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2020_0914_CCPacket
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2020_0914_CCPacket
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Roseville City Council
Document Type
Council Agenda/Packets
Meeting Date
9/14/2020
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Attachment A <br />1 1. City may make advances or take other steps to cure the default, and where necessary, enter the <br />2 Property for that purpose. The Developer shall pay all sums so advanced or expenses incurred by <br />3 the City upon demand, with interest from the date of such advances or expenses at the rate of 10% <br />4 per annum or the maximum allowed by law, whichever is less. No action taken by the City <br />5 pursuant to this section shall be deemed to relieve the Developer from curing any such default or <br />6 from any other default hereunder. The City shall not be obligated, by virtue of the existence or the <br />7 exercise of this right, to perform any such act or cure any such default. <br />8 2.Obtain an order from a court of competent jurisdiction requiring the Developer to specifically <br />9 perform its obligations pursuant to the terms and provisions of this Agreement. <br />10 3. Obtain an order from a court of competent jurisdiction enjoining the continuation of an event <br />11 of default. <br />12 4. Halt all development work and construction of improvements until such time as the event of <br />13 default is cured. <br />14 5. Withhold the issuance of a building permit and/or prohibit the occupancy of any structure(s) <br />15 for which permits have been issued. <br />16 6. Draw upon and utilize the Developer’s Financial Security to cover the costs of the City in order <br />17 to correct the default, the costs to complete any unfinished Public Improvements, the costs to draw <br />18 on the Financial Security and/or the costs to enforce this Agreement. <br />19 7. Terminate this Agreement by written notice to Developer at which time all terms and <br />20 conditions contained herein shall be of no further force or effect and all obligations of the parties <br />21 imposed hereunder shall be null and void. <br />22 8. Exercise any other remedies which may be available to it at law or in equity. <br />23 9. In addition to the remedies and amounts payable set forth or permitted above, upon the <br />24 occurrence of an event of default, the Developer shall pay to the City all fees and expenses, <br />25 including reasonable attorney’sfees, incurred by the City as a result of the event of default, whether <br />26 or not a lawsuit or other action is formally taken. <br />27 10. The Developer shall defend, indemnify, and hold the City and its mayor, councilmembers, <br />28 employees, agents and contractors harmless from any liability or damages, including reasonable <br />29 attorney’s fees, which may be incurred as a result of the exercise of the City’s rights pursuant to <br />30 this Agreement except with respect to liability or damages arising from the gross negligence or <br />31 willful misconduct of the City, its mayor, councilmembers, employees, agents or contractors. <br />32 Investor and Lender Notice and Cure. The City hereby acknowledges and agrees that no notice <br />33 delivered to Developer pursuant to this Agreement shall be deemed effective unless a written copy of <br />34 such notice is also delivered to the Developer’s investor limited partner, NHT Equity, LLC (the <br />35 “Investor”) and Developer’s mortgage lender, Minnesota Housing Finance Agency (“MHFA”) at the <br />36 addresses set forth below (or such other address as Investor or MHFA may designate in writing from <br />37 time to time). The City further acknowledges and agrees that Investor and MHFA shall each have the <br />38 right, but not the obligation, to cure any Developer default hereunder within thirty (30) days of receipt <br />39 of written notice from the City of such default; provided however that, in the event of a default is not <br />40 susceptible to being cured within such thirty (30) days, the City will allow Investor or MHFA such <br />41 additional time to cure such default provided Investor or MHFA has commenced to cure such default <br />42 and is diligently proceeding to cure such default. <br />Page 9 of 15 <br /> <br /> <br />
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