HRA PACKET 11232021 - Laserfiche WebLink

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7 1951267.v8 monies (beyond a de minimis amount in excess of the amount that such Owner plans to expend in order to perform the repair and replacement that is the subject of the then-applicable Pond Activity Notice) to address the City’s concerns; and (y) if the repairs and replacements that are the subject of a given Pond Activity Notice require a Permit, and such Permit is issued to the applicable Owner, then the City shall not have a right to object to the repair or replacement that is the subject of the then-applicable Pond Activity Notice. (d)Maintenance Standard. The Owners shall cause the Owner Maintenance Obligations to be performed in such manner as is necessary to maintain the applicable aspects of the Easement Premises in a condition that is consistent with all applicable laws and in a condition otherwise consistent with a first class, mixed-use (with a luxury residential component) center located in the Twin Cities metropolitan area. 5.Work Necessitated by a Party’s Fault. Notwithstanding the foregoing, if any repairs, maintenance, or replacements pertaining to the Easement Premises are necessary or reasonably necessitated due to, or the result of, the negligence or intentional acts of one or more of the Parties (“Causing Party”), its guests, licensees or invitees, the performance of, and all costs to perform, such repairs, maintenance or replacements shall be the sole responsibility of the Causing Party. 6.Deferred Maintenance. The Parties agree that there is certain maintenance of Ponds and the Community Amenity Improvements which constitute Amenity Maintenance Obligations that will need to be resolved by September 30, 2022, including, but not limited to, dredging of the Ponds, damaged sidewalks, asphalt repairs, root remediation and a damaged irrigation system. The Parties conducted a walk-through of the Property to develop a deferred maintenance remediation plan, which remaining portions of the deferred maintenance is attached hereto as Exhibit “C” and incorporated herein by this reference (“Remediation Plan”). The City Council has approved the Remediation Plan. The City hereby covenants and agrees that it shall cause the Remediation Plan to be implemented, and all actions described therein to be performed, as expeditiously as is reasonably possible after the date of this Agreement and, in any event, prior to September 30, 2022 . The costs incurred to implement and perform the Remediation Plan shall be paid and reimbursed (as applicable) pursuant to Section 3 above. 7.Insurance. (a)Each Party shall maintain or cause to be maintained in full force and effect Commercial General Liability Insurance covering both the Salo Park Property and the Apache Park Property with a combined single limit of liability of not less than Three Million Dollars ($3,000,000.00) for bodily injury to or personal injury or death of any person, and for property damage arising out of any one occurrence or in the aggregate;); provided, however, that from time to time, these coverage limits may be raised or lowered in accordance with industry standard recommendations for comparable policies. Each Party shall be a named additional insured under each such policy. It is the agreement of the Parties that the insurance maintained by the City shall be primary and non-contributory insurance. All insurance required by this Section 7 shall be procured from companies licensed in Minnesota and shall be rated by Best’s Insurance Reports not less than A-X; provided, however, that any insurance requirements of the City may be provided through the League of Minnesota Cities Insurance Trust (a self-insurance pool available to cities within Minnesota). All insurance may be provided under (i) an individual policy covering the Easement Premises, (ii) a blanket policy or policies which includes other liabilities, properties and locations of such Party, or (iii) a combination of any of the foregoing insurance programs. Each Party shall furnish to all of the other Parties, no less frequently than once in each twelve (12) month period during the term of this Agreement, an ACORD (or comparable, if ACORD is no longer applicable) certificate of insurance (in form and substance reasonably