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Agreement <br />In consideration of the mutual promises contained below, the parties agree as <br />follows: <br />1. The Recitals set forth above are incorporated within this Agreement. <br />2. This Agreement is effective as of the latest date a party executes the Agreement <br />below. <br />3. The City, Hageman Holdings, LLC and Pearson Properties of Ramsey, LLC shall <br />equally share the cost of the Work with each party paying one - third, pursuant to <br />the terms of this Agreement. <br />4. The City will contract with Bolton & Menk, Inc. for completion of the Work and <br />shall initially pay the entire cost reasonably invoiced by Bolton & Menk, Inc. <br />pursuant to that contract. <br />a. The City shall provide a copy of Bolton & Menk's invoices to the Owners <br />within 14 days of receipt. In the event an Owner disputes an invoice, a <br />written description of the objection shall be provided to the City Engineer <br />within seven days of receipt of the invoice by the Owner. <br />b. In the event an Owner disputes the Work performed by Bolton & Menk, the <br />Owner shall inform the City of its objections in writing as soon as <br />reasonably possible. <br />c. The City shall act in good faith to resolve any objections raised by the <br />Owners concerning the Work or Bolton & Menk's invoices. As the <br />contracting party, the City shall have final authority to resolve disputes <br />arising out of the contract with Bolton & Menk. <br />5. The Owners shall reimburse the City for their respective one -third shares of the <br />total cost as follows: <br />a. The final cost of the Work shall be provided by the City to the Owners in <br />writing with appropriate supporting documentation ( "Reimbursement <br />Notice ") <br />b. Interest of 2% APR shall accrue on the amounts owed by the respective <br />Owners starting as of the date of the Reimbursement Notice. <br />Page 2 of 5 <br />