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HomeMy WebLinkAboutContract No. 2015-2687.04CONI'RAC)" 2011'5-004 CON FR/kCf DA FF 08/03/'P-3 A; 1. Parties. This Purchase Agreement is made as of August 28, 2015 between the COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic under the laws of Minnesota having its office located at 590 40TH Avenue NE, Columbia Heights, MN (the "Seller', and Home Detail, Inc., a Minnesota corporation (the "Buyer"'). 2. Offer /Acceptance. Buyer offers to purchase and Seller agrees to sell real property legally described as follows (the "Property"): Lot Four (4), Block One (1), Parkview Terrace, Anoka County, Minnesota 3. Price and Terms. The price for the Property is $'20,000 which Buyer shall pay as follows: An escrow deposit of $2,000 by check, receipt of which is hereby acknowledged by Seiler, is required to be provided no later than Friday, August 28, 2015. The balance of deposit will be applied toward the $20,000 lot price. The remaider of the lot price must be paid by certified check on the Date of Closing. The "Date ofClosing" shall be September 28, 2015, or such other earlier or later date as the parties mutually agree. 4. Personal Property Included in Sale. There are no items of personal property or fixtures owned by Seller and currently located on the Property for purposes of this sale. S. Deed. Upon performance by Buyer, Seller shall detiver a quit claim deed conveying title to the Property to Buyer, in substantially the form attached as Exhibit A (the "Deed"). LAr, , :1D IT;M 6. Real Estate 'Faxes and Special Assessments. The parties agree and undel'Stand that the Property is exempt from real estate taxes for taxes payable in the current year. Seller represents that there are no special assess mcrits pending as of the data of this agreement. If' a special assessment becomes pending after the date of this agreement and before the Date of Closing, Buyer may, as Buyer's option: A. Assume payment of the pending special assessment without adjustment to the purchase agreement price of the Property; or B. Requite! Seller to pay the pending special assessment and Buyer shall pay a commensurate increase in the purchase price of the Property, which increase shall be the same as the estimated amount of the assessment; or C. Declare this agmmcnt null and void by notice to Seller, and earnest money shall be refunded to Buyer. 7. Closing Costs and Related Items. 11w Seiler shall be responsible for the following costs: a) recording fices and conservation fees for all insburtents required to establish marketable title in Seller; (b) deed transfer taxes and conservation fees required to, be paid in connection with the Deed be given by Seller. Buyer shall be responsible for the payment of the fallowing costs: (d) recording fees mquired to be paid in connection with the Dew to be given by Seller; (c) the cost of the registered property abstract or updated abstract, or in the absence of an abstract, the clust of the premium for an owner's policy of title insurance, and 0 closing fee, ifany, and costs to prepare all necessary closing documents, 8. Sewer and Water. Seller warrants that city sewer is available at the Property line, and that city water is available in the right of way adjacent to the Property. Seller makes no warranty regarding the conditions of any existing water stub from the main to the Property line. Seller advises Buyer to inspect the condition of the water stub. 9. Condition of Property. Buyer acknowledge, that they have inspected or have had the opportunity to inspect the Property and agree to accept the Property "AS IS." Buyer has the right, at its own expense to take soil =nples for the purpose of determining if the soil is suitable, for construction of the dwelling described in section 14 below. If the soil is determined to be unacceptable the Buyer may rescind this agreement by written notice to the Seller, in which case the agreement shall be null and void and all earnest money paid hereunder shall be refunded to the Buyer. Seiler makes no wan-anties as to the condition of the Property. I 0. Marketability of Title. As soon as reasonably practicable after the date of this Agreement, Seiler shall famish to Buyer a registered property abstract or an updated abstract of title to the Property, certified to date to include proper searches covering bankruptcies, state and federal judWrient ands liens. In the absence of an abstract of tithe, the Sellcr will provide a title commitment and title insurance. Buyer shall have fifleen 15) business days after receipt of the abstract or title commitment to examine the sameandtodeliverwrittenobjectionsectionstotitic, if any, to Seller, Seller shall have the greater ofi),the number of days remaining until the Date of Closing or (H) thirty (30) days to havesuchobjecirI ons removed or Satisfied, 11. Title Clearance and Remedies. If Seller shall fail to have title objections timelyremoved, the Buyer may, at its sole election: (a) terminate this Agrrxmcnt without anyliabilityonitspart; in which event the earnest money shall be promptly refunded inexchangeroraquitclaimdeedtotheProperlyfromBuyer; Or (b) take title to the Propertysubjecttosuchobjections. If title is marketable, or is made marketable as provided herein, and' Buyer defaults in anyof if agreements herein, Seller may elect either of the following options, as permitted byaw. A. Cancel this Contract as Provided by Statute and retain all payments madehereunderasliquidateddamages. The parties acknowledge their intention tbai any note given pursuant to this contract is a down payment note, and may bepresentedforpaymentnotwithstandingcancellation. 0 B. Seek specific performance within six months after such right of action arises, including costs and rtzasonabtc anomeys fees. as permitted by law, irtitie is marketable, or is made marketable as provided herein, and Seller defaults in anyoftheagreementsherein, Buyer may, as permitted by law: C. Seek damages from Seller including costs and reasonable attorneys fees; D. Seek specific PerfOrMance,within six months after such tight ofaction arises. 13- Well Disclosure. Seller certifies that Seller does not know Of any wells on the Property, 13. Individual Sewage Treatment System Disclosure. Seller certifies that there is noindividualsewagetreatmentsystemonorservingtheProperty, 14. Construction and Sale of Dwelling. Buyer agrees that it will construct a new singlefamilydwellingontheProperty, intended for sale to a Person or persons for residentialoccupancy (an "'Owner Occupint"), This covenant Shall survive the delivery of the Deed. A. The single family dwelling described in this Section is referred to as theMinimumimprovements," B. The Minimum Improvements shall consist of a house with approximately 1,500squarefeet, 4 bedrooms, or greater. Construction plans must be approved by the Community Development Department prior to commencement of construction, Construction of the Minimum Improvements must be substantially completed byAugust21, 20W Construction will be considered substantially complete when the final certificate of occupancy has been issued by the City of Columbia Heights building official, C. Promptly after substantial completion of the Minimum Improvements in accordance with those provisions of the Agreement relating solely to the obligations of the Buyer to construct such Minimum Improvements (including thedateforcompletionthereof), the Seller will furnish the Buyer with a Certificate of Completion for such improvements. Such ccrtificadon by the Seller shall' be (and it shall be so provided in the Deed and in the certification itself) a conclusive determination of satisfaction and termination of the agrccmcnts and covenants in the Agreement and in the Deed with MTect to the obligations of the Buyer and its successors and assigns, to construct the Minimum Improvements and the dates for completion thereof The certificate provided for in this Section of this Agreement shalll be in such form as will enable it to be recorded in the proper office for the recordation of deeds and other instruments pertaining to the Property. If the Seller shall refuse or fail to provide any ccrtification, in accordance with the provisions of'this Section, the Seller shall, within thirty (30) days after written request by the Buyer, provide the Buyer with a wfincn statement, indicating in adequate detail in what respects the Buyer has ' failed to complete the minimum, improvements in accordance with the provisions of the Agreement, or is otherwise in default, and what measures or acts it will be necessary, in the opinion of the Seller for the Buyer to take or perform in order to obtain such certification. D, The Buyer represents and agrees that until issuance of the Certificate, ofCompletion for the Minimum Improvements. 1) EXCcP1 for any sale to an Owner Occupant, the Buyer has not made or created and will not make or create or suffer to be made or created any total or partial sale, assignment, conveyance, or lease, or any trust or power, or transfer in any other mode or form of or with respect to this Agreement or the Property or any part thereof or any interest therein, or any contract or agreement to do any of the same, to any person Or entity (collectively, a 'Transfer'), without the prior written approval of the Seller's board of commissioners. The term "Transfer" does not include encumbrances made or granted by way of security for, and onlyfor, the purpose of obtaining, construction, interim or permanent financing necessary to enable the Buyer or any successor in interest to the Property, or anypartthereof, to construct the Minimum Improvements or component thereof. 2) If the Buyer seeks to effect a Transfer to any person or entity otherthananOwnerOccupantpriortoissuanceoftheCertificateofCompletion, theSellershallbeentitledtorequireasconditionstosuchTransferthat: W any Proposed transferee SWI have the qualifications and financial responsibility, in the reasonable judgment of The Seller, necessary and adequate to fulfill the obligations undertaken in this Agreement by theBuyerastotheportionofthePropertytobetransferred, and Any PrOPOsCd traMsfercc, by instrument in writingsatisfactorytotheSellerandinformrecordableinthepubliclandrecord's of Anoka County, Minnesota, shall, for itself and its successors and assigns, and expressly for the benefit of the Seller, have expressly assumed all of the obligations of the Buyer under this Agreement as to the portion of the Property to be tnimsfenvd and agreed to be subject to all the conditions and restrictions to which the Buyer is subject as to such portion; provided, however, that the fact that any transferee of, or any othersuccessorininterestwhatsoeverto, the Property, or any part thereof, shall not, for whatever reason, have assumed such obligations or so agreed, and shall not (unless and only to the "tent otherwise specifically provided in 1his Agreement or agreed to in writing by the Seller) deprive the Seller of any rights or remedies or controls with respect to the Property, theMinimumImprovementsoranypartthereofortheconstrucdonofthe Minimuin Improvements; it being the intent of the parties as expressed in this Agreement that (to the fullest extent permitted at law and in equityandexceptingonlyinthemannerandtothe "tent specifically provided otherwise in this Agreement) no transfer of, or change with respect to, ownership in the Property or any part thereof,, or any interest therein, however consummated or occurring, and whether voluntary of involuntary, shall' operate. legally, or practically, to deprive or limit the Seller of or with respect to any rights or remedies on controls provided in or resulting from this Agreement with respect to the Property, that the Seiler, would have had, had there been no such transfer or change. In the absence of specific written agreement by the Seller to the contrary. no such transfer or approval by the Seller thereof shall be deemed to relieve the Buyer, or anyotherpartyboundinanywaybythisAgreementorotherwisewithrespect to the Property, from any of its obligations with respect thereto, iii) Any and all instruments and other legal documents involved in effbeting the transfer of any interest in this Agreement or the Property governed by this subsection E. shall be in a form reasonablysatisfactorytotheSeller. 3) If the conditions described in paragraph (2) above are satisfied then the Transfer will be approved and the Buyer shall be released from its obligation, under this Agreement, as to the portion of the Property that is transferred, assigned, or otherwise conveyed. The provisions of this paragraph (3) apply to allsubsequenttransferors. 4) Upon issuance of the Certificate of Completion, the Buyer may1'ransfer the Property and/or the Buyer's rights and' obligations under this Agreement with respect to such Property without the prior written consent of the Seller (, except to the extent required under patugraph F ofthis Section). E. The Buyer, and its successors and assigns, agree that they (a) will use the Minimum improvements only as a single family dwelling,, and in the case of an Owner Occupant, will occupy the Property as a residence. (b) will not rent the Property to any person, or entity, (c) will not seek exemption from Mal estate taxes on the Property under State law, and (d) will not umufar or permit, transfer of the Property to any entity whose ownership or operation of the Property would result in the Property being exempt from real estate taxes under State law (other IW anv portion thcreofdodicated or conveyed to the City of Columbia, Heights or Seller in accordance with this Agreement), The covenants in this paragraph run with the lartd, survive both delivery of the Deed and issuance of the Certificate of Completion f` ©r the Minimum Improvements, and shall remain in cffcct for ten years after the Date of Closing,. 15. Revesting Title in Seller upon, Happening of Event Subsequent to Conveyance to Buyer. In the event that subsequent to conveyance of the Property or any part thereof to the Buyer and prior to receipt by the Buyer of the Certificate of Completion for of the Minimum Improvements, the Buyer, subject to Unavoidable Delays (as hereafter defined), fails to carry out its obligations with respect to the construction of the Minimum Improvcmcnts including the nature and the date for the completion thercoo, or abandons or substantially suspends construction work, and any such failure, abandonment, or smspcnsion shall not be cwvd,, ended, or remedied within thirty (30) days after written demand from the Seller to the Buyer to do so, then the Seller shall have the right to m-enter and take possession of the Property and to terminate (and revert in the Seller) the estate conveyed by the Deed to the Buyer, it being the intent ofthis provision, together with other provisions ofthe Agreement, that the conveyance of the Property to the Buyer shall be made upon, and that the Deed shall contain a condition subsequent to ffie effect that in the event of any default on the part of the Buyer and failure on the part of the Buyer to remedy, end, or abrogate such default within the period and in the manner stated in such subdivisions, the Seller at its option may declare a termimtion in favor of the Seller of the title, and ofall the rights and interests in and to the Property conveyed to the Buyer, and that such title and all rights and interests of the Buyer, and any assigns or successors in interest to and in the Property, shall revert to the Seiler, but only if the events stated in this Section have not been cured within the time periods provided above. 6 Notwithstanding anything to the contrary contained in ffiis Section, the Seller Shall have no right to reenter or retake title to andpossession of a Portion of the Property ror which aCertificateofCompletionhasbeenissued. For the purposes of this Agreoment, the term "Unavoidable Delays" means delays buyund the reasonable control of the Buyer as a result thereof which arc the din= result of strikes, other labor trouhics, prolonged adverse weather or acts of Cod, fire or other casualty to thehfinimumImprovements, litigation COlmenCed by third parties which, by injunction or other similar judicial action, directly results in delays, or acts of'any federal, slate or local governmental unit (Other than the Seller in exercising its rights under this Agreement) which directly results in delays. Unavoidable Delays shall not include delays in the Buyer's obtaining of permits or govemmental approvals necessary to enable construction of theMinimumImprovementsbythedatessuchconstructionisrequiredunderthisSectionofthisAgreement 16. Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in theSellerOftitletoand/or possession of the Property or any part thereof as provided in Section 16, the Seller shall apply the purchase price paid by the Buyer under Section 4 of thisAgreementasfollows: a) First, to reimburse the Seller for all COSLS and expenses incurred by the Seller, including but not limited to proportionate Salaries of personnel, in connection with the recapture, management, and resale of the Property or pan thereof (but less anyIncomederivedbytheSellerfTomthePropertyorpartthereofinconnectionwith such management); all taxes, assessments,, and water and sewer charges with respect to the Property or part thereof (or, in the event the Property is exempt from taxation or assessment or such charge during the Period of ownership thereof bytheSeller, an amount, if paid, equal to such taxes, assessments, or charges (as determined by the Seller assessing Official) as would have been payable if the Property were not so exempt); any payments made or necessary to be made to discharge tiny encumbrances or liens existing on the Property or part thereof at the time of revesting of title thereto in the Seller or to discharge or prevent Cram attaching or being made any subsequent encumbmnces or liens due to obligations, defaults, Or acts of the Buyer, its successors Or Dansferees; any expenditures made or obligations iricurrcd with respect to the making or completion of the Minimum Improvements or any pan thereofon the Property or pan thereof, and any amounts otherwise owing the Seller by the Buyer and its successor or transfizrce;and b) Second, to reimburse the Buyer for the balance of the purchase price remainingafterthereimbursementsspecifiedinparagraph (a) above, Such reimbursement shall be paid to the Buyer upon delivery of an executed, recordable warranty deedtothePropertybytheBuyertotheSeller, 17. Time its of the essence for all provisions of this contract. JR. Notices. All notices required herein shall be in writing and delivered' personally ormailedtotheaddressshownatparagraphIaboveand, if mailed, are effective as of thedateofmailing. 19. Minnesota Law. This contract shall be governed by the laws of the State of Minnesota. 20• Specific Performance. This Agreement may k specifically enforced by the parties, provided that an action is brought within one year of the date of alleged' breach of thisAgreement 2L No Remedy Exclusive. No remedy herein conferred upon or reserved to the Seller orBuyerisintendedtobecXclusiveofanyotheravailableremedyorremedies, but each andeverysuchremedyshallbecumulativeandshallbeinadditiontoeveryotherremedygivenunderthisAgreementornoworhereafterexistingatlaworinequityorbystatute. Nodelayorarnirqion10exerciseanyrightorpoweraccruinguponanydefaultshallimpairanysuchrightorpowerorshallbeconstruedtobeawaiverthereof, but any such right andpowermaybeexercisedfrumti= to time and as often as may be deemed"pedient. 21 No Merger Of Representations, Warranties. All representations and wanundes containedinthisPurchaseAgreementshallnotbemergedintoanyinstrumentsorconveyancedeliveredatclosing, and the Parties shall be bound accordingly. 23. Recording. This Agreement shall be filed of record with the Anoka County Registrar ofTitlesorOfficeofRecorder, as the case may be. SUM SWI pay all recording costs. In witness of the foregoing, the parties have executed this agreement on the year and dawrittenabove, I SELLER: COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY By: Iss President By. Its ExZec4 tivelDimmct STATE OF MINNESOTA COUNTY OF Al" OKA he n ow daY of ! 20J5, byIs1'c nd and T 'Oregoi 8 w' o ol the President ve DirectorbiaHeighE -onom rity, a public body corporate and politicfC e laws or M ts r rider innesota , on dy corporate and politic. m- Ss. 3The foreg®ing was acknowledged before me this day Of 20—Ls—, bye%LV Ma - j a A'i V. the Ni.p. of b1mepe*011 a Minnesota on behalf of the This document drafted by: Kennedy & Graven, Chartered 470 U.S. Bank Plaza MN 55402 S-2 EXHIBIT to PURCHASE AND REDEVELOPMENT AGREEMENT THIS MENTURE, between the Columbia Heights Economic Development Authority, aMinnesota, a public body corporate and politic (the "Grantor "), and a Minnesota (the "Grantee"). WITNESSETH, that Grantor, in consideration of the sum of$ and other good and valuable consideration the receipt whereof is hereby acknowledged,, does hereby grant, bargain, quitclaim and convey to the Grantee,, its successors and assigns forever, all the tract or parcel of land lying and being in the County of Anoka and State of Minnesota described as follows. to-wit (such tract or parcel: of land is hereinafter referred to as the "Property"): To have ands to hold the same, together, with all the hereditaments and appurtenances thereunto belonging. E_CTIONI I . It is understood and agreed that this Deed is subject to the covenants,, conditions, restrictions and provisions of an agreement recorded herewith entered into between the Grantor and Grantee on the of , 20—, identified as "Purchase and Redevelopment Agreement" (hereafter referred to as the "Agreement") and that the Grantee shall not convey this Property, or any part thereoif, except as permitted by the Agreement until a certificate of completion releasing the Grantee from certain obligations of said Agreement as to this Property or such part thereofthen to be conveyed, has been placed of record. This provision, however, shall in no way prevent the Grantee from mortgaging this Property in order to obtain funds for the purchase of the Property hereby conveyed or for erecting the Minimum Improvements thereon (as defined in the Agreement) in :conformity with the Agreement, any applicable development program and applicable provisions ofthe zoning ordinance of the City ofColumbiaHeights, Minnesota, or for the refinancing ofthe same. It is specifically agreed that the Grantee shall promptly, begin and diligently prosecute to completion the redevelopment of the Property through the construction of the Minimum Improvements thereon, as provided in the Agreement. Promptly after completion of the Minimum Improvements in accordance with the provisions of the Agreement, the Grantor will furnish the Grantee with an appropriate instrument so certifying. Such certification by the Grantor shall be (and it shall be so provided in the ME certification itself) a conclusive determination of satisfaction and termination of the agreements and covenants of the Agreement and or this Deed with respect to the obligution of the Grantee, and its successors And assigns, to construct the Minimum Improvements and the dates for the beginning and completion thereof. Such certification ands such determination shall not constitute evidence of compliance with or satisfaction of Hny obligation of the Grantee to any holder of a mortgage, or any insurer of a mortgage, securing money loaned to finance the purchase of the Property hereby conveyed or the Minimum Improvements, or any part thereof. All certifications provided for herein shall be in such form as will enable them to be recorded with the County Recorder, or Registrar of Tides, Anoka County, Minnesota. If the Grantor shall refuse or fail to provide, any such certification in accordance with the provisions of the Agreement and this Deed, the Grantor shall, within thirty (30) days after written request by the Grantee, provide the Grantec with a written: statement indicating in adequate detail in what respects the Grantee has failed to complete the Minimum Improvements in accordance with the provisions of the Agreement or is otherwise in default, and what measures or acts it will be necessary, in the opinion of the Grantor, for the Grantee to take or perform in order to obtain such certification. SECTION 2. The Grantee's rights and interest in the Property are subject to the terms and conditions of Sections 14A, 14 8 and 15 of the Agreement relating to the Grantor's right to re-enter and revest in Grantor title to the Property under conditions specified therein, including but not limited to termination of such right upon issuance of a Certificate of Completion as defined in the Agreement, SECTION 3. The Grantee agrees for itself and its successors and assigns to or of the Property or any part thereof, hereinbefore described, that the Grantee and such successors and assigns shall comply with Section 14E ofthe Agreement for a period of ten years after the date hereof. 11 is intended and agreed that the above and foregoing agreements and covenants shall be covenants running with the land for the respective terms herein provided, and that they shall, in any event, and without regard to technical classification or designation, legal or otherwise, and except only as otherwise specifically provided in this Deed, be binding, to the fullest extent permitted by law and equity for the benefit and in favor of, and enforceable by, the Grantor against the Grantee, its successors and assigns,, and every successor in interest to the Property, or any part thereof or any interest therein, and any party in possession or occupancy of the Property or any part thereof. In amplification, and not in restriction of, the provisions of the preceding section, it is intended and agreed that the Grantor shall be deemed a beneficiary of the agreements and covenants provided herein, both for and in its own right, and also for the purposes of protecting W I I the interest of the community and the other parties, public or private. in whose favor or for whose benefit these agxcements and covenants have been provided. Such agreemcnis and covenants shall run in savor of the Grantor without regard to whether the Grantor has at any Lime been, remains, or is an owner of any land or interest therein to, or in favor of, which such agreements and covenants relate. The Grantor shall have the right, in the event of any breach of any such agreement or covenant to exercise all the rights and remedies, and to maintain any actions or suits at law or in equity or other proper proceedings to enforce the curing of such breach of agreement or covenant, to which it or any other beneficiaries of such agreement or covenant Inaybeentitled; provided that Grantor shall not have any right to re-enter the Property or revest in the Grantor the estate conveyed by this Die-ed on grounds of Grantee's failure to comply with its obligations under this Section 3. Grantor certifies that it does not know of any wells on the Property. M I' WITNESS WHEREOF, the Grantor has caused this Deed to be duly executed in its behalf by its President and Executive Director and has caused its corporate sea] to be hereunto affixed this day of , 20 . COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY By Its President By Its Executive Director STATE OF MINNESOTA ) ss COUNTY OF On this day of . 20 before me, a notary, public within and for County, personally appeared and to me personallly known who by me duly sworn, did say that they are the President and Executive Director or the Columbia Heights Economic Development Authority (the "Authority') named in the foregoing instrument, that the seal affixed to said instrument is the seal of said! Authority; that said instrument was signed and sealed on behalf of said Authority pursuant to a resolution of its governing body; and said and acknowledged said instrument to be the free act and deed of said Authority. This instrument was drafte-d by: Kennedy & Graven, Charted i(SJB) 470 U.S. Bank Plaza Minneapolis, MN 55402 A-4 Notary Public PURCHASE AND REDEVELOPMENT AGREEMENT FORM OF CERTIFICATE OF COMPLETION WHEREAS, the Columbia Heights Economic Development Authority, a public body, corporate and politic (the "Grantor"), conveyed land in Anoka County. Minnesota to a - (the "'Grantee " "), by a Deed recorded in the Office of the County Recorder I[and in the Office of the Regisli-HT of Titles] in and for the County of Anoka and Stale of Minnesota, as Document Numbers and respectively; and WHEREAS, said Deed contained certain covenants and restrictions set forth in Sccuons I and 2 ofsaid Deed; and WHEREAS, said Grantee has performed said covenants and conditions insofar as it is ablic in a manner deemed sufficient by the Grantor to permit the execution and recording of this certification; NOW, THEREFORE, this is to certify Ilitit all building construction and other physical improvements specified to be done and made by the Grantee have been completed and the above covenants and conditions in said Deed and the agreements and covenants in Sections 14A and 14B of the Agreement (as described in said Deed) have been Performed by the Grantee therein, and the County Recorder [and the Registrar of Titles) in and for the County of Anoka and State of Minnesota are hereby authorized to accept for recording and to record, the filing of this instrument, to be a conclusive determination of the satisfactory termination of the covenants and conditions of Sections 14A and 14E or the Agreement and the covenants and restrictions set forth in Sections I and 2 of said Deed; provided that the covenants set forth in Sections 14E of the Agreement, and in Section 3 of the Deed, remain in full force and effect through the period stated thereon. Dated: 20 M COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY By Its President By Its Executive Director STATE OF MINNESOTA ss COUNT)'OFANOKA The foregoing instrument was acknowledged before me this _ day of 20-1 by ' and , the President and Executive Director, respectively, of the Columbia Heights Economic Development Authority, on behiallf of the authority. This document drafted by: KENNEDY & GRAVEN, CHARTERED 470 U.S. Bank Plaza Minneapolis, MN 55411.2 6112) 337-9300 Notary Public M Nudl- lu IolzV EdI LIB Vi lwmml Wa4noo :DN1 '11fiV aC3 ii 0'H M disf fill I al11MA wwcrwi = rzKat: ImiZA; roj04= 9 Ang 4%9 IVA RESIg all 01 Nj 14 14M A-ap 01 Ll I gon 91 1 111i 1190111 Ul Hip 91 0 1 8 1 Jill V, li Ifil fill, 5 c m. 3 l'uJ'