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2 518333v9 DTA MU205-47 a. The Property sales price is $53,036.25; and b. The Developer’s full compliance with the terms and conditions of this Agreement and the CPD (together, the “Development Contracts”). WHEREAS, the Authority believes that the acquisition and conveyance and development of the Property and the fulfillment generally of the Development Contracts are in the vital and best interests of the City of Mounds View (the “City”) and the health, safety, morals, and welfare of its residents, and in accord with the public purposes and provisions of the applicable state and local laws and requirements. NOW, THEREFORE, in consideration of the covenants and the mutual obligations contained herein, the Authority and the Developer hereby covenant and agree with the other as follows: 1. Incorporation of Recitals and Exhibits. The Recitals set forth in the preamble to this Agreement and the Exhibits attached to this Agreement are incorporated into this Agreement as if fully set forth herein. 2. Representations by the Authority. The Authority makes the following representations as the basis for the undertakings on its part herein contained: a. The Authority is a public body corporate and politic under the laws of Minnesota. The Authority has the power to enter into this Agreement and carry out its obligations hereunder. b. The persons executing this Agreement and related agreements and documents on behalf of the Authority have the authority to do so and to bind the Authority by their actions. c. The Authority has received no notice or communication from any local, State or federal official that the activities of the Developer or the Authority in relation to the Project may be or will be in violation of any environmental law or regulation. The Authority is aware of no facts the existence of which would cause it to be in violation of any local, State or federal environmental law, regulation or review procedure. 3. Representations and Warranties by the Developer. The Developer makes the following representations as the basis for the undertakings on its part herein contained: a. The Developer is a Minnesota limited partnership, duly organized and in good standing under the laws of Minnesota and is not in violation of any provisions of its certificate of limited partnership. The Developer has the power to enter into this Agreement and carry out its obligations hereunder. The persons executing this Agreement and related agreements and documents on behalf of the Developer have the authority to do so and to bind the Developer by their actions.