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(b) the elements of the default; and (c) the actions required to cure the default. If the default is an "Event of Default" under such mortgage, which shall entitle such holder thereof to foreclose upon the Property, the Minimum Improvements or any such portion or any such portion thereof, and any applicable grace periods have expired, the City shall have, and each mortgage executed by the Developer with respect to the Property or any portion thereof or any improvements thereon shall provide that the City shall have, such an opportunity to cure the "Event of Default" within such reasonable time period as the holder shall deem appropriate. The City agrees that the Minimum Improvements and Public and Site Improvements required by the Agreement were completed in accordance with the Agreement on orbefore November 12, 2012. As of the date of this Amendment, the City has not declared Developer to be in default under the Agreement and, without conducting an independent investigation or review, is unaware of any defects or acts or omissions of the Developer that would result in a breach of the Agreement. All other terms and obligations of the Agreement and First Amendment not modrfred by this Amendment shall remain in full force and effect and bind the parties. Section 2. Findings. 2.01 The Council hereby finds that the Project promotes the objectives outlined in the City's Modified Development Program established pursuant to Minnesota Statutes, Sed ion 469.124 et seq, and the Tax Increment Financing Plan for Tax Increment Financing Distdict No. 31 and 31A (NWQ Special Law), established pursuant to Minnesota Statutes, Se on 469.174 et seq. and Laws of Minnesota 1998, Chapter 389, Article 11, Section 24. Section 3. Approval of Second Amendment of Developmenj Agreement 3.01 The City Council hereby approves the Second Amendment and authorizes theayor and City Manager to execute and deliver the Second Amendment when the foil ina condition is met: Substantial conformity of the Second Amendment to the form of contract presented to the City as of this date, with such additions and modifications as the Officers may deem desirable or necessary as evidenced by the execution thereof.