Laserfiche WebLink
INDEMNITY AGREEMENT <br /> THIS INDEMNITY AGREEMENT, made and entered into as of <br /> the day of May, 1989 , between BRUCE A. NEDEGAARD, whose <br /> address is ' <br /> and NEDEGAARD CONSTRUCTION COMPANY, INC. , a. Minnesota <br /> corporation, (collectively, the "Indemnitors" ) and the HOUSING <br /> AND REDEVELOPMENT AUTHORITY OF ST. ANTYONY, MINNESOTA, a public <br /> body corporate and politic, whose address is 3301 Silver Lake <br /> Road, St . Anthony, Minnesota 55418, Attention: Executive <br /> Director (the "HRA" ) . <br /> WITNESSETH THAT: <br /> WHEREAS, the HRA and Nedegaard Construction Company, <br /> Inc . , a Minnesota corporation (the "Redeveloper" ) , have entered <br /> into a Redevelopment Agreement , dated as of September 1989 <br /> (the "Redevelopment Agreement" ) , pursuant to which the <br /> Redeveloper has agreed to construct certain Minimum <br /> Improvements , as defined in the Redevelopment Agreement , and <br /> the HRA has agreed to issue its Note, as defined in the x <br /> Redevelopment Agreement, to provide funds to reimburse the <br /> Redeveloper for costs of the Soil Corrections , as defined in <br /> the Redevelopment Agreement ; <br /> • WHEREAS, in order to induce the HRA to issue the Note <br /> and to enter into the Redevelopment Agreement, Redeveloper has <br /> agreed to obtain, and Indemnitors have agreed to give, this <br /> Indemnity Agreement ; and <br /> WHEREAS, Bruce A. Nedegaard owns. 100% of the <br /> outstanding stock of the Corporation and the HRA has refused to <br /> issue the Note and enter into the Redevelopment Agreement <br /> unless this Indemnity Agreement is executed by Bruce A. <br /> Nedegaard and delivered to the HRA; and <br /> WHEREAS, the In finds it advantageous and <br /> desirable to comply with the condition precedent that the <br /> Indemnitors. execute and deliver the Indemnity Agreement . <br /> NOW, THEREFORE, in consideration of the premises, of <br /> the HRA issuing the Note and entering into the Redevelopment <br /> Agreement and of other good and valuable consideration, the <br /> receipt and sufficiency of which is hereby acknowledged by <br /> Indemnitors , the Indemnitors hereby, jointly and severally, <br /> covenant and agree with Lender as follows : <br /> I . Indemnitors, for the HRA, their heirs , executors , <br /> administrators, personal representatives and assigns , hereby <br /> • agree to indemnify and hold harmless the HRA and the City of <br />