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<br />including, but not limited to, reasonable attorney's feos, appraisal fees, <br />closing fees, title insurance and expert \vitness fees.Environmental <br />Issues. The Purchase AQreement will obliQate the Citv to enQaQe <br />Braun Intertec to comnlete. at the Citv's sole cost and exnense. certain <br />environmental remediation activities on various narcels and to obtain <br />so called "site closure." "no action" or "no association" letters from <br />the Minnesota Pollution Control AQencv. as snecificallv defined and <br />onlv as snecificallv defined in the Develonment AQreement. on or <br />before July 1. 2007. The Citv must seal anv wells located on the <br />Develonment Pronertv in accordance with the reQuirements of <br />Minnesota Statutes. Chanter 1031 and any reQulations adonted <br />nursuant thereto on or before July 1. 2007. The Citv must also <br />abandon anv sentic svstems located on the Develonment Pronertv in <br />accordance with the reouirements of annlicable state law and local <br />ordinances on or before .Tulv 1. 2007. <br /> <br />5.5 Security for tho Deyeloper's Obligation to .\cquire Title from the <br />GiWClosinQ in the Event the Citv is Unable to Deliver Marketable <br />Title to One or More Parcels or if the Citv has not comnleted the <br />Remediation With Resnect to One or More Parcels. fTheoreticallv. <br />the Citv mav not be able to deliver marketable title to one or more <br />narcels on the Date of ClosinQ. althouQh the onlv wav that I can <br />envision that occurrinQ is if the title insurance comnanv fails to <br />identifv a defect in title at the time the Citv aCQuires the Darcel but <br />discovers the defect between the date the Citv aCQuires title and the <br />date the Citv is to convev to Muir or if there is an anneal of a Quick <br />take order. Likewise. it is nossible that an unforeseen circumstance <br />could nrevent Braun Intertec from comnletinQ remediation activities <br />or follow-un work with the MPCA with resnect to one or more narcels <br />before the ClosinQ Date. The Development Agreement will obligate <br />Muir to deliver to the City, on or before the dute of the first <br />commissioner's award issued in the eminent domain proceedings <br />referenced in Section 5.1 (the "Letter of Credit Delivery Date"), a letter of <br />credit (the "Letter of Credit") from a bank or other financial institution <br />reasonably acceptable to tho City, in an amount equal to 100% of the <br />City's appraised value of all of the Parcels exclusive of any Parcels that are <br />subject to a valid purchase agreement in favor of Muir provided: (a) Muir <br />has provided a copy of the purchase agreement to the City; (b) the <br />purchase agreement prohibits the property oVlller from pursuing a <br />commissioner's u'.vard in the condemnation proceedings without Muir's <br />consent; and (c) Muir agrees not to permit the owner of tho Parcel to <br />pursue a commissioner's award during the term of the Development <br />l\greement without the City's consent. N ot"vithstanding the above, the <br />De'/elopment .^~greement v.ill grant the City the right to require Muir to <br />increase the amount of the Letter of Credit or to provide a supplemental <br />letter of credit to the City if a commissioner's award is made ","ith respect <br />to property subject to a purchase agreement in favor of Muir. If the City <br /> <br />1966223vRed; 1966223v1 to 1919544v4; 11116/06 <br /> <br />4 <br />