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CONTRACT FOR DEMOLITION <br />THIS CONTRACT is made and entered into this day of December, 2011, by and <br />between Veit and Company, Inc. (the "Contractor") and the Housing and Redevelopment <br />Authority of Elk River (the "HRA") (collectively, the "Parties") for the demolition of two <br />commercial buildings and abatement of hazardous materials on the property located at 716 and <br />720 Main Street, Elk River, MN 55330. <br />RECITALS <br />WHEREAS, the Elk River Housing and Redevelopment Authority (the "HRA") is the owner of <br />the property located at 716 and 720 Main Street, Elk River, MN 55330 (the "Property"); <br />WHEREAS, the HRA requires the demolition of the building on the Property including <br />among other items, the abatement of hazardous substances and materials (the "Work"); <br />WHEREAS, the HRA has awarded the Work to the Contractor; <br />WHEREAS, the Contractor represents that it has the necessary personnel, experience, <br />competence, and legal right to perform the Work, and is ready, willing and able to do so; <br />NOW, THEREFORE, in consideration of the mutual obligations of the Parties hereto, <br />each of them does hereby covenant and agree as follows: <br />Section 1. Definitions <br />"Contract" means this agreement between the HRA and the Contractor for the performance of <br />the Work, together with all exhibits, amendments, or modifications. <br />"Final Completion" means all items of the Work, "punch list items" and site work are completed <br />and the Contractor is eligible for Final Payment. <br />"Hazardous Materials" means asbestos, PCBs, mold, petroleum hazardous waste, radioactive <br />material, or any other hazardous materials or hazardous wastes within the meaning of City, State <br />of Minnesota, or federal definitions of hazardous materials or hazardous waste. <br />"Substantial Completion" means the time at which the HRA determines that the Work has <br />progressed to a point where it is sufficiently complete, leaving only minor "punch list" and close <br />out items and other minor site work required to be completed for full payment of the contract <br />price. <br />"Work" means the entire completed demolition, abatement and removal of all Hazardous <br />Materials, and all other activities to be performed by the Contractor on the Property as provided <br />for in this Contract. <br />1 <br />