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AGREEMENT <br />1. RESTRICTED FUND. On or before the 15th day ofJuly, 2001, Guerin shall <br />deposit $95,000.00 into the Restricted Fund. The date of the Guerin deposit shall be <br />referred to herein as the "Commencement Date ". Upon receipt of the Guerin deposit, the <br />City shall likewise deposit the $105,000.00 which was received from District Court into the <br />Restricted Fund. <br />2. USE OF RESTRICTED FUND. The principal amount of the Restricted <br />Fund may only be used to defray the costs of clean up of the Property in the manner required <br />and deemed appropriate by the Minnesota Pollution Control Agency, subject to the <br />following conditions: <br />A. The principal amount of the Restricted Fund, may be used to fund the clean- <br />up of the Property to the extent other sources of funding for clean -up or <br />redevelopment are not available. <br />B. The City, or any City approved developer of the Property, will pursue all <br />reasonable efforts to access other sources of funding for clean up costs <br />including the use of redevelopment grants. <br />C. The Restricted Fund may only be used in connection with the imminent <br />redevelopment of the Property. <br />D. Except as hereinafter provided, any amount remaining in the Restricted Fund <br />(including the principal balance and all interest accrued on amounts within <br />3 <br />