CCP 07-20-1993 - Laserfiche WebLink

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. The Declarant recognizes that the covenants and resttictions in Sections 2, 3 and 4 hereof are necessary to enable the financing of the Facility to be accomplished without which the Facility could not be constIUCted and utilized, and although the existence of such covenants and resttictions may in fact burden and render less valuable the Declarant's fee title to the property and the Facility when completed, nevertheless the construction of the Facility upon the property and the utilization of the same in accordance with such covenants and resttictions will constitute a significant financial benefit to the Declarant far surpassing to the Declarant the benefit of leaving the plopetty vacant and unimproved, and the Declarant specifically slates that the burden upon the Declarant's fee tide to the property is reasonable, acceptable and certainly not unconscionable or against public policy in any way, given the other benefits of the transaction to the Declarant and the citizens on behalf of whom the City exercises the powers given it by law. Section 8. The Ci1;y as Renresentative of Benefitted Parties. The City and its successors and assigns (including, without limitation, the Commissioner of Revenue), although benefitted entities of the covenants and resttictions in Sections 2, 3 and 4 hereof, are hereby designated the representatives of any and all other persons or entities also benefitted by such covenants and restrictions, insofar as the enforcement, construction, interpretation, amendment, release or termination of such covenants and resttictions are concerned. This designation and appointment shall also run with the property and is hereby made and agreed to by the Declarant, its successors and assigns, and any subsequent transferee of any interest in the Property and the Facility, or any part thereof, from the Declarant. Section 9. Remedies. Enforceabilitv. In the event of a violation, or attempted violation, of any of the covenants or resttictions in Sections 2, 3 and 4 hereof, the City and its successors or assigns and the Commissioner of Revenue of the State of Minnesota under Section 469.1761 of . the Act (but only the City and its successors and assigns and the Commissioner of Revenue) may institute and prosecute any proceeding at law or in equity to abate, prevent or enjoin any such violation or to specifically enforce the covenants therein set forth. Notwithstanding any other provision hereof, enforcement of these covenants and resttictions shall not result in any claim against the Facility or against the rents or other income from the Property. In the event of a violation of the covenant of the City with respect to execution of the Certificate of Amendment, Termination or Deletion of Covenants in accordance with Section 10 hereof, the Declarant and its successors and assigns may institute and prosecute any proceedings at law or in equity to abate, prevent or enjoin any such violation or to specifically enforce the covenants therein set forth; provided, however, the Declarant waives any and all rights it has to bring an action for damages against the City with respect to any violation ofthe covenants of the City set forth in Section 10 hereof. Until terminated or deleted as hereinafter provided, the provisions hereof are imposed upon and made applicable to the Property and the Facility and shall be enforceable against the Declarant, each purchaser, grantee, owner or lessee of the Facility (other than a lessee of units therein) and the respective heirs, legal representatives, successors and assigns of each. No delay in enforcing the provisions of said covenants and resttictions as to any breach or violation shall impair, damage or waive the right to enforce the same or to obtain relief against or recover for the continuation or repetition of such breach or violation or any similar breach or violation thereof at any later time or times, Section 10. Term: Amendment. Termination or Deletion of C..ovenants. (1) The term of this Agreement shall commence on the date of execution and delivery hereof and continue throughout the Qualified Project Period, unless earlier terminated as provided in this Section 10, Upon the termination of the Qualified Project Period, this Agreement shall . -5- I ----