CCP 08-18-1997 - Laserfiche WebLink

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----- n'd ltJlOl . (h) The Redevelo.per's personal obliJ;ation to pay the Assessments as set forth in this Section 6 I j, predicated upon the Rcdeveloper', understunding and assumption that it will be able to construct the Prior Red.eveloper Tmprovemcnts and Minimum Tmprovements without delay due to certain type, of causes beyond its control Therefore. the Redeveloper' s personal ob1ill'ation to pav As.~es=ents when due under this Section 6 1 shall be subiect to susnension in the event that the Redcvcloner is unable to construct in a timely manner a Phase or the Prior Redeveloper Tmprovements due to the unanticipated discovery of condition< affecting the Redevelopment Property or the RedevcloDer Property which prevent or delay the consnuction of the Minimum Improvements or Prior Redeveloper Imnrovements ,uch as the discovcty of advcrse environmental conditions on the Dn:ws:J1Y that were not discloscd bv the testing and - assessments referenced in Section 3.3(a)(vi)' The Redeveloper's personal ohli('ation to pay Assessments may also be suspended in the event that the unanticipaTed actions of third parties directly render the Redeveloper unable to construct the Minimum. Irnnrovements or Prior Redeveloper Improvements in a timely mauner or directly result in the prohibition of such eonstnlction The Redeveloper's personal obligation to pay Assessments shall not he subiect to suspension due to anv other reason including, without limitation, frY ehange iR ll.. State lax laws fcsultin~ in a la-"~'eT ti3:K Tata fur ~ra."ertie3 3\Jch as the Red0\'B~af1m8nt Prsflept., a.rlve~e market conditions. inability to obtain fillancing. acts of Redevc19per's lenders. pro'l'ective lenders. tenants transferees or prospective tenants or transferees or the Redeveloper's failure to obt.ull necessarv I1Ovcmm.cntal penn it, or approvals. In order for the Redeveloper to be entitled to . suspend its personal obli!!ation to pay the Assessments due Lo a delay as described above. it must within ten (10) days after first learning- of the cause ofthl< delay notify the Authority in writin" describing the cause for thc iklay and describing the action, that the Redeveloner intends to take to eliminate the cause oftl,e delay. The Redeveloper shall diligently take all reasonahle action to altempt to eliminate the eanse for the delav. Iftlle Redeveloper's personal obligation to pay the - As,essments are entitled to he su~ended due to a delay dcscrihed above the obligations shall onlv be su!;pended [or a pcriod of time equal to the period of time that the Redeveloper is - acnlally delayed If an excused delay relates onlv to a oortion of the Redevelopment PrQperty - and RcdevcJopcr ProDCrtv and not to the entire property. the Redeveloper's obligation to Day Assessments shall be suspended only with resnect to the Assessments levied on the portion of the - property the development of which has been delayed. I The relief that mav be accorded to the Redeveloner under this subsection extends only to the Redeveloper's per,onal ohligation to pay the Assessments and shall not affect the timing of I pavrnent of the Assessments. and the Assessments shall remain due and payable as special assessments. in accordance with their tenns against the Redevelopment Property or Redevelo.per Property as the case may be I Section 6.2. Tax Increment Certification. The Tax Increment District has been established and the County auditor of the County has certified the original tax capacity of the Tax Increment I District pursuant to Minnesota Statutes, Section 469_177_ Section 6.3. Real Pronertv Taxes. .. 22 I n/H'd 6r01o loc6 c19 'tJ'd '3~I3G ~ A31GtJdff :2:2:91 10661-n-!JntJ - ---.--.------