Agenda - Economic Development Authority - 03/15/2015

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c. The Owners shall reimburse the City for their respective one -third shares in a single, lump sum payment at the earlier of i. January 01, 2020. ii. Within one week of closing on the sale of any parcel of the respective Owner's land, or portion thereof, located within the Future Business Park area. Owners shall provide the City with notice of all pending land sales within the Future Business Park area. The notice shall be provided upon execution of a purchase agreement and shall include the closing date. ill. The Owner submits an application for preliminary plat approval concerning land within the Future Business Park area. 6. In the event an Owner fails to reimburse the City for the Owner's share of the costs when due, the City may (1) initiate legal action against the Owner in Anoka County District Court and /or (ii) decline to issue any building permits, approve any plats or enter into any development agreements with the Owner until the Owner pays the City in full. 7. Miscellaneous provisions. a. This Agreement shall be governed by the laws of the State of Minnesota. b. This Agreement contains the entire agreement between the City and the Owners and none of the parties shall be bound by any verbal statement or agreement. This Agreement cannot be varied except by written agreement executed by the parties. c. The provisions of this Agreement are severable, and if any provision or part hereof or the application thereof to any person or circumstances shall ever be held by any court of competent jurisdiction to be invalid or unconstitutional for any reason, the remainder of this Agreement and the application of such provisions or part hereof to other persons or circumstances shall not be affected. d. Notices permitted or required by this Agreement must be in writing and shall be deemed given when delivered in legible form to the business address of the party to whom addressed. The business addresses of the parties are as follows: Page 3 of 5