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11 <br /> pt <br /> 2. Construction of Improvements. For the purposes of this Agreement, the <br /> term "Loan Property" means the real estate described in the Mortgage together with all <br /> improvements now located or hereafter placed thereon. <br /> Borrower agrees to improve as a part of the Loan Property a project ("Project") <br /> consisting generally of substantial renovations to and equipping of the building located at <br /> 19141 Freeport St NW, Elk River, Minnesota, in accordance with plans and <br /> specifications which have been provided to and approved by City building department <br /> (the "Plans and Specifications") to be operated by the Borrower as Class I restaurant of <br /> approximately 220 seats. The improvements to and equipping of the Loan Property <br /> contemplated by the Plans and Specifications, as the same may be changed with the <br /> approval of Lender, are herein referred to as the "Improvements." Borrower covenants <br /> all applicable restrictions, <br /> when completed, the Improvements shall comply with al pp <br /> conditions, codes, ordinances, regulations and laws of the City of Elk River, Minnesota <br /> ("City") and all other governmental bodies having jurisdiction over the Loan Property, <br /> including, without limitation, the Americans with Disabilities Act and those related to <br /> environmental protection. Borrower shall commence construction of the Improvements <br /> prior to July 1, 2012. For purposes of this Agreement, the term "commence" means the <br /> making of visible improvements, including without limitation demolition of interior <br /> g p � g <br /> walls,paving for parking, and subsurface excavation but excluding mere surface grading. <br /> Borrower represents he would not construct the Improvements on the Loan Property but <br /> for the financial assistance being provided by the Lender hereunder, and more <br /> specifically, would not commence such construction prior to July 1, 2012 without the <br /> assistance rovided under this Agreement and the Spending Plan. Borrower agrees to <br /> p �' p <br /> carry on continuously, diligently and with reasonable dispatch the construction of the <br /> Improvements to full and final completion. <br /> 3. Title Insurance. Commercial Partners Title, LLC ("Title"), is designated <br /> as the title insurer with respect to this Agreement. Title will insure Lender against loss or <br /> damage on account of mechanic's liens upon or unmarketability of the title to the Loan <br /> Property, and will insure that the Mortgage constitutes a second lien upon Borrower's <br /> interest in the Loan Property as contemplated by this Agreement, subject only to a <br /> mortgage made or granted by way of security for, and only for, the purpose of obtaining <br /> construction, interim or permanent financing necessary to enable Borrower to construct <br /> the Improvements or any component thereof. Borrower agrees to promptly and fully <br /> observe and comply with the reasonable requirements of Title and Lender with respect to <br /> the title, the Mortgage,disbursements of funds and such other reasonable requirements as <br /> Title may make. <br /> 4. Documents to be Delivered. Borrower covenants and agrees to <br /> immediately cause the compliance with the following conditions: <br /> (a) Note. Deliver to Lender the Note. <br /> (b) Mortgage. Deliver to Lender the Mortgage,together with evidence <br /> that the Mortgage has been or will be duly filed for record. <br /> 385593v4 JSB EL185-12 <br /> -2- <br />