Agenda - Council - 01/24/2006 - Laserfiche WebLink

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Section 5.03 Assignment. As part of the development of the Oakwood Lots, Oakwood may transfer its interest in all or any portion of the Oakwood Properties to a separate entity or entities, without the consent of the City. If Oakwood transfers its interest to a separate entity, such entity shall be entitled to the prepayment of the Trunk Fees the same as if Oakwood owned the Property and Oakwood shall provide notice to the City of such transfer, and the number of Lots which shall be entitled to the prepayment of the Trtmk Fees. It is understood and agreed between the parties that notwithstanding the transfer of any of the Oakwood Properties, such transfer shall not affect the right of Oakwood to be reimbursed for the Oakwood Contribution as provided in this Agreement. Section 5.04 Governing Law. This Agreement shall be governed and interpreted according to the laws of the State of Minnesota. The City and Oakwood further irrevocably consent to the service of any complaint, summons, notice or other process relating to any such action or proceeding by delivery thereof to it by hand or by mail in the manner provided for in Section 5.06 hereof. Section 5.05 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable under any applicable law or rule in the State of Minnesota, such provision shall be ineffective only to the extent of such invalidity, illegality, or unenforceability in such jurisdiction, without invalidating the remainder of this Agreement in such jurisdiction or any provision hereof in any other jurisdiction, and this Agreement shall be construed as if the unlawful or unenforceable provision or application had never been contained herein or prescribed hereby. -266-