2019.10.07 CC Packet - Laserfiche WebLink

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10. Credits. The HOA recognizes the City's intent to use any excess volume and water quality credits created by the Distribution System as a means of meeting volume and water quality requirements for City road and other projects under Rice Creek Watershed District stormwater management rules. Notwithstanding the foregoing, the HOA has no obligation to create any such excess credits or to operate the Distribution System in any manner other than in accordance with the requirements of this Agreement. 11. Default. In the event the HOA fails or refuses to comply with this Agreement, the HOA shall correct the deficiency within thirty (30) days after the City gives written notice to the HOA specifying the deficiency, or as soon as reasonably possible otherwise. If the HOA fails to timely correct the deficiency, then the City may, with ten (10) days written notice and without regard to the formalities of Minnesota Statutes Chapter 429, c o r r e c t t h e d e f i c i e n c y and assess the HOA and the properties within it for the cost of such work or bring other correction or remedies actions. 12. Extension. Except to the extent otherwise provided in this Agreement following the initial twenty -five-year term, this Agreement will be automatically extended for successive one- year periods (subject to the "Termination" section below), on the same terms and conditions as in effect immediately prior to the then -current expiration date, unless either party gives the other notice of non -extension at least three months before the then -current expiration date. 13. Termination. If either party materially breaches any provision of this Agreement and if such breach is not cured within thirty (30) days after receiving written notice thereof, the non -breaching party shall have the right to terminate this Agreement thereafter, upon written notice. Notwithstanding any termination, any outstanding water supply fee shall be paid. 14. Miscellaneous. This Agreement contains the entire agreement between the City and the HOA regarding the subject matter hereof. This Agreement may be signed in any number of counterparts, each of which shall be considered an original, but which together shall constitute one and the same instrument. This Agreement may be amended only by a written instrument signed by the parties hereto. This Agreement shall run with the land. 15. Authorization. The parties represent and warrant that the undersigned are duly authorized to execute this Agreement and to bind the respective parties to the terms of this Agreement. [Signature and Acknowledgement P age Follows.] Page 4