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04-09-07 Item 7B, AUAR Relating to TCAAP
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04-09-07 Item 7B, AUAR Relating to TCAAP
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10/10/2022 3:18:44 PM
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4/6/2007 11:43:20 AM
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04-09-07 Item 7B, SRF Consult Contract
General - Type
Agenda Item
Category
Contract for AUAR Relating to TCAAP
Date
4/9/2007
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<br />(i) The City determines that the grounds exist for rescission or termination <br />under the terms of the OTP; and <br /> <br />(ii) This Agreement expires or the City has terminated this Agreement pursuant <br />to Section 12(a)(i) hereof prior to the execution of an MDA. <br /> <br />If the foregoing conditions are satisfied, the City may deliver to GSA a notice of rescission <br />or termination of the OTP effective upon receipt thereof by GSA. <br /> <br />(b) The Developer may require that the City either (in the City's sole discretion) repay <br />to Developer the amount of the earnest money the Developer has paid to the City ( the "Developer <br />Earnest Money") or terminate the OTP pursuant to the terms thereof, including, but not limited to <br />Section 5, under the following terms and conditions: <br /> <br />(i) The Developer must determine that the grounds exist for rescission or <br />termination under the terms of the OTP; and <br /> <br />(ii) The Developer must provide written notice to the City explaining why <br />Developer may not want to proceed with the Development and the grounds that exist for the <br />City's rescission or termination of the OTP (the "Initial Developer Notice"), and then allow <br />the City sixty (60) days after receipt of the Initial Developer Notice to take any of the <br />actions described in clause (v) of this paragraph (b), <br /> <br />(iii) At the end of the 60-day period following the City's receipt of the Initial <br />Developer Notice, the Developer may, in its sole discretion, provide written notice to the <br />City (the "Second Developer Notice") directing the City to select one of the following <br />options in the City's sole discretion: <br /> <br />(1) Within thirty (30) days after receipt of the Second Developer Notice, pay <br />the Developer Earnest Money to the Developer by wire transfer of funds to such <br />account as designated by the Deve]oper, or <br /> <br />(2) Within thirty (30) days after receipt of the Second Developer Notice, <br />forward to GSA and others as required by the OTP, the City's notice of rescission or <br />termination of the OTP for the reasons stated in the Initial Developer Notice and/or <br />Second Developer Notice, and such rescission or termination shal] be effective as of <br />the date designated in the Second Developer Notice. <br /> <br />The City must perform option (J) or (2) by the end of the 30-day period following the City's <br />receipt of the Second Developer Notice. <br /> <br />(iv) Notwithstanding Section] O(b )(i),(ii) and (iii) to the contrary, if the <br />Covenant Deferral Request has been signed by the Governor of the State of Minnesota and <br />the EP A Administrator either before or after the Developer initiates action under this <br />Section] O(b), then Developer shall only need to provide written notice to the City at least <br />three (3) business days before the date of repayment of Developer Earnest Money or <br />rescission or termination, which notice explains the grounds for rescission or termination <br /> <br />1] <br />
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