Laserfiche WebLink
.• <br /> io (ix) Payments to the Developer for the following: development fee not to <br /> exceed the sum of(a) 5% of Total Development Costs with respect to the leased portion <br /> of the.Jackson Block Commercial Project, (b) 12% of development costs approved by the <br /> Minnesota Housing Finance Agency with respect to the Jackson Block Housing Project, <br /> market rate leasing commissions on the Jackson Block Housing Project and the Jackson <br /> Block Commercial Project and other similar fees, all of which shall be of a nature and <br /> amount which is standard in the industry; <br /> (x) Governmental fees, including park dedication, permit, license and utility <br /> hook-up charges, SAC and WAC, to the extent not reduced or reimbursed; <br /> (6) Taxes and insurance premiums during the construction period, including special <br /> assessments; <br /> (7) Financing fees and financing interest during the construction period; <br /> (8) Amounts paid or payable to equity providers, other than Affiliates, regardless of <br /> whether paid as interest, profit participation, preferred return, loan guaranty fees or otherwise. <br /> "Unavoidable Delays" means delays, outside the control of the party claiming its <br /> occurrence, which delay the activities contemplated by this Agreement, and which are the direct <br /> result of(a) unusually severe or prolonged bad weather, (b) acts of God, fire or other casualty to <br /> the Minimum Improvements, (c) litigation conunenced by third parties which, by injunction or <br /> ilo other similar judicial action, directly results in delays, (d) acts of any federal, State or local <br /> governmental unit which directly result in delays, (e) strikes, or other labor trouble, (f) delays in <br /> delivery of materials for the Minimum Improvements, (g) soil conditions of the Development <br /> Property or(h) acts of war or terrorism, not existing on the date hereof. <br /> "U.S. Bank Parcel" means that portion of the Bluff Block Property to be acquired by the <br /> Developer from U.S. Bank, National Association, which property is located at 632 Main Street, <br /> Elk River, Sherburne County,Minnesota. <br /> IP <br /> 167420.5v8 11 <br />