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indemnification shall not apply to the warranties made or obligations undertaken by the City in <br />this Agreement or to any actions undertaken by the City which are not contemplated by this <br />Agreement but shall, in any event and without regard to any fault on the part of the City, apply to <br />any pecuniary loss or penalty (including interest thereon from the date the loss is incurred or <br />penalty is paid by the City at a rate equal to the Prime Rate) as a result of the Developer operating <br />the Project so that the Tax Increment District does not qualify or ceases to qualify as an "economic <br />development district" under Section 469.174, Subdivision 12, of the Act and Section 469.176, <br />Subdivision 4c. or to violate limitations as to the use of Tax Increments as set forth in Section <br />469.176, Subdivision 4c. <br />(3) All covenants, stipulations, promises, agreements and obligations of the City <br />contained herein shall be deemed to be the covenants, stipulations, promises, agreements and <br />obligations of the City and not of any governing body member, officer, agent, servant or employee <br />of the City. <br />10 <br />12472188v2 <br /> <br />