Laserfiche WebLink
THE CITY'S CONSENT <br />The undersigned (the "City ") hereby consents to the foregoing Assignment of Tax Abatement <br />Agreement ( "Assignment "), of which this City's Consent ( "Consent ") is a part. <br />The City agrees that if, at any time, Lender shall become the owner of said Property, or, <br />pursuant to its rights under the Borrower Documents, elects to undertake or cause the <br />completion of construction of the Improvements on any portion of the Property, and gives <br />the City written notice of such election; THEN, so long as the City has received, receives <br />or continues to receive the compensation called for under the Tax Abatement Agreement, <br />and the Lender continues to perform all other obligations of the Borrower under the Tax <br />Abatement Agreement, the City shall continue to perform its obligations under the Tax <br />Abatement Agreement in accordance with the terms thereof. <br />2. The City further agrees that, in the event of a breach by Borrower of the Tax Abatement <br />Agreement, so long as Borrower's interest in the Tax Abatement Agreement is assigned <br />to Lender, the City will give written notice to Lender at the address shown below of such <br />breach. Lender shall have the right to cure any default as provided in the Tax Abatement <br />Agreement. Nothing herein shall require Lender to cure said default or to undertake <br />completion of construction of the Improvements. <br />The City warrants and represents that it has no knowledge of any prior assignment(s) of any <br />interest in the Tax Abatement Agreement. Except as otherwise defined herein, the terms used <br />herein shall have the meanings given them in the Assignment. <br />Executed by the City on <br />Lender's Address: <br />Bremer Bank, National Association <br />321 South 71h Street <br />P.O. Box 687 <br />Brainerd, Minnesota 56401 <br />Attention: Commercial Real Estate <br />