6. HRA SR 03-05-2012 - Laserfiche WebLink

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i~ boundaries of owner's Parcel and must not utilize or rely on any Party Wall for any structural or non-structural purpose. For purposes of this Agreement; "substantially damaged" means damage for which the reasonable, estimated cost of repair or restoration exceeds fifty percent of the assessed value of the improvements located on a Parcel, as determined by the Sherburne County Assessor and stated on the most current tax statement for the Parcel. If the owner of a Parcel demolishes the building located on the ov~ner's Parcel or the building is substantially damaged by fire or other casualty and, as a result thereof, the easements appurtenant to that Parcel under Sections 1 and 2 are terminated pursuant to the first sentence of this Section 3, the easements described in Sections 1 and 2 shall thereafter be deemed to be exclusive easements in favor of the owner of the other Parcel and appurtenant to the other Paxcel, and Party Wall shall thereafter be deemed to be Separate Wall for purposes of Sections 4, 5, 6, and 7. Section 4. Repair and Maintenance of Separate Walls. Subject to Section 7 below, each Party is solely responsible for all costs and expenses associated with the repair and maintenance of any Separate Walls the Party owns. Section 5. Repair and Maintenance of Party Wall. Subject to Section 7 below, each Party is responsible for one-half of the cost of all reasonable maintenance and repair to any Party Wall. If the Parties are unable to agree upon the nature and extent of the necessary maintenance or repairs to any Party Wall, the Parties must arbitrate the dispute pursuant to Section 4 of Article IL Section 6. Demolition of BuildinQS. Either Party may demolish the building located on its Parcel, including any Separate Walls that are a part of its building. Section 7. Damage to and Repair of Common Walls and Weatherproofing. Neither Party may damage, demolish or remove any Party Wall or any portion of the other Party's i9~si~i~z 4