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WHEREAS, HUD interposed an Answer on or about December 4, 1997. <br /> WHEREAS, the parties wish to resolve this matter through settlement. <br /> AGREEMENT <br /> NOW, THEREFORE, in accordance with the premises and for other good and valuable <br /> consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as <br /> follows: <br /> 1. The Recitals are hereby incorporated and made a party of this Agreement. <br /> 2. HUD shall abate all of the conditions set forth in the City's housing inspection <br /> report attached hereto as Exhibit A by July 6, 1998. <br /> 3. If and when the conditions set forth in Exhibit A are abated, subject to the City's <br /> inspection and approval, the City will dismiss the above-captioned matter with prejudice. <br /> 4. If HUD conveys or is in the process of conveying the Property to a third party <br /> ("Subsequent Purchaser"), HUD agrees to provide in any agreement with a Subsequent <br /> Purchaser that the conditions set forth in Exhibit A that have not been abated prior thereto must <br /> be abated by HUD or by the Subsequent Purchaser on or before July 6, 1998. <br /> 5. If the conditions set forth in Exhibit A are not abated by July 6, 1998, an <br /> immediate Order for Abatement will issue from the Court upon notification from the City that <br /> the conditions set forth in Exhibit A are not abated. Such Order for Abatement will allow the <br /> City to abate the conditions set forth in Exhibit A in accordance with Minn. Stat. § 463.15 et seq. <br /> 6. In the event that the conditions set forth in Exhibit A are not abated by July 6, <br /> 1998, and the Order for Abatement issues immediately from the Court, HUD may specify <br /> whether the abatement should be in the form of repairs or remediation necessary to abate the <br /> conditions set forth in Exhibit A, or razing and removing the improvements on the Property. <br /> -2- <br />