CCP 08-18-1997 - Laserfiche WebLink

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",'d ,tllOl . to be cured ifthe title insurer agrees to issue an endorsement to the owner's title insurance policy affirmatively insuring over such objection. After the date that all such obj ections have been cured, to the reasonable satisfaction of the Redeveloper, the Authority and the Redeveloper shall proceed with the conveyance of the Authority Acquisition Property under this Article III. In the event that the Redeveloper's objections have not been cured within sixty (60) days after the Authority's receipt of the Redeveloper's objections, either the Redeveloper or the Authority by the giving of written notice to the other Dlay terminate this agreement upon which this Agreement shall be null and void and neither party shall havc any liability hereundcr; provided that the parties shall execute an agreement in recordable form evidencing the cancellation of this Agreement. The Authority shall have no obligation to excrcise its powers of eminent domain to clear defccts in the title to the Authority Acquisition Property. The cost of obtaining the title insurance commitment and the cost of title insurance shall be borne by the Redeveloper. (b) The Authority's obligations under this Agreement are conditioned on the Redeveloper having acquired fee title to the Redevelopment Property, other than the Authority Acquisition Property. Therefore, prior to the Authority beiug obligated to convey the Authority Acquisition Property to the Redeveloper and prior to the issnance of anv Bonds or the Authority's commencement of the Pllblic Improvements, the Redeveloper shall provide to the Authority evidence in such form as the Authority shall require demonstrating that the . Redeveloper has acquired fce title to the Redevelopment Property, other than the Authority Acquisition Property, :md that such title is subj ect to no dcfects or encumbrances other than those !hato which the Authority may "f'jlreY8approves in writinQ:. Section 3.5. Public Improvements. (a) In addition to the Authority's acquisition an.d - conveyance of the Authority Acquisition Property, the Authority will pay the cost of certain public improvements necessary to permit the development of the Minimum Improvements. The. Public improvcments are more specifIcally described Qll. Schedule B to this Agreement and - consist generally of the ihstallation of roads, utilities, landscaping, stonn water and water line relocation. - I (b) The Phase I T'nalfe1997 14th Street Improvements consist of the construction ofa new road (14th Street) and the reconstruction of the public utilities serving all Phases of the Minimum Improvements. Subject to Unavoidable Delays, the Fkase I p..;elie1997 14th Street I Improvements will be commenced by , 1997, and will be completed by , 1997. The Phaee I Plllllfe: provided that the final a<;phalt and land.capine portion. of s11ch improvements will completed in the $prin~ of 1998. The 1997 14th Street I improvements will be constructed pursuant to plans and specifications prepared by the Authority or the City in accordance with City constlUction requirements. ThePhass I PaIllie1997 14th ~ Improvements will be lU1dertaken as a public improvement project pursuant to Minnesota I Statutes, Chapter 429, as is described in Section 3.6 of this Agreement. )he 1997 14th Street Improvement.. will he financed with the nroceeds of the Bonds.. .. (c) The l'aasa II PHeliG199R West Round Lake Road Improvements consist of the reconstruction of West Round Lake Road. Subject to Unavoidable Delays, the PhaGe n ~1998 West Round Lake Road Improvements will be commenced by June I 11 ",/",'d 61'0" ",,6 ",9 'tl'd '3~I3a ~ A3,atldff 80:9, ,,66,-n-8ntl