Laserfiche WebLink
7.Governing Law. This Subordination is made in and shall be construed in accordance with <br />the laws of the State of Minnesota. <br />8.Successors. This Subordination and each and every covenant, agreement and other <br />provision hereof shall be binding upon the Authority, the City, and their respective successors and <br />assigns. <br />9.Severability. The unenforceability or invalidity of any provision hereof shall not render <br />any other provision or provisions herein contained unenforceable or invalid. <br />10.Notice. Any notices and other communications permitted or required by the provisions of <br />this Subordination shall be in writing and shall be deemed to have been properly given or served <br />by depositing the same with the United States Postal Service, or any official successor thereto, <br />designated as registered or certified mail, return receipt requested, bearing adequate postage, or <br />delivery by reputable private carrier and addresses as set forth above. <br />11.Transfer of Title to Lender. The Authority and the City agree that in the event the Lender, a <br />transferee of Lender, or a purchaser at foreclosure sale, acquires title to the Phase I Property <br />pursuant to a foreclosure, or a deed in lieu thereof, the Lender, transferee, or purchaser shall not be <br />bound by the terms and conditions of the Redevelopment Contract except as expressly herein <br />provided. Further the Authority and the City agree that in the event the Lender, a transferee of <br />Lender, or a purchaser at foreclosure sale acquires title to the Phase I Property pursuant to a <br />foreclosure sale or a deed in lieu thereof, then the Lender, transferee, or purchaser shall be entitled <br />to all rights conferred upon the Doran St. Anthony under the Redevelopment Contract, provided <br />that no condition of default exists and remains uncured beyond applicable cure periods in the <br />obligations of the Doran St. Anthony under the Redevelopment Contract. <br />12.Amendments. The Authority and the City hereby represent and warrant to Lender for the <br />purpose of inducing Lender to make advances to Doran St. Anthony under the Loan Documents <br />that neither the Authority nor the City will agree to any amendment or modification to the <br />Redevelopment Contract that in any way affects the Phase I Property without the Lender's prior <br />written consent. <br />[signatures to follow] <br />62