Laserfiche WebLink
cause completion of the site development. The amount of the letter of credit may be <br /> reduced as site development progresses. The balance of the letter of credit will be <br /> released upon completion of the site improvements. The letter of credit will be released <br /> upon the Seller's exercise of the Reverter. <br /> 14. Debt: The Redeveloper will not be permitted to encumber the property with any debt or <br /> other encumbrances without the approval of the Authority. <br /> 15. Fees: Upon the full execution of this Letter of Intent Redeveloper will pay the Authority <br /> the sum of$10,000 as reimbursement for a portion of its legal and administrative fees <br /> associated with the redevelopment. In the event that the transaction contemplated hereby <br /> is not consummated, such money will become nonrefundable. If the transaction closes, <br /> the $10,000 will be credited toward the purchase price. <br /> 16. Private Road: The parties will decide by not later than 30 days after the execution of the <br /> Contract for Private Redevelopment whether an easement will be required in the private <br /> road abutting the north end of the property to the south If the parties determine on or <br /> before said date that such an easement is necessary, the Redeveloper shall attempt to <br /> voluntarily acquire the same at no cost to the Seller. If such negotiations are not <br /> successful, the Seller agrees to exercise its condemnation powers to acquire such an <br /> easement, provided that (i) the cost of such condemnation (including all administrative, <br /> legal and consultant costs) shall be borne by Redeveloper not to exceed an agreed upon <br /> amount, and(ii) the Seller expressly disclaims the success of any such action. <br /> 17. Miscellaneous: <br /> a. Standard representations and warranties from Redeveloper and the Authority <br /> b. Closing costs—standard and customary <br /> C. No transfer of property or agreement without Authority consent <br /> d. Standard Indemnification <br /> IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first <br /> set forth above. <br /> THE RYL GROUP, INC. <br /> By: <br /> Its: <br /> THE BROOKLYN PARK ECONOMIC <br /> DEVELOPMENT AUTHORITY <br /> By: <br /> Its: <br /> 2139326v1 <br />