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responsible for all costs related to the maintenance, liability, and repair of the Retaining Wall. The Association shall keep the Retaining Wall in a neat and orderly condition and appearance and in good repair and shall repair and maintain in it a workmanlike manner and in accordance with the reasonable direction of the City. The Association shall remove the Retaining Wall and restore affected areas when and as directed by the City 4. Insurance and Indemnification. The Developer, for as long as it owns a lot in Clearwater Cove, and the Association, shall maintain commercial general liability insurance in the amount of $1,000,000.00. The Developer shall name the City as an additional insured on the policy and shall provide a copy of the insurance certificate to the City contemporaneously with the execution of this Agreement. 5. Default. If the Developer or the Association fails to maintain the Retaining Wall to the City's reasonable satisfaction or fails to pay any cost or expense required under this Agreement, or if the Developer or the Association fails to take any action required in connection with this Agreement, the City may take the action and bill the responsible party for the costs thereof including, but not limited to each of the lot owners within the plat of Clearwater Cove without regard to the provisions or requirements of Minn. Stat. S.429 (the provisions of which are expressly waived) and without demonstration of any benefit. If the responsible party fails to reimburse the City for the costs thereof within ten (10) days after receipt of the bill, the City may take any action to collect the amount owed plus the costs of collection, including but not limited to attorneys' fees. As set forth above, without waiving its other remedies, as set forth in the Declaration of Covenants, Conditions and Restrictions for Clearwater Cove, as amended, the City may levy an assessment against the real estate that is governed by the Association for all costs incurred by the City, and the Developer and the Association on behalf of its members hereby waive any and all rights to challenge or appeal the assessment. 6. Duration. Upon termination of the Temporary Period, the Retaining Wall shall be removed in accordance with City procedures and this Agreement shall be of no further force or effect provided, however, that its provisions necessary for the protection of the City concerning collection of fees and expenses shall survive any termination to the full extent necessary for the protection of the City. The City hereby acknowledges that Developer has deposited [$13,500.00] with the City, which amount is being held in escrow by the City for the removal of the Retaining Wall upon termination of the Temporary Period. No interest shall accrue thereon. 7. Validity. If any portion, section, subsection, sentence, clause, paragraph or phrase of this Agreement is for any reason held to be invalid, such decision shall not affect the validity of the remaining portion of this Agreement. 8. Binding Agreement. The parties mutually recognize and agree that all terms and conditions of this Agreement shall run with the land herein described and shall be binding upon the successors and assigns of the parties hereto. (Signature Page Follows) 2 CORE/2008719.0396/ 147712908.2