CCP 06-02-2014 - Laserfiche WebLink

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"Tax Increment Plan" means the tax increment financing plan adopted by the City in connection with the creation of the Tax Increment District. "Tax Official" means any City Assessor, County Assessor, County Auditor, City, County or State board of equalization, the Commissioner of Revenue of the State, any State or District Court, the tax court of the State, the State Court of Appeals or the State Supreme Court. "Termination Date" means the termination date of this Agreement, which shall be the earliest of: (i) the date of termination of the Tax Increment District or (ii) the date on which this Agreement is earlier terminated pursuant to this Agreement. "Title Company" shall mean Old Republic National Title Insurance Company, 400 Second Avenue South, Minneapolis, MN 55401. "Unavoidable Delays" means delays which are the direct result of strikes or other labor troubles, unforeseeable and unavoidable casualties to the Redevelopment Property or the Project, governmental actions, judicial action commenced by third parties, the implementation of an environmental agency- approved work plan for remediation, severe weather, acts of God, fire or other casualty, site conditions materially different from those revealed in any report or test provided to or obtained by the Redeveloper or the Owner or any other causes which the Redeveloper or the Owner could not reasonably control or circumvent. ARTICLE II REPRESENTATIONS, WARRANTIES AND COVENANTS Section 2.1. Representations and Covenants by the City. The City represents and warrants to Redeveloper and to Owner that: (a) The City is a municipal corporation duly organized and existing under the laws of the State. Under the provisions of the Act, the City has the power to enter into this Agreement and carry out its obligations hereunder. (b) The City has created, adopted and approved the Development District in accordance with the terms of the Act. (c) The City has approved the Tax Increment District pursuant to the Tax Increment Act. (d) The City's execution of this Agreement and consummation of the transaction contemplated hereby does not and will not (i) result in a breach of or default under any indenture, agreement, instrument or obligation to which the City is a party and which affects all or any portion of the Redevelopment Property, or (ii) violate any applicable law. (e) The City is the holder of marketable fee simple and record title to the Redevelopment Property and the Option Property, free and clear of all liens, claims,