3.2. EDSR 02-02-1998 - Laserfiche WebLink

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(b) The Redeveloper shall have obtained all governmental approvals that must be obtained in order to permit the construction and operation of the Minimum Improvements; (c) The Redeveloper shall have closed on financing sufficient for construction of the Minimum Improvements; (d) The Redeveloper shall have provided to the Authority evidence that it has paid the Public Redevelopment Costs as described in Section 3.2 of this Agreement. In the event that all of the above conditions precedent have not been satisfied, or waived in writing by the Authority, by December 31, 1998, either party hereto may terminate this Agreement upon the giving of 10 days written notice to the other party of its intention to do. Upon such termination, neither the Authority nor the Redeveloper shall have any obligation or liability to the other hereunder; provided, that the Authority and the Redeveloper shall execute a recordable instrument canceling this Agreement. Section 3.5. Conditions Precedent to Reimbursement Under the Note. The Authority's obligation to reimburse the Redeveloper under the Note for its payment of the Public Redevelopment Costs described in Section 3.2. shall be subject to satisfaction of all of the following conditions precedent: Issue Date of Completion of Activity (a) Complete demolition and removal of existing buildings on Current Site (b) Discontinuation of all activities associated with trucking on the Current Site (c) Discontinuation of all secondary business uses on the Current Site, i.e. wood sales, recycling activities, etc. (d) Minnesota Pollution Control Agency to issue a letter of compliance indicating their satisfaction as to the environmental state of the Current Site 9