CCP 07-20-1993 - Laserfiche WebLink

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. - 4.09. Indemnity: Reimbursement for Reduction in Slale Aids, The PartnerShip shall indemnify. defend and save hannless the City. its governing body and its officers. agents, employees and contraCtors from any and all claims or causes of action and all costs and expenses. including all attorneys' fees. in any way resulting from or arising oul of. ~ allegedly resul~ng from or arising out of. the condition or use of the Pmperty or the undertaking and completi.on of the Public Development Activities, the Minimum Improvements or any Subsequent Improvements (as hereinafter defined). including operations of ContraCtors and acts or omissions of employees or agents of ContraCtors. or otherwise in connection with this Agreement or the Declaralion. To the extent that the local government aid, the homestead and agricultural credit aid or other aids or payments to the City from the State of Minnesota are reduced under Minnesota StatulCS. Section 273.1399, or other law. whether now existing or enacted in the future, by reason of the establishment of the District or the financing of the Public Development Activities, the Partnership shall. upon written demand therefor. pay to the City the amount of such reduction in such state aids or payments as of the dates the City would otherwise have received such aids or payments from the State; provided that the aggregate amount of payments to be made by the Partnership 10 the City under this paragraph during the term of this Agreement shall nOl exceed the total amount of tax incremenl paid to the Partnership under Section 3,01 hereof. If the Parmership ~. fails to pay such amount on such dale. such amount shall bear interest until paid at a rate equal to percent <- %) per annum. The City shall with its demand for such payment provide in writing to the Parmership calculation of the amount by which such stale aids or payments have been so reduced and the dates on which such amounts would otherwise have been received by the City from the State. Such writing shall be conclusive of the amounts due hereunder and the dates such amounts are payable. absent manifest error. 4.10. Reoons and Information. The Parmership agrees to provide the City the fonowing: . (a) Promptly fonowing completion of the Public Development Activities, a statement certified by the general parmer of the Pannership. of the actUal cOSl5oOf the Public Development Activities by category, as such appears in estimated form in Exhibit D hereto. together with such additional information as the City shall reasonably request substantiating the amount and narure of such costs; and (b) Promptly following securing financing for the construction of the Minimum Improvements. a certificate. executed by the general parmer of the Partnership. stating the principal amount, interest rate. term. amortization schedule of the financing. identifying any covenants of the Partnership relating to debt service coverage or other financial matters and stating that the documents attached to such certificate are true and correct copies of all of the documents entered into by the Parmership or any of its partners or its lender relating to the financing. Section 5. Use of Propertv: Financin~ and Liens. 5.01. General Restrictions. The Partnership agrees for itself. its representatives. successors and assigns. and every successor in interest to the Property or any pan thereof. that the Partnership and its permitted successors and assigns shall. for a period ending on .2018: (A) devote the Property. the Minimum hnprovements and any improvements hereafter constructed thereon (the "Subsequent hnprovements") to low and modetate income' rental housing facilities and related improvements for occupancy by individuals who are not less than 55 years of age; provided that not more than one individual residing . -9- . --------