2019.01.07 CC Packet - Laserfiche WebLink

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Decommissioning Funds remaining in the Decommissioning Fund Escrow at the time the City confirms the System Removal the remaining amount contained in the Decommissioning Fund Escrow shall be returned to the Project Company. b) Funds Returned to Project Company. The funds contained in the Decommissioning Fund Escrowshall be released to the Project Company by the City within thirty (30) days of its request in the event either of the following shall occur: (i) The Project Company has completed the System Removal by the Project Company in compliance with Decommissioning Plan at which time the entire Decommission Fund Escrow shall be released to the Project Company; or (ii) If the City has performed the System Removal in accordance with Section 4 above, (a) The amount remaining, if any, in the Decommissioning Fund Escrow after the actual Removal Costs have been paid by the City shall be released to the Project Company; or (b) Once the City has completed the System Removal, if it has obtained Salvage Value for all or a portion of the Solar Garden, the Salvage Value amount received by the City shall be offset against the System Removal Costs expended by the City and shall be deposited in the Decommissioning Fund Escrow and the funds remaining in the Decommissioning Fund shall be released to the Project Company. For avoidance of doubt, any instructions for the release of funds to City or the Project Company shall specify the amount of funds to be released. Project Company and City agree that such joint written instructions will be promptly provided in a manner consistent with the terms and conditions of the Decommissioning Plan. Such written instructions shall be delivered by hand, mail, or electronically (by facsimile or by email in PDF format, in each case with confirmation of receipt) to the City in which the Decommissioning Fund Escrow is maintained. 4. The Project Company and undersigned Owner stipulate and agree that in the event that costs of removal of the solar improvements exceed the amount deposited hereunder for their removal, then the City of Hugo is authorized and permitted to assess the remaining costs of removal against the property and to collect it as taxes without regard to the requirements or formalities of Minn. Stat. S 429 et. seq. or the requirement to show benefit to the property, these requirements being waived. 5. Representations and Warranties. (a) The Parties expressly represent, warrant, and acknowledge that each has read this Agreement and fully informed itself of its terms, contents, conditions, and effects; in making this Agreement, each of the Parties has had the benefit of the advice of counsel, upon which it has 3