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07-26-2004
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07-26-2004
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8/6/2018 1:45:18 PM
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MV EDA
EDA Document Type
Council Packets
Date
7/26/2004
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<br /> 1664674v2 10 <br />ARTICLE V <br /> <br />ADDITIONAL PROVISIONS <br />Section 5.1. Restrictions on Use. The Developer agrees itself, its assigns and every <br />successor in interest to the Development Property, or any part thereof, that the Developer and <br />such assigns and successors shall operate, or cause to be operated, the Project for any purpose <br />other than as commercial facilities and shall devote the Development Property to, and in <br />accordance with, the uses specified in this Agreement. <br />Section 5.2. Conflicts of Interest. No member of the governing body or other official <br />of the Authority shall have any financial interest, direct or indirect, in this Agreement, the <br />Development Property or the Project, or any contract, agreement or other transaction <br />contemplated to occur or be undertaken thereunder or with respect thereto, nor shall any such <br />member of the governing body or other official participate in any decision relating to the <br />Agreement which affects his or her personal interests or the interests of any corporation, <br />partnership or association in which he or she is directly or indirectly interested. No member, <br />official or employee of the Authority shall be personally liable to the Authority in the event of <br />any default or breach by the Developer or successor or on any obligations under the terms of this <br />Agreement. <br />Section 5.3. Titles of Articles and Sections. Any titles of the several parts, articles and <br />sections of the Agreement are inserted for convenience of reference only and shall be <br />disregarded in construing or interpreting any of its provisions. <br />Section 5.4. Notices and Demands. Except as otherwise expressly provided in this <br />Agreement, a notice, demand or other communication under this Agreement by any party to any <br />other shall be sufficiently given or delivered if it is dispatched by registered or certified mail, <br />postage prepaid, return receipt requested, or delivered personally, and <br />(a) in the case of the Developer is addressed to or delivered personally to: <br />Velmeir Co., L.L.C. <br />5757 West Maple Road, Suite 800 <br />West Bloomfield, MI 48322 <br />Attention: ________________ <br /> <br />(b) in the case of the Authority is addressed to or delivered personally to the <br />Authority at: <br />City of Mounds View, Minnesota <br />2401 Highway 10 <br />Mounds View, MN 55112 <br />or at such other address with respect to any such party as that party may, from time to time, <br />designate in writing and forward to the other, as provided in this Section. <br />Section 5.5. Counterparts. This Agreement may be executed in any number of <br />counterparts, each of which shall constitute one and the same instrument.
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