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CCP 08-18-1997
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CCP 08-18-1997
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<br /> ----- <br /> n'd ltJlOl <br /> . <br /> (h) The Redevelo.per's personal obliJ;ation to pay the Assessments as set forth in this <br /> Section 6 I j, predicated upon the Rcdeveloper', understunding and assumption that it will be <br /> able to construct the Prior Red.eveloper Tmprovemcnts and Minimum Tmprovements without <br /> delay due to certain type, of causes beyond its control Therefore. the Redeveloper' s personal <br /> ob1ill'ation to pav As.~es=ents when due under this Section 6 1 shall be subiect to susnension in <br /> the event that the Redcvcloner is unable to construct in a timely manner a Phase or the Prior <br /> Redeveloper Tmprovements due to the unanticipated discovery of condition< affecting the <br /> Redevelopment Property or the RedevcloDer Property which prevent or delay the consnuction of <br /> the Minimum Improvements or Prior Redeveloper Imnrovements ,uch as the discovcty of <br /> advcrse environmental conditions on the Dn:ws:J1Y that were not discloscd bv the testing and - <br /> assessments referenced in Section 3.3(a)(vi)' The Redeveloper's personal ohli('ation to pay <br /> Assessments may also be suspended in the event that the unanticipaTed actions of third parties <br /> directly render the Redeveloper unable to construct the Minimum. Irnnrovements or Prior <br /> Redeveloper Improvements in a timely mauner or directly result in the prohibition of such <br /> eonstnlction The Redeveloper's personal obligation to pay Assessments shall not he subiect to <br /> suspension due to anv other reason including, without limitation, frY ehange iR ll.. State lax laws <br /> fcsultin~ in a la-"~'eT ti3:K Tata fur ~ra."ertie3 3\Jch as the Red0\'B~af1m8nt Prsflept., a.rlve~e market <br /> conditions. inability to obtain fillancing. acts of Redevc19per's lenders. pro'l'ective lenders. <br /> tenants transferees or prospective tenants or transferees or the Redeveloper's failure to obt.ull <br /> necessarv I1Ovcmm.cntal penn it, or approvals. In order for the Redeveloper to be entitled to . <br /> suspend its personal obli!!ation to pay the Assessments due Lo a delay as described above. it must <br /> within ten (10) days after first learning- of the cause ofthl< delay notify the Authority in writin" <br /> describing the cause for thc iklay and describing the action, that the Redeveloner intends to take <br /> to eliminate the cause oftl,e delay. The Redeveloper shall diligently take all reasonahle action to <br /> altempt to eliminate the eanse for the delav. Iftlle Redeveloper's personal obligation to pay the - <br /> As,essments are entitled to he su~ended due to a delay dcscrihed above the obligations shall <br /> onlv be su!;pended [or a pcriod of time equal to the period of time that the Redeveloper is - <br /> acnlally delayed If an excused delay relates onlv to a oortion of the Redevelopment PrQperty - <br /> and RcdevcJopcr ProDCrtv and not to the entire property. the Redeveloper's obligation to Day <br /> Assessments shall be suspended only with resnect to the Assessments levied on the portion of the - <br /> property the development of which has been delayed. I <br /> The relief that mav be accorded to the Redeveloner under this subsection extends only to <br /> the Redeveloper's per,onal ohligation to pay the Assessments and shall not affect the timing of I <br /> pavrnent of the Assessments. and the Assessments shall remain due and payable as special <br /> assessments. in accordance with their tenns against the Redevelopment Property or Redevelo.per <br /> Property as the case may be I <br /> Section 6.2. Tax Increment Certification. The Tax Increment District has been established <br /> and the County auditor of the County has certified the original tax capacity of the Tax Increment I <br /> District pursuant to Minnesota Statutes, Section 469_177_ <br /> Section 6.3. Real Pronertv Taxes. .. <br /> 22 <br /> I <br /> n/H'd 6r01o loc6 c19 'tJ'd '3~I3G ~ A31GtJdff :2:2:91 10661-n-!JntJ <br /> - ---.--.------ <br />
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