20071105 - VI-07 - Laserfiche WebLink

Home Browse Search

TERMINATION AGREEMENT THIS TERMINATION AGREEMENT, is made on or as of the day of November, 2007, by and among the Housing and Redevelopment Authority In and For the City of Hastings, a public body corporate and politic (hereinafter referred to as the "Authority"), having its principal office at 101 Fourth Street East, Hastings, Minnesota 55033, the City of Hastings, a home rule charter city under the laws of the state of Minnesota (hereinafter referred to as the "City"), having its principal office at 101 Fourth Street East, Hastings, Minnesota 55033, Sherman Associates, Inc., a Minnesota corporation {hereinafter referred to as "Sherman") having its principal office at 233 Park Avenue South, Minneapolis, Minnesota 55415, and Waterfront Lofts LLC, a Minnesota limited liability company (hereinafter referred to as the "Redeveloper"), having its principal office at 233 Park Avenue South, Minneapolis, Minnesota 55415. WITNESSETH: WHEREAS, the Authority, the City, the Redeveloper and Sherman have entered into several agreements described later in this Termination Agreement (which agreements are collectively referred to herein as the "Development Agreements") relating to the potential redevelopment by Sherman andlor the Redeveloper of certain real property located in the City (which real property is legally described on Exhibit A to this Agreement and referred herein as the "Property"); and WHEREAS, due to market and other conditions the redevelopment activities contemplated by the Development Agreements were not feasible consistent with the terms of the Development Agreements and did not occur; and WHEREAS, the parties hereto desire by this Termination Agreement to terminate the Development Agreements in their entirety. NOW, THEREFORE, the Authority, the City, the Redeveloper and Sherman do hereby agree as follows: Section 1. The Development Agreements consist of the following agreements: (a) Purchase and Development Agreement dated August 15, 2005 by and between the City, the Authority and the Redeveloper.