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CCP 06-15-1992
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CCP 06-15-1992
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5/8/2007 1:09:07 PM
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<br /> c . <br /> Section 9.12. Cons true tion Phases. The project may be constructed in <br /> Phases, Phase I consisting of 76 Units, and Phase II consisting of 20 Units. <br /> Section 9.13 Condemnation, The City shall use condemnation to acquire any <br /> and all land use restrictions on the property described in Phase II. All costs <br /> and expenses shall be paid by the Developer. The City shall immediately deed the <br /> land to the developer upon acquiring Title pursuant to Minn. Stat. 117.042. <br /> Section 9.14. Default - Phase II. If the land use restrictions on the <br /> property described in Phase II cannot be acquired, then the failure to construct <br /> Phase II shall not be a Default of this Agreement. If tha t happens the minimum <br /> improvements described in Section 2. 2(b) shall be changed to $2,750,000 and this <br /> Agreement shall be so modified. <br /> Section 9.15. Mod if ica t ion. A. Section 3.3 is hereby modified to change <br /> the date the developer shall commence construction to October 15, 1990 and change <br /> substantial completion date to August 31, 1991. <br /> B. Section 4.1(e) is hereby modified by adding the following words before <br /> the period: "and every mortgage securing financing for the property." <br /> C. Section 5.2 is hereby modified to change the figure of $1,458,153 to . <br /> L $ . <br /> Section 9.16. Senior Hous ing, 1007. of the housing units must have at least <br /> one person age 55 or older, except for transition periods of six months or less. <br /> - <br /> l . <br /> 22A. <br />
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