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transferring Owner remains liable for any obligations first arising before the effective date of the conveyance or other transfer. 12. Severabilitv. If any provision of this Agreement is held invalid, the validity of the remainder of the Agreement shall not be affected thereby. 13. Failure to Enforce Not a Waiver. No provision contained in this Agreement shall be deemed to have been abrogated or waived by reason of any failure to enforce the same. 14. Estoppel Certificates. Upon the request of any Owner or a prospective lender, purchaser, tenant or mortgagee of an Owner, an Owner must execute and deliver estoppel certificate stating, to the best of the certifying Owner's knowledge that a) this Agreement is in full force and effect (or describing why this Agreement is not in full force and effect such amendment); b) this Agreement has not been amended (or stating the terms of any alleged amendment); c) the certifying Owner or any other specified Owner is not in default under the Agreement (or list any known defaults). 15. No Mereer. It is the intent of the Parties that the Easements, covenants and other interests described herein shall not merge into the fee ownership of any of the Lots. 16. Governine Law. This Agreement has been entered into in the State of Minnesota and shall be governed by and construed under the laws of the State of Minnesota. 17. Complete Aereement. This Agreement represents the full and complete agreement of the Parties with respect to the matters set forth herein. 18. Section Headines. The section headings contained in this Agreement are for purposes of reference and convenience only and shall not limit or otherwise affect in any way the meaning of this Agreement. (Signatures appear on following pages) 11 4873445v8