Agenda - Council - 09/26/2023 - Laserfiche WebLink

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the Maintaining Owner to whom the Paying Owner is obligated to make payments, examine such Maintaining Owner's Maintenance Cost Records and the Maintaining Owner must male its Maintenance Cost records available to the Paying Owner for review within thirty days of the Paying Owners' Request. If, after inspecting Maintaining Owner's Maintenance Cost Records, a Paying Owner believes there are errors or discrepancies in the Maintaining Owners Maintenance Records which have resulted in overpayment by the Paying Owner, the Paying Owner may ratify the Maintaining ner of the existence and substance of all discrepancies the Paying Owner is alleging. The Paying Owner and the Maintaining Owner shall have thirty days to resolve the alleged discrepancies to their mutual satisfaction, and if they are not successful in resolving the discrepancies to their mutual satisfaction, either the Maintaining Owner or the Paying Owner may in Anoka County District Court pursue any and all remedies available at lave or in equity including, but not limited to the commencement of one or more actions seeping monetary damages, injunctive relief and specific performance. In any such action, the prevailing party shall be entitled to recover its reasonable attorney fees and costs and, if the Paying Party prevails, the Paying Owner may also recover the actual out of pocket costs the Paying Owner incurred to review and audit the Maintaining Owners Maintenance Records rds C. Interest and Date Fees. If any Paying Owner fails to pay its share of West Access Easement Maintenance Costs, East Access Easement Maintenance Costs, or Shared Storm Sever Improvement Maintenance Costs within thirty 3 days after receipt of a Payment Request, then in addition to such rights and remedies provided for under Section 6, the Maintaining Owner entitled to receive such payment is entitled to also receive: i interest at a rate equal to the lower of the highest rate permitted by law, or four percent % above the reference rate announced from time to time by U.S. Bank, N.A., Minneapolis office or the reference rate of any successor bank designated by mutual agreement ent f the parties), from the date the payment was clue until the date the payment is received; ii a late payment charge in the amount ofTwo Hundred Fifty Dollars 2., not as a Penalty, but as a way of defraying the costs that would be incurred in dealing with late payments; and iii reasonable attorneys' fees it incurs as a result of payment delinquencies. . Insurance. The H.A agrees to maintain, at all tunes, a policy or policies of commercial general liability insurance providing coverage on an "occurrence" rather than a "claims made" basis. The policy shall include coverage for bodily inj-ury, property damage, personal injury, contractual liability (applying to this Declaration), and independent contractors. The policy or policies shall be in such amounts as prudent owners ofthe type of each property the HRA owns within the Minneapolis, Minnesota metropolitan statistical area would maintain but in any event must be in at least the amount of $1,000,000per occurrence and $2,000,000 in aggregate. The HRA agrees to provide evidence of such liability insurance in the form of a Certificate of Insurance if requested by the other Owners. E 487344507