2017-05-08_EDA_Packet - Laserfiche WebLink

Home

Attachment A 314 determination that the Building Plans have been approved and shall satisfy the provisions of this 315 Section 4.2. 316 Section 4.3. Schedule of Construction 317. Subject to Unavoidable Delays, construction of 318 the Improvements shall commence no later than six months after Closing, and shall be completed 319 no later than one year after the Closing Date (“Construction Completion Date”). All 320 construction shall be in conformity with the approved Construction Plans and the Guidelines. 321 Periodically during construction the Developer shall make reports in such detail as may 322 reasonably be requested by the Authority concerning the actual progress of construction. If at 323 any time prior to completion of construction the Authority has cause to believe that the 324 Developer will be unable to complete construction of the Improvements in the time permitted by 325 this Section 4.3, it may notify the Developer and demand assurances from the Developer 326 regarding the Developer’s construction schedule.If such assurances are not forthcoming or are 327 deemed by the Authority at its sole discretion to be inadequate, the Authority may declare an 328 Event of Default and may avail itself of any of the remedies specified in Section 8.2 of this 329 Agreement. 330 331 Section 4.4. Certificate of Completion . After notification by the Developer of 332 completion of construction of the Improvements, the Authority shall inspect the construction to 333 determine whether the Improvements have been completed in accordance with the Construction 334 Plans and the terms of this Agreement, including the date of the completion thereof. In the event 335 that the Authority is satisfied with the construction, and upon closing on the sale of the Property 336 to the Homeowner, the Authority shall furnish the Developer with a Certificate of Completion in 337 the form attached hereto as Exhibit A. Such certification by the Authority shall be a conclusive 338 determination of satisfaction and termination of the agreements and covenants in this Agreement, 339 provided that such termination of the agreements and covenants in this Agreement shall not 340 include termination of the Authority’s Note and Mortgage, which will be assigned by the 341 Developer to the Homeowner as provided in Section 6.4. Issuance of the Certificate of 342 Completion shall also serve as a satisfaction of any obligation of Developer secured by the Letter 343 of Credit, and the Letter of Credit will be released to the Developer. At the time a Certificate of 344 Completion is issued, the Authority will also provide Developer with a $5,000 cash rebate if 345 Developer has obtained certification through LEED for Homes, Minnesota GreenStar, or 346 Minnesota Green Communities. 347 348 If the Authority shall refuse or fail to provide certification in accordance with the 349 provisions of this Section 4.4, the Authority shall within 15 days of such notification provide the 350 Developer with a written statement, indicating in adequate detail in what respects the Developer 351 has failed to complete the Improvements in accordance with the provisions of this Agreement 352 necessary, in the opinion of the Authority, for the Developer to take or perform in order to obtain 353 such certification. 354 355 Section 4.5. Failure to Construct . In the event that construction of the Improvements 356 is not completed as provided in Section 4.3 of this Agreement, an Event of Default shall be 357 deemed to have occurred, and the Authority may proceed with its remedies under Section 8.2. 358 359 ARTICLE V. 7 498768v2 MNI RS275-12