumbrances and to all of the conditions, covenants , restrictions and limitations imposed by the Redevelopment Plan, this Agreement, the Deed and the Restrictions . Section 3 . 3 Condemnation Contests . .. Upon execution' of' this .Agreement and delivery of the Letter of Credit to the HRA, ` .the HRA shall commence negotiations for acquisition of the Redevelopment. Property. If a petition for condemnation of interests in the Redevelopment Property is not granted, then - this. Agreement may be terminated- by the HRA by , written notice • -7-