Laserfiche WebLink
Attachment A <br />ARTICLE VI. <br /> <br />FINANCING <br /> <br /> . Within 20 days of the date of execution of this Agreement, the <br />Section 6.1. Financing <br />Buyer shall submit to the Authority evidence of financing for the Improvements in compliance <br />with the provisions of Section 2.1(b) of this Agreement. If the Authority finds that the financing <br />is adequate in amount to provide for the construction of the Improvements, the Authority shall <br />notify the Buyer of its approval. <br /> If the Authority rejects the evidence of financing as inadequate, the Buyer shall have 30 <br />days or such additional period of time as the Buyer may reasonably require from the date of such <br />notification to submit evidence of financing satisfactory to the Authority. If the Buyer fails to <br />submit such evidence or fails to use due diligence in pursuing financing, the Authority may <br />terminate this Agreement and both parties shall be released from any further obligation or <br />liability hereunder. Closing shall not take place until Buyer has provided Authority with <br />acceptable evidence of financing for construction of the Improvements. <br />. Whenever the Authority shall <br />Section 6.2. Copy of Notice of Default to Lender <br />deliver any notice or demand to the Buyer with respect to any Event of Default by the Buyer in <br />its obligations or covenants under this Agreement, the Authority shall at the same time forward a <br />copy of such notice or demand to each holder of any Mortgage authorized by this Agreement at <br />the last address of such holder shown in the records of the Authority. <br />. In order to facilitate obtaining financing for the <br />Section 6.3. Subordination <br />construction of the Improvements by the Buyer, the Authority may, in its sole and exclusive <br />discretion, agree to modify or subordinate this Agreement in the manner and to the extent the <br />Authority deems reasonable, upon request by the financial institution and the Buyer. <br />ARTICLE VII. <br /> <br />PROHIBITIONS AGAINST ASSIGNMENT AND TRANSFER <br /> <br /> . The Buyer represents and agrees <br />Section 7.1. Representation as to Redevelopment <br />that its undertakings pursuant to the Agreement, are for the purpose of Development of the <br />Property and not for speculation in land holding. The Buyer further recognizes that, in view of <br />the importance of the Development to the general welfare of Roseville and the substantial <br />financing and other public aids that have been made available by the Authority for the purpose of <br />making the Development possible, the qualification and identity of the Buyer are of particular <br />concern to the Authority. The Buyer further recognizes that it is because of such qualifications <br />and identity that the Authority is entering into this Agreement, and, in so doing, is further willing <br />to rely on the representations and undertakings of the Buyer for the faithful performance of all <br />undertakings and covenants agreed by the Buyer to be performed. <br /> <br />441549v2 MNI RS275-1 <br />7 <br /> <br />