3.0.-5.0. EDSR 04-26-1993 - Laserfiche WebLink

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laws and ordinances and all other local, state, and federal • laws and regulations. (02) Authority will, within five (5) days of the execution of this Agreement, loan to Developer Authority' s Abstract of Title for the Property. The Abstract of Title shall be returned to Authority within thirty (30) days. Subject to satisfaction of the terms and conditions contained in this Agreement, Authority shall execute and deliver a quitclaim deed to the Property to Developer no later than fifteen (15) days following return to Authority of the Abstract. Developer shall take possession of the Property the day following execution of the deed by the Authority. Unless otherwise mutually agreed by the Authority and Developer, the execution and delivery of all deeds shall be made at City Hall, at 13065 Orono Parkway, Elk River, Minnesota. The deed for the Property shall be in recordable form and shall be promptly recorded with the Assessment Agreement, as provided in this Agreement. Developer shall pay all costs for such recording. 3 .2) Site Preparation. Authority will prepare the Property for construction by reimbursing Developer for the actual cost of conducting a survey and preliminary soil borings and analysis of the Property. Authority and Developer anticipate that the costs for these site preparation activities will not exceed $29, 000. 00, and Authority shall be obligated to reimburse no more than . $29, 000 for said site preparation costs. If the site preparation costs exceed $29 , 000 .00, Developer shall have the right to request that Authority amend the Tax Increment Plan and this Agreement to fund the additional site preparation costs, but neither Authority nor City shall have an obligation to do so. Developer shall provide Authority with invoices and/or other evidence of actual costs incurred for said site preparation activities, and Authority shall reimburse Developer for these costs within thirty (30) days of Developer' s receipt of a permanent certificate of occupancy for the Minimum Improvements . Authority shall have no obligation to reimburse Developer for Site Preparation costs if Developer does not obtain a permanent certificate of occupancy for the Minimum Improvements on or before January 1, 1994 or Developer is in breach of any other term of this Agreement and the Agreement is terminated. 3 .3) Security for Developer' s Performance. In lieu of taking a security interest in the property, Authority will accept as security for Developer' s performance of its obligation under Article IV of this Agreement to construct the Minimum Improvements, a cash deposit by the Developer in the amount of $100, 000 . 00 . This deposit shall be made by Developer at the time Authority conveys title to the Property to Developer. Authority shall place the $100, 000.00 cash deposit in an escrow account and shall return the principal amount of $100, 000. 00 to Developer within thirty (30) days of Developer's receipt of a permanent certificate of occupancy for the Minimum Improvements. Authority 6.