Conveyance Subject to Right of Re-entry. As of the date of this Agreement, the City owns the Property. If a Contract is executed within the terms of this Agreement, the City will convey title to and possession of the Property to the EDA, and the EDA will simultaneously convey title to and possession of the Property to the Developer, subject to all the terms and conditions of the Contract. The EDA’s conveyance of the EDA Property to the Developer pursuant to the Contract will be made in the form of a quit claim deed (the “Deed”). The Deed will include a right of re-entry for breach of a condition subsequent in favor of the EDA (the “Right of Re-entry”) for the Development. The condition(s) subsequent will be determined by the EDA in accordance with Minnesota Statutes Section 469.105 and set forth in the Deed conveying the EDA Property to the Developer in the form attached to the Contract. If the Developer breaches such condition(s) subsequent with respect to the Development, the Developer shall re-convey the Property back to the EDA. If the Developer fails to re-convey the Property to the EDA, the EDA may elect to exercise its right of reentry by commencing an action in Lyon County District Court to establish the breach of the condition subsequent. If the EDA establishes a breach of the condition subsequent, title to and the right to possession of the Property and title to all improvements located thereon reverts to the EDA, and the Developer is not entitled to any compensation from the EDA for the Property or the value of any improvements the Developer has made to the Property. The Developer must record any certificate of completion or certificate of release of the Right of Re-entry in the proper County land records at its expense.
Conveyance Subject to Right of Re-entry. The EDA’s conveyance of the Development Property to the Developer pursuant to this Agreement will be made subject to a right of re-entry for breach of a condition subsequent in favor of the EDA. The condition subsequent shall be determined by the EDA in accordance with Minn. Stat. § 469.105 and set forth in the Deed conveying the Development Property to the Developer. If Developer breaches such condition subsequent, the Developer shall re-convey the Development Property back to the EDA. If the Developer fails to re-convey the Development Property to the EDA, the EDA may elect to exercise its right of reentry by commencing an action in Xxxxxx County District Court to establish the breach of the condition subsequent. If the EDA establishes a breach of the condition subsequent, title to and the right to possession of the Development Property and title to all improvements located thereon reverts to the EDA, and the Developer is not entitled to any compensation from the EDA for the value of any improvements the Developer has made to the Development Property. The Developer must record any certificate of completion or certificate of release of the right of re-entry in the proper County land records at its expense.
Conveyance Subject to Right of Re-entry. The EDA’s conveyance of the Redevelopment Property to the Developer pursuant to the Definitive Contract will be subject to approval after a public hearing, will be on an “AS-IS” basis, and will be made in the form of a quit claim deed (the “Deed”). The Deed will include a right of re-entry for breach of a condition subsequent in favor of the EDA (the “Right of Re-entry”) for the Development. The condition(s) subsequent will be determined by the EDA in accordance with Minnesota Statutes Section 469.105 and set forth in the Deed conveying the Redevelopment Property to the Developer in the form attached to the Definitive Contract. If the Developer breaches such condition(s) subsequent, the Developer shall re-convey the Redevelopment Property back to the EDA. If the Developer fails to re-convey the Redevelopment Property to the EDA, the EDA may elect to exercise its right of reentry by commencing an action in Anoka County District Court to establish the breach of the condition subsequent. If the EDA establishes a breach of the condition subsequent, title to and the right to possession of the Redevelopment Property and title to all improvements located thereon reverts to the EDA, and the Developer is not entitled to any compensation from the EDA for the Redevelopment Property or the value of any improvements the Developer has made to the Redevelopment Property. The Developer must record any certificate of completion or certificate of release of the Right of Re-entry in the proper County land records at its expense.
Conveyance Subject to Right of Re-entry. The Seller’s conveyance of the Property to the Buyer pursuant to this Agreement shall be made in the form of a quit claim deed (the “Deed”), in substantially the form set forth in Exhibit A. The Deed shall include a right of re-entry for breach of a condition subsequent in favor of the Seller (the “Right of Re-entry”). The condition subsequent is that the Buyer shall have commenced construction of the foundation of the Development within 12 months of the Closing Date. If Buyer breaches such condition subsequent, the Buyer shall re-convey the Property back to the Seller, subject to matters then of record. If the Buyer fails to re-convey the Property to the Seller, the Seller may elect to exercise its right of reentry by commencing an action in Itasca County District Court to establish the breach of the condition subsequent. If the Seller establishes a breach of the condition subsequent, title to and the right to possession of the Property and title to all improvements located thereon reverts to the Seller, and the Buyer is not entitled to any compensation from the Seller for the Property or the value of any improvements the Buyer has made to the Property. The Buyer must record any certificate of completion or certificate of release of the Right of Re-entry in the proper County land records at its expense.
Conveyance Subject to Right of Re-entry. The City’s conveyance of the City Property to the Developer pursuant to this Agreement will be made subject to a right of re- entry for breach of a condition subsequent in favor of the City. The condition subsequent is that, barring any Unavoidable Delays, the Developer shall have commenced construction of the foundation of the Project on the City Property in accordance with an approved Site Plan within 12 months after the Closing Date. If Developer breaches such condition subsequent, the Developer shall re-convey the City Property back to the City. If the Developer fails to re-convey the City Property to the City, the City may elect to exercise its right of reentry by commencing an action in Xxxxxx County District Court to establish the breach of the condition subsequent. If the City establishes a breach of the condition subsequent, title to and the right to possession of the City Property and title to all improvements located thereon reverts to the City, and the Developer is not entitled to any compensation from the City for the value of any improvements the Developer has made to the City Property. The Developer shall notify the City when construction of the foundation of the Project has commenced. The City shall, within 7 days after such notification, inspect the Project in order to determine whether construction of the foundation of the Project has been commenced. If the City determines that construction of the foundation of the Project has commenced, the City shall furnish to the Developer a Certificate of Release in the form attached to the Deed as Exhibit
Conveyance Subject to Right of Re-entry. (1) The Deed from the HRA conveying the Development Property provides that the HRA’s conveyance of the Development Property to the Developer is subject to a right of re-entry for breach of the following condition subsequent in favor of the HRA. The condition subsequent is that the Developer shall have substantially completed within twelve (12) months of the proposed date for substantial completion of each Phase set forth in Section 3.7 of this Agreement, as follows: by December 31, 2024 for the Phase I Residential, by December 31, 2025 for the Phase II Residential/Commercial, and by December 31, 2026 for the Phase III Residential/Commercial, in accordance with permits issued by the City.
Conveyance Subject to Right of Re-entry. The HRA’s conveyance of the Development Property to the Developer pursuant to the Purchase Agreement will be made subject to a right of re-entry for breach of a condition subsequent in favor of the HRA. The condition subsequent is that the Developer shall have substantially completed within twelve (12) months of the proposed date for substantial completion of each Phase set forth in Section 3.7 of this Development Agreement as follows by December 31, 2024 for the Phase I Residential, by December 31, 2025 for the Phase II Residential/Commercial, and by December 31, 2026 for the Phase III Residential/Commercial), in accordance with permits issued by the City. If Developer breaches such condition subsequent, the HRA shall give notice to Developer thereof and Developer shall have 30 days from receipt of said notice to comply with the condition. If the Developer fails to comply within said 30 days, the Developer shall re-convey any undeveloped Phase of the Development Property back to the HRA. If the Developer fails to re-convey such portion of the Development Property to the HRA, the HRA may elect to exercise its right of reentry by commencing an action in Lyon County District Court to establish the breach of the condition subsequent. If the HRA establishes a breach of the condition subsequent, title to and the right to possession of such portion of the Development Property and title to all improvements located thereon reverts to the HRA, and the Developer is not entitled to any compensation from the HRA for the value of any improvements the Developer has made to the Development Property. (The remainder of this page is intentionally left blank.)
