My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
05-13-13-R
ArdenHills
>
Administration
>
City Council
>
City Council Packets
>
2010-2019
>
2013
>
05-13-13-R
>
05-13-13-R
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
5/10/2013 2:48:48 PM
Creation date
5/10/2013 2:48:20 PM
Metadata
Fields
Template:
General
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
142
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
2.The Borrowerhereby represents and warrants that there have been no prior <br />assignments of the Development Contract, that the Development Contract isvalid and an <br />enforceable agreement and that neither the Citynor the Borrower is in default thereunder, and <br />that all covenants, conditions and agreements have been performed as required therein, except <br />those not to be performed until after the date thereof. The Borroweragrees not to sell, assign, <br />pledge, mortgage or otherwise transfer or encumber its interests in the Development Contract as <br />long as this Agreement is in effect. The Borrowerhereby irrevocably constitutes and appoints the <br />Lender as its attorney-in-fact to demand, receive and enforce the Borrower’s rights with respect <br />to the Development Contract for and on behalf of and in the name of the Borroweror, at the <br />option of the Lender, in thename of the Lender, with the same force and effect as the Borrower <br />could do if this Agreement had not been made. <br />3.This Agreement shall constitute a perfected, absolute and present assignment, <br />provided that the Lender shall have no right under this Agreement to enforce the provisions of <br />the Development Contract, or exercise any rights or remedies under this Agreement until an <br />Event of Default (as that term is defined in the Loan Agreement) shall occur and be continuing. <br />4.Upon the occurrence of an Event of Default, the Lender may, without affecting <br />any of its rights or remedies against the Borrowerunder any other instrument, document or <br />agreement, exercise its rights under this Agreement as the Borrower’s attorney-in-fact in any <br />manner permitted by law and in addition the Lender shall have the right to exercise and enforce <br />any and all rights and remedies available after a default to a secured party under the Uniform <br />Commercial Code as adopted in the State of Minnesota. If notice to the Borrowerof any <br />intended disposition of collateral or of any intended action is required by law in any particular <br />instance, such notice shall be deemed commercially reasonable if given in writing at least ten <br />(10) days prior to the intended disposition or other action. <br />5.The Cityhereby consents and agrees to the terms and conditions of this <br />Agreement. The Cityfurther represents and warrants to the Lender that the Development <br />Contract is a valid agreementenforceable in accordancewith their terms and that neither the City <br />nor the Borroweris in default thereunder, and that all covenants, conditions and agreements have <br />been performed as required therein, except those not to be performed until after the date hereof. <br />6.The Cityagrees that all of its obligationsunder the Development Contract, shall <br />in all respects, remain in full force and effect upon assignment from Borrower to Lender. . In <br />addition, the Cityacknowledges that the terms of the Mortgage, not the Development Contract, <br />shall control the use and disbursement of insurance proceeds and condemnation awards. <br />7.The Cityagrees that contemporaneously with any notice of default given under <br />the Development Contract to the Borrowerthe Cityshall also provide the Lender with a copy of <br />such notice of default, and the Lender shall have the right, but not the obligation, to cure any <br />such default on behalf of the Borrowerwithin any applicable cure period provided for in the <br />Development Contract. <br />8.The parties hereto agree that no change or amendment shall be made to the terms <br />of the Development Contract without the prior written consent of the Lender. <br />3452404.1 <br />2 <br />
The URL can be used to link to this page
Your browser does not support the video tag.