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period, the ACHRA may proceed to offer the Land and the Project for sale to others as it shall <br /> determine, and this Right of First Refusal to Acquire Property shall terminate and be of no <br /> further force and effect. <br /> 2. The City shall have the right to acquire the Land and the Project in consideration <br /> of its assumption of all outstanding debt with respect to the Land and the Project, and with no <br /> additional cash payment; provided, however, that if the City should resell the Land and the <br /> Project or fail to operate the Project as a senior citizen housing project consistent with the <br /> limitations of Section 4 of the Joint Powers Agreement at any time during a period which <br /> commences on its acquisition of title and extends for a period equal to the period during which <br /> the ACHRA held title to the Land, sale proceeds in the case of sale, or appraised value of the <br /> Project as a market rate housing project in the case of failure to operate, if any, in excess of <br /> amounts necessary to pay retraining debt service costs of the original bond financing shall be <br /> divided equally between the City and the ACHRA. <br /> 3. The ACHRA makes no representations whatsoever as to the character of the real <br /> estate involved, zoning ordinances, state of title, marketability of title, liens, encumbrances, <br /> sewers, encroachments or restrictions of any kind whatsoever, and agrees only to convey <br /> whatsoever title it has; provided that the ACHRA covenants that it shall allow no liens to attach <br /> to the Land during its period of ownership, and upon exercise by the City of its rights hereunder, <br /> the ACHRA shall return title to the Land to the City in the same condition as it was received <br /> from the City. <br /> 4. Notices hereunder shall be in writing and shall be deemed to have been given at <br /> the time when mailed in a United States Post Office by regular, first -class mail, postage prepaid <br /> to the addresses set forth, which addresses may be amended in writing from time to time in the <br /> manner herein provided for notices: <br /> To the City: <br /> City of Centerville <br /> 1880 Main Street <br /> Centerville, MN 55038 <br /> Attn.: City Administrator <br /> C -2 <br />