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DRAFT 4.5.2022 umbrella policies, or a combination thereof, having the coverage required herein, in which event the Developer shall deposit with the EDA a certificate or certificates of the respective insurers as to the amount of coverage in force upon the Minimum Improvements. 24. Prohibition Against Sale, Encumbrances, Indemnification. a. Prohibition Against Sale of Minimum Improvements. The Developer represents and agrees that its use of the Property and its other undertakings pursuant to the Agreement, are, and will be, for the purpose of development of the Property and not for speculation in land holding. The Developer further recognizes that in view of the importance of the construction of the Minimum Improvements on the Property to the general welfare of Mounds View, the fact that any act or transaction involving or resulting in a significant change in the identity of the Developer is of particular concern to the EDA. The Developer further recognizes that it is because of such qualifications and identity that the EDA is entering into the Agreement with the Developer, and, in so doing, is further willing to accept and rely on the obligations of the Developer for the faithful performance of all undertakings and covenants hereby by it to be performed. For the foregoing reasons, the Developer represents and agrees that, prior to the issuance of a Certificate of Completion and Release of Forfeiture, there shall be no Sale of the Property or the Minimum Improvements by the Developer nor shall the Developer suffer nor cause any such Sale to be made, without the prior written approval of the EDA. b. Limitation Upon Encumbrance of Development Property. Prior to the issuance of a Certificate of Completion and Release of Forfeiture, the Developer agrees not to engage in any financing creating any mortgage or other encumbrance or lien upon the Property or the Minimum Improvements, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to the Property or the Minimum Improvements, other than the liens or encumbrances directly and solely related to the purchase of the Property and the construction of the Minimum Improvements and approved by the EDA, which approval shall not be withheld or delayed unreasonably if the EDA determines that such lien or encumbrance will not threaten its security in the Property or the Minimum Improvements. C. Release and Indemnification Covenants. (i) Except for any misrepresentation or any willful or wanton misconduct or negligence of the EDA or the governing body members, officers, agents, servants, consultants and employees thereof (the "Indemnified Parties"), and except for any breach by the Indemnified Parties of their representative's obligations under this Agreement, the Indemnified Parties shall not be liable for and the Developer shall indemnify and hold harmless the Indemnified Parties against any loss or damage to property or any injury to or death of any person (collectively in this paragraph (a), the "Claim") occurring at or about or resulting from any defect in the portion of the 12 DOCSOPEN\MU205\53\788760.v5-4/5/22