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04-26-2021 EDA
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04-26-2021 EDA
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4/23/2021 9:56:05 AM
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MV EDA
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Packets
Date
4/26/2021
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14 <br />DOCSOPEN\MU205\50\716385.v4-4/22/21 <br />County auditor. In any such suit, the EDA shall also be entitled to recover its reasonable out-of- <br />pocket costs, expenses and attorneys’ fees. <br /> <br />ARTICLE VII <br /> <br />Prohibition Against Sale; Encumbrances; Indemnification <br /> <br /> Section 7.1. Prohibition Against Sale of Minimum Improvements. The Developer represents <br />and agrees that its use of the Development Property and its other undertakings pursuant to the <br />Agreement, are, and will be, for the purpose of development of the Development Property and not for <br />speculation in land holding. The Developer further recognizes that in view of the importance of the <br />construction of the Minimum Improvements on the Development Property to the general welfare of <br />Mounds View, the fact that any act or transaction involving or resulting in a significant change in the <br />identity of the Developer is of particular concern to the EDA. The Developer further recognizes that <br />it is because of such qualifications and identity that the EDA is entering into the Agreement with the <br />Developer, and, in so doing, is further willing to accept and rely on the obligations of the Developer <br />for the faithful performance of all undertakings and covenants hereby by it to be performed. For the <br />foregoing reasons, the Developer represents and agrees that, prior to the issuance of the Certificate of <br />Completion and Release of Forfeiture, there shall be no Sale of the Development Property or the <br />Minimum Improvements by the Developer nor shall the Developer suffer nor cause any such Sale to <br />be made, without the prior written approval of the EDA. <br /> <br /> Section 7.2. Limitation Upon Encumbrance of Development Property. Prior to the issuance <br />of the Certificate of Completion and Release of Forfeiture, the Developer agrees not to engage in any <br />financing creating any mortgage or other encumbrance or lien upon the Development Property or the <br />Minimum Improvements, whether by express agreement or operation of law, or suffer any <br />encumbrance or lien to be made on or attached to the Development Property or the Minimum <br />Improvements, other than the liens or encumbrances directly and solely related to the purchase of the <br />Development Property and the construction of the Minimum Improvements and approved by the <br />EDA, which approval shall not be withheld or delayed unreasonably if the EDA determines that such <br />lien or encumbrance will not threaten its security in the Development Property or the Minimum <br />Improvements. <br /> <br />Section 7.3. Release and Indemnification Covenants. (a) Except for any misrepresentation <br />or any willful or wanton misconduct or negligence of the EDA or the governing body members, <br />officers, agents, servants, consultants and employees thereof (the “Indemnified Parties”), and <br />except for any breach by the Indemnified Parties of their representative’s obligations under this <br />Agreement, the Indemnified Parties shall not be liable for and the Developer shall indemnify and <br />hold harmless the Indemnified Parties against any loss or damage to property or any injury to or <br />death of any person (collectively in this paragraph (a), the “Claim”) occurring at or about or <br />resulting from any defect in the portion of the Development Property or the Minimum <br />Improvements owned by Developer at the time the Claim occurred. <br />(b) Except for any misrepresentation or any willful or wanton misconduct or <br />negligence of the Indemnified Parties, and except for any breach by any of the Indemnified <br />Parties of their representative’s obligations under this Agreement, the Developer agrees to protect
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