8.1. SR 03-21-2016 - Laserfiche WebLink

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Agreement 2016-07 FIRST AMENDMENT TO TAX ABATEMENT AGREEMENT THIS FIRST AMENDMENT TO TAX ABATEMENT AGREEMENT, made as of the 31St day of March, 2016, between the CITY OF ELK RIVER, MINNESOTA, a municipal corporation under the laws of the State of Minnesota (the "City"), and SPORTECH, INC., a Minnesota corporation organized under the laws of Minnesota (the "Developer"), WITNESSETH: WHEREAS, the City has entered into a Tax Abatement Agreement dated September 14, 2016 (the "Abatement Agreement"), with Envision Company, LLC, a Minnesota limited liability company, which was previously assigned to the Developer, and in connection therewith received a Mortgage, Security Agreement, Assignment of Leases and Rents, and Fixture Financing Statement dated September 14, 2016 (the "Mortgage") from Envision Company, LLC in favor of the City; and WHEREAS, the Mortgage have been satisfied and terminated in accordance with the terms thereof and the parties have determined a need to modify the Abatement Agreement to incorporate requirements for insurance for the Project which were previously addressed in the Mortgage; and NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, the parties hereto covenant and agree as follows: Section 1. A new Section 3.8 of the Tax Abatement Agreement is added as follows: Section 3.8. Insurance. (a) Developer shall obtain, maintain and keep in full force and effect (and upon request of City shall furnish to City copies of) policies of insurance as described in, and meeting the requirements set forth in, Exhibit A attached hereto, and upon request of City shall furnish to City proof of payment of all premiums for such insurance. At least ten (10) days prior to the termination of any such coverage, Developer shall provide City with evidence satisfactory to City that such coverage will be renewed or replaced upon termination with insurance that complies with the provisions of this Section. Developer, at its sole cost and expense, from time to time when City shall so request, will provide City with evidence, in a form acceptable to City, of the full insurable replacement cost of the Tax Abatement Property and the Project. All property (including boiler and machinery) and liability insurance policies maintained by Developer pursuant to this Section (i) shall include effective waivers by the insurer of all claims for insurance premiums against City, (ii) shall provide that any losses shall be payable notwithstanding (a) any act of negligence by Developer or City, (b) any foreclosure or other proceedings or notice of foreclosure sale relating to the Tax Abatement Property, or (c) any release from liability or waiver of subrogation rights granted by the insured, and (iii) shall be endorsed to show the City as additional insured. All insurance policies maintained by Developer pursuant to the foregoing provisions shall respond on a primary basis relative to any other