Termination of Declaration. This Declaration shall automatically terminate upon the date that is twenty-five (25) years after the commencement of the Qualified Project Period.
Termination of Declaration. This Declaration shall terminate upon the earlier of (i) December 31, 2047, or (ii) the date the TIF District is terminated in accordance with the TIF Act, or
Termination of Declaration. At such time as Declarant desires to extinguish this Declaration because the Required Parking Spaces are relocated to the Property or are no longer required by the Zoning Regulations, this Declaration shall be extinguished only by recordation of an appropriate instrument executed by the Declarant (or its successors or assigns in interest) that received the prior written approval by Office of the Zoning Administrator, DCRA, for technical sufficiency and by the Office of the Attorney General, for legal sufficiency that the termination complies with the Zoning Regulations.
Termination of Declaration. This Declaration shall terminate on December 31, 2049. In addition, in the event of foreclosure or transfer of title by deed in lieu of foreclosure, upon completion of the foreclosure and expiration of the applicable mortgagee redemption period, or recording of a deed in lieu of foreclosure, any mortgagee (or any assignee of the mortgagee) or any purchasers at or after foreclosure thereof, by the successful bidder at the sale, to the title to the Development Property, may terminate this Declaration, by providing written notice to the EDA and by filing a termination document in the applicable real property records in Hennepin County, and thereafter this Declaration shall be of no further force and effect; provided, however, that the preceding provisions of this sentence shall cease to apply and the restrictions contained herein shall be reinstated if, at any time subsequent to the termination of this Declaration as the result of the foreclosure, or the delivery of a deed in lieu of foreclosure, or a similar event, the Developer or any related person (within the meaning of Section 1.103-10(e) of the Treasury Regulations) obtains an ownership interest in the Project for federal income tax purposes. Each of the events set forth in the first two paragraphs of this Section 1(b) are referred to individually and collectively herein as the “Declaration Termination Date.” The Developer acknowledges, on behalf of itself and its successors and assigns that, upon any termination of this Declaration prior to the payment in full of the TIF Note, the EDA will terminate the TIF Note.
Termination of Declaration
