Agenda - Council - 03/24/2015 - Laserfiche WebLink

Home

EXHIBIT H MAINTENANCE AGREEMENT SHARED MAINTENANCE AGREEMENT THIS SHARED MAINTENANCE AGREEMENT (the "Agreement"), is made as of the day of , 2015, by F&C Ramsey Apartments, LLC, an Indiana limited liability company ("F&C"), and the City of Ramsey, Minnesota, a public body politic and corporate under the laws of the State of Minnesota ("City"). RECITALS: 1. F&C owns certain land and improvements located in Anoka County, Minnesota, which is more particularly described on Exhibit A attached hereto and made a part hereof ("F&C's Land"), on which there is constructed a four story apartment building and related improvements ("F&C's Building," and together with F&C's Land, "F&C's Real Estate"); 2. City owns certain land and improvements located in Anoka County, Minnesota, which is more particularly described on Exhibit B attached hereto and made a part hereof ("City's Land"), on which there is constructed a multilevel parking building ("City's Building", and together with City's Land, "City's Real Estate"); 3. F&C's Building and City's Building are located immediately adj acent to one another but the parties acknowledge that F&C's Building does not provide support for City's Building and City's Building does not provide support for F&C's Building. F&C's Building and City's Building (each, a "Building" and together the "Buildings") share certain oversized footings for support (the "Footings") and at the top of the common wall area F&C constructed certain improvements to prevent water, dirt and debris from going between the Buildings (the "Wall Cap") (the Footings and Wall Cap together may be referred to as the "Shared Improvements"); and 4. F&C and City each desire to provide for the preservation and enhancement of their respective properties, and to provide for the maintenance, repair and reconstruction, if necessary, of the Shared Improvements. NOW, THEREFORE, for good and valuable consideration, including the mutual promises and agreements herein contained, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 1. The use, maintenance, repair and reconstruction of the Shared Improvements shall be governed according to the following: (a) F&C shall maintain, repair and/or reconstruct or cause to be maintained, repaired and/or reconstructed the Wall Cap, and City hereby grants to F&C and its agents and contractors such access to City's Building and City's Real Estate as may be reasonably necessary to perform such maintenance, repair and/or reconstruction. (b) The cost and expense of the maintenance, repair and/or reconstruction described in Section 1(a) shall be shared equally by F&C and City. City will reimburse F&C within thirty (30) days following its receipt of an invoice and reasonable supporting documentation of such cost or expense. 25 6983739v2