CC PACKET 04261983 - Laserfiche WebLink

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Phase II, this Agreement shall be deemed terminated only with days prior to its expiration, it may be drawn upon by the respect to Phase II and III and shall remain in effect with Agency without notice to Redeveloper. respect to Phase I.. If termination pursuant to item (c) or (d) is in connection with Phase III, this Agreement shall be deemed Section 10.12 Condominium Documents. No documents terminated only.with respect to-Phase III and shall remain in relating to any condominium on the Redevelopment Property shall effect with respect to-Phases I and II. • be executed, delivered or filed without the prior written approval of the Agency,, which approval will not be unreasonably Section 10.9. Arbitration. A party aggrieved by any withheld=whenever dispute regarding any part of this Agreement shall proceed to arbitration rather than litigation in the Courts. Either party 10.13 Reasonable Consent of Parties. Except shall have authority to appeal said dispute. Said appeal shall provals of the•'Agency under Article VIII be in writing and shall be addressed to the other party asking in this Agreement the consent or approval of for arbitration. The point of dispute of the parties shall be quired such consent. shall not be unreasonably referred to a Board of Arbitration. The Board of Arbitration shall consist of three persons; one to be appointed by the Agency, one to be appointed by Redeveloper, and'the third to-.be IN WITNESS WHEREOF, the parties have caused this. , -appointed by the two so selected. If the two persons appointed Agreement to be duly executed as of the date first above. do not appoint- the third person within 15 days after their written. appointment, then the Chief Judge of the District Court of Hennepin.County shall have jurisdiction to appoint, upon application of either of both of the two earlier selected, the HOUSING AND REDEVELOPMENT AUTHORITY third person to the Board of Arbitration. The arbitrators' OF ST. ANTHONY, MINNESOTA expenses and fees, together with the other expenses, not including counsel fees, incurred in the conduct of the arbitration shall be divided equally between the parties unless By the Board of Arbitration determines that the matter was not Its Chairman instituted in good faith, in which case the Board of Arbitration may assess the costs of arbitration against either party as it determines to be fair to the parties. . Arbitration By shall be conducted in accordance with the Uniform Arbitration Its Secretary Act, Chapter 572 of the Minnesota Statutes, except as herein otherwise expressly provided. Section 10.10 Section 202/8 Project. Redeveloper shall enter into a purchase agreement with a non-profit STATE OF MINNESOTA ) corporation to provide for conveyance of a portion of Phase II ) SS and/or. Phase III to that corporation for development of a HUD COUNTY OF HENNEPIN ) Section 202/8 Project in accordance with the Proposal, which purchase agreement shall.be contingent upon.approval of the The foregoing instrument was acknowledged before me sale by the Agency and upon HUD approval of the project.. this day of 1983, by Chairman and Secretary of the Housing -Section 10.11 Letters of Credit. Upon-issuance of -- •••-•and••-Redevelopment Authority•of St. Anthony;-Minnesota. the Certificate of Completion for Phase I, Redeveloper may substitute a Letter of Credit in the amount 'of. $360,000 for the l First and Second Letters of Credit: All Letters of Credit Notary Public shall have an expiration date no 'earlier than December 31, 1988, or shall be replaced by Redeveloper prior to their expiration with .a new Letter of Credit or Letters of Credit in an amount equal .to the Letters of Credit which they replace. -If a Letter of Credit is not replaced on or before a date 10 a Minnesota general partnership -29- -30-