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Sent by: DRB MINNEAPOLIS 6123405584; 05/07/98 13:00; Affix #801 ;Page 21 /39
<br /> • or forever, and further agrees to hold the aforesaid harmless from any claim, demand, suit, action or
<br /> other proceeding whatsoever by any person or entity whatsoever arising or purportedly arising from
<br /> this Agreement, or the transactions contemplated hereby, or the acquisition, construction, installation,
<br /> ownership, and operation of the Minimum Improvements.
<br /> (c) The Authority, and the governing body members, officers, agents, servants and
<br /> employees thereof, shall not be liable for any damage or injury to the persons or property of the
<br /> company, or its officers, agents, servants or employees, or any other person who may be about the
<br /> Development Property or Minimum Improvements due to any act of negligence of any person other
<br /> than the Authority or its governing body members, officers, agents, servants and employees.
<br /> (d) All covenants, stipulations, promises, agreements and obligations of the Authority
<br /> contained herein shall be deemed to be the covenants, stipulations, promises, agreements and
<br /> obligations of the Authority, and not of any governing body member, officer, agent, servant or
<br /> employee of the Authority in the individual capacity thereof.
<br /> ARTICLE IX.
<br /> Events of Default
<br /> • Section 9.1 Events ofDefault Defined. The term"Event of Default" shall mean, whenever
<br /> it is used in this Agreement(unless the context otherwise provides), subject to Unavoidable Delays,
<br /> any failure by Developer to substantially observe or perform any covenant, condition, obligation or
<br /> agreement on its part to be observed or performed hereunder, under the Job Performance Agreement,
<br /> or under the Assessment Agreement including, without limitation:
<br /> (a) Any failure by Developer to comply with the conditions subsequent set forth in
<br /> Section 3.5;
<br /> (b) Any attempt by Developer or any other party to reduce the market value of the
<br /> Development Property below Two Million Dollars ($2,000,000.00); and
<br /> (c) Any failure by Developer to timely pay all real property taxes and assessments levied
<br /> against the Development Property.
<br /> Section 9.2 Authority's Remedies on Default. Whenever any Event of Default by
<br /> Developer referred to in Section 9.1 of this Agreement occurs, the Authority may take any one or
<br /> more of the following actions after providing thirty(30) days written notice to the Developer of the
<br /> Event of Default, but only if the Event of Default has not been cured within said thirty(30)days:
<br /> (a) Terminate this Agreement,
<br /> • (b) Take whatever action, including legal, equitable or administrative action, which may
<br /> appear necessary or desirable to the Authority to enforce performance and observance of any
<br /> BeckP 548664.2 16
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