2015_0817_CCpacket - Laserfiche WebLink

Home

Attachment A amendments, modifications, extensions, replacements or renewals of the Loan Documents; provided, however, that nothing herein shall be construed as subordinating the requirement contained in the Contract that the Property be used in accordance with the provisions of Section 10.3 of the Contract. 2. Notice to Citv. Lender agrees to use commercially reasonable efforts to notify Citv of the occurrence of any Event of Default given to Redeveloper under the Loan Documents, in accordance with Section 7.2 of the Contract. The Lender shall not be bound by the other requirements in Section 7.2 of the Contract. 3. Statutor_y Exception. Nothing in this Agreement shall alter, remove or affect Lender's obligation under Minnesota Statutes, § 469.029 to use the Property in conformity to Section 10.3 of the Contract. 4. No Assumption. The Citv acknowledges that the Lender is not a party to the Contract and by executing this Agreement does not become a party to the Contract, and specifically does not assume and shall not be bound by any obligations of the Redeveloper to the City under the Contract, and that the Lender shall incur no obligations whatsoever to the City except as expressly provided herein. Lender will want to get subsidy if takes the Property back. . 5. Notice from Citv. So long as the Contract remains in effect, the City agrees to give to the Lender copies of notices of any Event of Default given to Redeveloper under the Contract. 6. Governing Law. This Agreement is made in and shall be construed in accordance with the laws of the State of Minnesota. 7. Successors. This Agreement and each and every covenant, agreement and other provision hereof shall be binding upon and inure to the benefit of the parties hereto and their respective successars and assigns, including any person who acquires title to the Property through the Lender of a foreclosure of the Mortgage. 8. Severabilitv. The unenforceability or invalidity of any provision hereof shall not render any other provision or provisions herein contained unenforceable or invalid. 9. Notice. Any notices and other communications permitted or required by the provisions of this Agreement shall be in writing and shall be deemed to have been properly given or served by depositing the same with the United States Postal Service, or any official successor thereto, designated as registered or certified mail, return receipt requested, bearing adequate postage, or delivery by reputable private carrier and addresses as set forth above. 10. Transfer of Title to Lender. The City agrees that in the event the Lender, a transferee of Lender, or a purchaser at fareclosure sale, acquires title to the Property pursuant to a foreclosure, or a deed in lieu thereof, the Lender, transferee, or purchaser shall not be bound by the terms and conditions of the Contract except as expressly herein provided. Further the City agrees that in the event the Lender, a transferee of Lender, or a purchaser at foreclosure sale acquires title to the Property pursuant to a foreclosure sale or a deed in lieu thereof, then the Lender, transferee, or purchaser shall be entitled to all rights conferred upon the Redeveloper under the Contract, E-2 7174856v3