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(b) The City will exercise, to the extent of its legal authority to do so, its powers of eminent domain to acquire the Snelling Avenue Parcel and the Snelling Avenue Frontage Road - North of Larpenteur and convey the parcels to the Multifamily Developer in consideration of the Multifamily Developer's payment of the Acquisition Costs. The Multifamily Developer shall pay the Acquisition Costs upon receipt of Quit Claim Deeds ~~ +'~° ~ -~ ^*+^°~°a ~-°r°*-- ~~ ~ed~le-~14. Section 3.2. Acauisition of Shopping Center Parcel. The Multifamily Developer has used its best efforts to acquire the Shopping Center Parcel directly from its third party owner pursuant to terms and conditions that are feasible for the redevelopment of the Town Square Site. As of the date of this Agreement, the Multifamily Developer has been unsuccessful in its efforts to acquire the Shopping Center Parcel pursuant to such terms and conditions. The City, therefore, will exercise its powers of eminent domain, to the extent of its legal authority to do so, to acquire the Shopping Center Parcel and convey such parcel to the Multifamily Developer pursuant to this Agreement. Section 3.3. Commencement of Proceeding. T T~°~ °°°^•~*~°~ °~ +~~^ ^ a +, *The City will proceed to acquire the Shopping Center Parcel, the Snelling Avenue Parcel and the Snelling Avenue Frontage Road -North of Larpenteur as expeditiously as practical. The Multifamily Developer shall pay for all Acquisition Costs with respect to the Shopping Center Parcel, the Snelling Avenue Parcel and the Snelling Avenue Frontage Road -North of • Larpenteur. The City acknowledges that time is of the essence and agrees to pursue its acquisition responsibilities in an expeditious manner, including use of the "quick take" condemnation process pursuant to Minnesota Statutes, Section 117.42. The City may take a reasonable time to exhaust settlement before initiating condemnation. Section 3.4. Costs of Acquisition. T'~~^ ^ m°„am°~~ _; ~~~~~~~~The Multifamily Developer shall immediately depositing Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) with the City to be applied by the City at its discretion to cover Acquisition Costs. To the extent that the deposit is not sufficient to cover all Acquisition Costs, the Multifamily Developer shall pay to the City within fifteen (15) days of written demand by the City, or sooner if the payment is needed to meet any deadline imposed by any statute, regulation, settlement or court order, any additional amount necessary to meet such obligations. Developer will indemnify and hold harmless the City from all Acquisition Costs. Section 3.5. Conveyance of Parcels. Prior to the City taking title to and possession of the Shopping Center Parcel or in any other way obligating itself to acquire the parcel, Multifamily Developer shall pay to the City all Acquisition Costs incurred to date, compensation to be paid to acquire the Shopping Center Parcel and deposit with the City an additional amount to cover future Acquisition Costs which are reasonably identifiable at that time. As soon as possible after the City takes title to and possession of the Shopping Center Parcel and the Snelling Avenue Parcel, the City shall convey title to the Shopping Center Parcel and the Snelling Avenue Parcel to the Multifamily Developer pursuant to Quit Claim Deeds ~„ +~° ~ ~. ^++^^~-^a ~ + ;~sl}ed~$~4. ~lt~lt # .:~:1 R ~~~~~~~~~~}~~ ,mow _ _ ~_ 10 ,'~~~~~~ ?-1. ''~~December 29, 2003 89