11-24-2004 Council Agenda - Laserfiche WebLink

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death, bodily injury and property damage in coverage amounts not less than $2,000,000 per occurrence and $3,000,000 in aggregate pursuant to a policy or policies that name the EDA as an additional insured party. 6. Restoration. If the EDA has not conveyed Parcel 1 to Developer on or before May 31, 2005, Developer must fill any holes or excavations on Parcel 1, compact the fill, grade Parcel 1 to a consistent grade based on adjoining properties that is to be approved by the EDA prior to the commencement of any restoration activity, and seed Parcel 1 in accordance with any requirements imposed by the Washington/Ramsey Watershed District. The restoration activities described in this Section 5 shall be completed by July 31, 2005. 7. Governing Law. The parties agree that the interpretation and construction of this Agreement shall be governed by the laws of the State of Minnesota. 8. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 9. Termination. This Agreement terminates with respect to Parcel 1 upon the EDA's conveyance of Parcel 1 to Developer or, if Parcel 1 is not conveyed to Developer on or before May 31, 2005, upon Developer's completion of the restoration activities described in Section 6. This Agreement terminates with respect to Parcel 2 upon the completion of the Minimum Improvements on Parcel 1 or, if Developer does not construct the Minimum Improvements on Parcel 1, upon Developer's completion of the restoration activities described in Section 6. The provisions of Section 3 shall survive termination of this Agreement with respect to claims, liabilities, costs or expenses arising out of or relating or circumstances occurring prior to the termination of this Agreement. [The remainder of this page has been left blank intentionally. Signature pages follow.] 3 9