Laserfiche WebLink
EXHIBIT D <br />CERTIFICATE OF RELEASE <br />Recitals. <br />1.1. Recital One. PLM Properties, LLC, a Minnesota limited liability company (the <br />"Developer"), is the owner of the real property legally described on the attached Exhibit A (the <br />"Development Property"). <br />1.2. Recital Two. The Developer acquired title to the Development Property from the <br />City of Elk River, Minnesota (the "City") pursuant to a deed dated , 2024 and <br />recorded in the office of the Sherburne County Recorder on as Document <br />No. (the "Deed"). <br />1.3. Recital Three. The Deed includes a right of re-entry for breach of conditions <br />subsequent in favor of the City (the "Right of Re-entry"). <br />1.4. Recital Four. The City, the Developer and Heritage Millwork, Inc., a Minnesota <br />corporation, are parties to a Development Assistance Agreement recorded in the office of the <br />Sherburne County Recorder on as Document No. (the <br />"Development Assistance Agreement"). <br />1.5. Recital Five. Pursuant to Section 3.4 of the Development Assistance Agreement, <br />the Developer is obligated to commence, or cause to be commenced, construction of the <br />foundation of the Project (as defined in the Development Assistance Agreement) on the <br />Development Property by , 2024. <br />1.6. Recital Six. The City's Right of Re-entry would be triggered by the Developer's <br />failure to commence, or cause to be commenced, construction of the foundation of the Project by <br />the date 12 months from the date of the Deed, subject to Unavoidable Delays. <br />1.7. Recital Seven. The Developer has represented to the City that the Developer has <br />commenced construction of the foundation of the Project and has requested this Certificate of <br />Release from the City. <br />2. Certificate of Release. The City hereby certifies that the Developer has satisfied its <br />obligations with respect to commencing construction of the foundation of the Project on the Development <br />Property. The City further acknowledges and agrees that the Development Property is released from the <br />Right of Re -Entry. <br />D-1 <br />EL185\77\951254.v6 <br />Page 329 of 372 <br />