Agenda - Economic Development Authority - 05/24/2005

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(2) a plat or survey of the Land prepared and certified by a registered Minnesota land ~urvcyor, showing the land to be subjected to the easement as described in the easement (or if Secti{m 8.7 is applicable, the land to be released)and the location in relation thereto of all buildings, structures and permanently installed equipment on the land, and all other easements, roads, tracks and utility installations; (3) evidence of the authority of the officers executing the lease supplement and ea,sement (or, if Section 8.7 is applicable, the release) on behalf of Landlord and Tenant, iz~.cludi, ng a Certified copy of an authorizing resolution of the governing body of Landlord and of Tcmq nt; and (4) the certificate of the Independent Engineer. /',~y money received by Tenant for the easement shall be remitted to the Landlord and credited to the Bond Fund. For purposes of executing the instruments described in th/~ section, Landlord may require and in good faith conclusively rely upon a written statement of Tenant that the provisions of this section have been fully satisfied. Section 8.7. Release of Unimproved Land. Tenant may, at Tenant's expense, at.any time ;md from time to time request Landlord to release from the provisions of the Ground Lease and l,ease any part of the Land on which no building, structure or permanently installed equipment is situated, upon written certification by an Independent Engineer. stating that in their opinion the Land proposed to be released is not needed for the operation of the Project for the purposes stated in this Lease, and that the release will not impair the usefulness of the Project for these p~Lrposes and will not destroy the means of ingress thereto and egress therefrom. Landlord wilI join irt the execution of a supplement to this Lease providing for the release'thereof, subject to dm following conditions: (I) the release shall not become effective until the filing with the Landlord of the fbl!()wing items: (A) the items described in paragraphs (1) to (4), inclusive, of Section 8.6; and (B) an opinion of Independen.t. Counsel'.stating that the above documents satisfy the requirements of this Section and that the release is in appropriate form for execution by the respective parties; (2) the Tenant shall not be entitled to any abatement, reduction, or diminution of any refits payable under this Lease; and (3) any money received by Tenant for the sale of the released land to a third party shall be remitted to the Landlord and credited to the Bond Fund. Section 8.8. Covenant For the Benefit'0fthe Bondholders. Tenant recognizes the a~thority of' the Landlord to pledge all moneys receivable under this Lease, including any tmmeeds from the sale of all or a part of the Project, as security for the payment of the principal o~' and interest and redemption premiums, if any, en the Bonds. Each of the terms and provisions ol.' this Lease is a covenant for the use and benefit of the Holders of the Bonds, so long as any 1763908vi