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(30) days of written demand by the Authority, pay to the Authority the reasonable <br /> • fees of such attorneys and such other expenses so incurred by the Authority. <br /> ARTICLE III. <br /> Status of Property; Public Development Costs <br /> Section III.1 Status of Property. The Development Property is owned by the <br /> Authority. The Developer and Authority have entered into this agreement in order <br /> to assist the Developer's development of the Development Property by providing <br /> the Development Property to the Developer. <br /> Section III.2 Public Development Costs. The Authority agrees that it will, <br /> through the issuance of a Warranty Deed in the form attached hereto as Schedule <br /> D, provide the Development Property to the Developer at no cost to the Developer. <br /> Section III.3 Conditions Precedent to Issuance of Warranty Deed for <br /> Development Property. The Authority's obligation to issue the Warranty Deed for <br /> the Development Property shall be subject to satisfaction of all of the following <br /> conditions precedent: <br /> • (a) No Event of Default shall have occurred and be continuing under this <br /> Agreement; <br /> (b) The Developer shall have obtained all governmental approvals that <br /> must be obtained in order to permit the construction and operation of the Minimum <br /> Improvements; <br /> (c) The Developer shall have provided to the Authority evidence of firm <br /> commitments for financing, sufficient in the Authority's sole judgement, for <br /> construction of the Minimum Improvements and the closing on said financing shall <br /> occur simultaneously with the delivery of the Warrant Deed by the Authority; <br /> (d.) The Developer shall provide to the Authority evidence that it will <br /> comply with Minnesota Statutes, Section 469.176 Subdivision 4c(a), as defined <br /> below: <br /> Subd 4c. Economic development districts. (a) Revenue derived from tax <br /> increment from an economic development district may not be used to <br /> provide improvements, loans, subsidies, grants, interest rate subsidies, <br /> or assistance in any form to developments consisting of buildings and <br /> ancillary facilities, if more than 15 percent of the buildings and <br /> 6 <br /> BeckP 548540.1 <br />