HRA AGENDA 11221988 - Laserfiche WebLink

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If to HRA: 3301 N.E. Silver Lake Road St. Anthony, Minnesota 55418 Each notice shall be deemed given to, or served upon, the party _ to whom addressed on the date the notice is deposited in the United States registered or certified mail, postage prepaid, properly addressed in the manner above provided. 14. Binding Eff_Qct. All covenants, agreements, warranties and provis9.ons of. this agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, representatives, successors and assigns. 15. Closing With Redevgloper. Notwithstanding anything to the contrary hereinabove contained, this Purchase Agreement is expressly contingent upon the simultaneous closinq of the sale of the Property to the Redeveloper. The Date of Closing provided for herein shall be extended to such later date as may be dictated by operation of the provisions hereof. If the sale to the Redeveloper has not occurred on or before February 1, 1989, then Owner and the HRA shall each have the right, at their option, to terminate this Agreement by written notice to the other party, in which event neither the HRA nor Owner shall be further liable hereunder. 16. (Intentionally Omitted] 17. Release of Other Interests. Owner, as the owner of Owner's Remaining Real Estate, is or may be a beneficiary of various easements and other interests encumbering portions of the parcel of land that the HRA will be selling to the Redeveloper. On the Date of Closing, in exchange for the payment of the purchase price hereunder and without any requirement of additional consideration, Owner will release any rights which it has in the easements and other interests listed in Exhibit D attached hereto and made a part hereof. 18. Reimbursement for Parking Lot Repairs. The HRA agrees to reimburse Owner for up to $10,000 in expenses incurred by Owner after the date hereof for (i) repairing the area of the boundary between the Property and Owner's Remaining Real Estate and for (ii) resurfacing the parking lot on Owner's Remaining Real Estate. The HRA shall pay Owner such amount upon receipt by the HRA of copies of invoices paid by the Owner for such work. It is understood and agreed that such payment of up to $10,000 by the HRA is in lieu of the payment of any relocation costs or other compensation to the Owner or to any tenants or subtenants of the Property or of Owner's Remaining Real Estate. The obligation of the HRA to reimburse Owner as specified in this paragraph shall survive and continue in full -7-