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+5.4L r -. <br /> omii, <br /> CONTRACT FOR MARKETING, <br /> • SALE,AND DEVELOPMENT <br /> THIS AGREEMENT is made and entered into as of the day of , 1997, <br /> by and between and <br /> Owner("Owners") and the Economic Development Authority of the City of Elk River, <br /> Minnesota, a public body corporate and politic under the laws of the State of Minnesota <br /> ("EDA"). <br /> WHEREAS, Owners are the fee owners of property located in Sherburne County, <br /> Minnesota as described on Exhibit A attached hereto (the"Property"). <br /> WHEREAS, Owners desire that the EDA have exclusive authority to market and sell or <br /> lease the Property, or portions thereof, to third parties according to the terms herein. <br /> NOW THEREFORE, in consideration of the mutual covenants and agreements <br /> contained herein, it is hereby agreed by and between the parties as follows: <br /> 1. Representations by Owners. Owners represent and warrant to the EDA as to the <br /> following: <br /> a. There are no parties or other entities in possession of the Property or who hold any <br /> right, title or interest in the Property except for the Owners. <br /> b. The Property has not been used for generating, transporting, storing,treating or <br /> disposing of hazardous substances (as that term is defined in 42 U.S.C. Sections <br /> 6903, 6921 or in Minnesota Statutes Section 115B.02); the Property has not been <br /> used for disposal of waste or hazardous substances; and no underground storage <br /> tanks, wells, or septic systems are presently or have been located on the Property. <br /> Sellers shall be responsible for all costs incurred in removing any such hazardous <br /> substances on the Property. <br /> c. Conveyance of the Property by Owners does not violate any agreement, ordinance <br /> or law to which Owners or the Property are subject. <br /> 2. Representations by EDA. The EDA represents and warrants to the Owners as to the <br /> following: <br /> a. The execution, delivery and performance of this Agreement by the EDA does not <br /> and consummation of the transactions contemplated hereby and the fulfillment of <br /> the terms hereof will not, conflict with any legislative act, constitution or other <br /> proceeding establishing or relating to the establishment of the EDA or its officers <br /> or its resolutions. <br /> • Phi11A 532765.2 <br />