Representations, Warranties and Covenants by the Developer. The Developer represents, warrants, covenants, acknowledges and agrees that: (a) Apollo Development LLC is a Minnesota limited liability company duly organized and existing under the laws of the State, is qualified to do business in the State, and is not in violation of any provisions of law or regulations of the State. (b) The Developer will construct, operate and maintain the Minimum Improvements upon the Development Property (or will cause the Project to be constructed, operated and maintained) in accordance with the terms of this Agreement, the Development Program, and all local, state, and federal laws and regulations (including, but not limited to, environmental, zoning, building code and public health laws and regulations). (c) Neither the execution and delivery of this Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Agreement is prevented or limited by, or in conflict with or will result in a breach of, the terms, conditions or provisions of any evidence of indebtedness, agreement or instrument of whatever nature to which the Developer is now a party or by which it is bound, or will constitute a default under any of the foregoing. (d) The Developer will promptly advise the City in writing of and cooperate with the City with respect to any litigation commenced with respect to the Development Property or the Minimum Improvements, except for litigation in which the City and the Developer are adverse parties. (e) The Developer reasonably believes that the financing commitments which are available to the Developer to finance construction and equipping of the Minimum Improvements, together with the Developer’s equity, will be sufficient to enable the Developer to successfully complete the Minimum Improvements in conformance with the Construction Plans and in accordance with the schedule contemplated in this Agreement. (f) The construction of the Minimum Improvements would not be undertaken by the Developer, and in the opinion of the Developer would not be economically feasible within the reasonably foreseeable future, without the assistance and benefit to the Developer provided for in this Agreement. (g) The Developer expects that, barring Unavoidable Delays, the Minimum Improvements will be substantially completed in accordance with the timelines set forth in Section 5.3 hereof. (h) The Developer will obtain, in a timely manner, all required permits, licenses and approvals, and will meet, in a timely manner, all requirements of all applicable local, state and federal laws and regulations which must be obtained or met before the Minimum Improvements may be lawfully constructed. (i) The Developer has not received any notice or communication from local, state or federal officials or any private party that the Developer’s activities respecting the Development Property or the construction of the Minimum Improvements on the Development Property may or will be in violation of any law or regulation (including environmental laws and regulations). (j) The Developer has relied on its own estimate or verification of the fair market value of the Minimum Improvements and the Development Property, the estimate of taxes and the Available Tax Increment, and has not relied on any estimates provided by the City. (k) The Developer agrees that there shall be no discrimination related to the Project because of race, sex, age, sexual orientation or religious, political or other similar affiliations. (l) If any investigation, site monitoring, containment, clean-up, removal, restoration, or other remedial work (the “Remedial Work”) of any kind is necessary under any applicable local, State or federal laws or regulations, or is required by any governmental entity or other third person because of or in connection with the presence or suspected presence of Hazardous Substance on or under the Development Property, the Developer shall assume responsibility for all such Remedial Work resulting from the Developer’s activities on the Development Property and all costs and expenses of such Remedial Work shall be paid by the Developer. Without limiting the foregoing, nothing contained in this paragraph shall be construed or interpreted in such a way to adversely affect the ability of the Developer to seek reimbursement of the cost of any Remedial Work undertaken by the Developer from the federal government, State or other third party. (m) If requested, the Developer will work with the City to coordinate reasonable pedestrian access to and from the Project to improve safety and pedestrian access. Said pedestrian accesses would work towards connections with the Windom Recreation Area and Tegel’s Park. (n) Developer will not sell or transfer the Project within 5 years from the date of receipt of the Certificate of Completion, without written consent from the City. (o) Developer will continue to operate (or cause to be operated) the Project as a market-rate (non-subsidized) multifamily residential apartment building during the Compliance Period. (p) Developer will promptly pay the Purchase Price for the Development Property within 30 days of receipt an invoice from the City.
Appears in 1 contract
Sources: Contract for Private Redevelopment
Representations, Warranties and Covenants by the Developer. The Developer represents, warrants, covenants, acknowledges and agrees that:
(a) Apollo Development DVK Diversified, LLC is a Minnesota limited liability company duly organized and existing under the laws of the State, is qualified to do business in the State, and is not in violation of any provisions of law or regulations of the State.
(b) The Developer will construct, operate and maintain the Minimum Improvements upon the Development Property (or will cause the Project to be constructed, operated and maintained) in accordance with the terms of this Agreement, the Development Program, and all local, state, and federal laws and regulations (including, but not limited to, environmental, zoning, building code and public health laws and regulations).
(c) Neither the execution and delivery of this Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Agreement is prevented or limited by, or in conflict with or will result in a breach of, the terms, conditions or provisions of any evidence of indebtedness, agreement or instrument of whatever nature to which the Developer is now a party or by which it is bound, or will constitute a default under any of the foregoing.
(d) The Developer will promptly advise the City in writing of and cooperate with the City with respect to any litigation commenced with respect to the Development Property or the Minimum Improvements, except for litigation in which the City and the Developer are adverse parties.
(e) The Developer reasonably believes that the financing commitments which are available to the Developer to finance construction and equipping of the Minimum Improvements, together with the Developer’s equity, will be sufficient to enable the Developer to successfully complete the Minimum Improvements in conformance with the Construction Plans and in accordance with the schedule contemplated in this Agreement.
(f) The construction of the Minimum Improvements would not be undertaken by the Developer, and in the opinion of the Developer would not be economically feasible within the reasonably foreseeable future, without the assistance and benefit to the Developer provided for in this Agreement.
(g) The Developer expects that, barring Unavoidable Delays, the Minimum Improvements will be substantially completed in accordance with the timelines set forth in Section 5.3 hereof.
(h) The Developer will obtain, in a timely manner, all required permits, licenses and approvals, and will meet, in a timely manner, all requirements of all applicable local, state and federal laws and regulations which must be obtained or met before the Minimum Improvements may be lawfully constructed.
(i) The Developer has not received any notice or communication from local, state or federal officials or any private party that the Developer’s activities respecting the Development Property or the construction of the Minimum Improvements on the Development Property may or will be in violation of any law or regulation (including environmental laws and regulations).
(j) The Developer has relied on its own estimate or verification of the fair market value of the Minimum Improvements and the Development Property, the estimate of taxes and the Available Tax Increment, and has not relied on any estimates provided by the City.
(k) The Developer agrees that there shall be no discrimination related to the Project because of race, sex, age, sexual orientation or religious, political or other similar affiliations.
(l) If any investigation, site monitoring, containment, clean-up, removal, restoration, or other remedial work (the “Remedial Work”) of any kind is necessary under any applicable local, State or federal laws or regulations, or is required by any governmental entity or other third person because of or in connection with the presence or suspected presence of Hazardous Substance on or under the Development Property, the Developer shall assume responsibility for all such Remedial Work resulting from the Developer’s activities on the Development Property and all costs and expenses of such Remedial Work shall be paid by the Developer. Without limiting the foregoing, nothing contained in this paragraph shall be construed or interpreted in such a way to adversely affect the ability of the Developer to seek reimbursement of the cost of any Remedial Work undertaken by the Developer from the federal government, State or other third party. Exhibit “C” Section #31 outlines the Termination of Contract for Private Redevelopment, if contaminants are found during the demolition and reasonable mitigation efforts are not able to address the issue. DVK has entered into a Contract for the demolition of the existing concrete plant site on the Property (“Demolition Contract”) with the CITY. If DVK proceeds with the new Subdivision, the Developer shall assume responsibility for all such Remedial Work.
(m) If requested, the Developer will work with the City to coordinate reasonable pedestrian access to and from the Project to improve safety and pedestrian access. Said pedestrian accesses would work towards connections with the Windom Recreation Area and Tegel’s Park.
(n) Developer will not sell or transfer the Project within 5 years from the date of prior to receipt of the Certificate of Completion, without written consent from the City.
(o) Developer will continue to operate (or cause to be operated) warrant the Project as a market-rate (non-subsidized) multifamily residential apartment building materials and labor for the installation of street and utility infrastructure in the South Cottonwood Lake Subdivision during the Compliance Period.
(p) Developer will promptly pay the Purchase Price for the Development Property within 30 45 days of receipt of an invoice from the City.
Appears in 1 contract
Sources: Contract for Private Redevelopment