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1. Recitals. The above Recitals, including the definitions and exhibits, are <br />incorporated into and made part of this Agreement by this reference. <br />2. PILOT. Commencing in 2018, Center agrees to pay to the City payments in lieu <br />of taxes (each a “PILOT”) on May 15 and October 15 of each year in perpetuity. The initial <br />PILOT shall be in the amount of $1,917.00, with $958.50 payable on May 15, 2018 and $958.50 <br />payable on October 15, 2018. The PILOT will increase on an annual basis by four percent <br />(4.00%). This annual increase will be calculated based on taxes due and payable in the current <br />calendar year and will commence in 2019. <br />3. Governing Law. This Agreement shall be governed by and construed in <br />accordance with the laws of the State of Minnesota. <br />4. Duration. The covenants contained herein shall run with the land in perpetuity <br />and shall bind Center and its successors and assigns. <br />5. Remedies. The City and Center shall each be entitled to all rights and remedies <br />available under law for the enforcement of this Agreement, including the payment of fees and <br />costs for enforcement of this Agreement payable to the prevailing party. In the event of <br />nonpayment by Center, the City may, at its discretion, levy any unpaid payment that is due <br />hereunder as a special assessment. If such assessment is levied, Center waives any rights to a <br />hearing or notice of a hearing relating to the special assessments and also expressly waives any right <br />to object to such assessments in an amount specified in this Agreement, as provided for under Minn. <br />Stat. § 429.081. <br />6. Notices. All notices, reports or other communications relating to this Agreement <br />shall be sent to the parties at the following addresses, unless otherwise provided by one party to <br />the other party in writing: <br />To Center: _____________________ <br /> _____________________ <br /> _____________________ <br /> _____________________ <br /> _____________________ <br /> <br /> <br />To the City: _____________________ <br /> _____________________ <br /> _____________________ <br /> _____________________ <br /> _____________________ <br /> <br />7. Amendment. This Agreement may be amended in writing at any time, and from <br />time to time, by the mutual consent of the parties hereto. <br />8. Counterparts. This Agreement may be executed in one of any number of <br />counterparts, each of which will be deemed an original and all of which, taken together, will <br />60