5.3. SR 06-14-1999 - Laserfiche WebLink

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.-- ARTICLE 18. BINDING AGREEMENT This Agreement shall be binding upon and shall inure to the benefit of Seller and Buyer, and their respective successors, heirs, and assigns. ARTICLE 19. ADDITIONAL PROVISIONS . 19.1) Construction of Arena. Buyer shall construct an ice arena and parking lot generally as shown on the site plan (the ~Site Plan~) attached hereto as Exhibit B and made a part hereof, as well as related improvements and certain improvements to the existing parking lot south of the existing arena (also generally as shown on the Site Plan) (collectively, the -Improvements"). If construction of the Improvements has not commenced within eighteen (18) months after the Closing Date, Seller may, by delivery of not less than sixty (60) days written notice to Buyer and opportunity to cure, require Buyer to reconvey the Property to Seller. Seller shall cooperate in the construction of the arena by the adoption of a resolution approving the arena and its fInancing as required by Minnesota Statutes Section 475.58, subd. 3(a)(2). The adoption of the required resolution shall be Seller's only obligation with respect to the financing of the arena. 19.2) Reciorocal Easement and Access A~reement. At Closing, Buyer and Seller shall enter into a reciprocal easement and access agreement for joint use by employees, patrons, visitors and guests of the ice arena and employees, students and visitors of the high school, of the existing parking area to the south of the existing arena and the new parking area to the east of the new arena, with the exception of approximately twenty (20) spaces immediately adjacent to the east wall of the new arena, which shall be exclusively for arena use, all as shown generally on the Site Plan. Said reciprocal easement and access agreement shall also provide that Seller shall maintain the new ice arena parking areas as part of its maintenance of the existing parking lots for the high school. and shall further provide access to the Property over and across all driveway areas of Seller's adjacent and nearby property. The benefits and burdens of the reciprocal easement and access agreement shall be appurtenant to the respective parcels of property, shall be permanent, shall run with the land, and shall inure to the benefit of and be binding upon the owners of the property, their respective successors and assigns. The reciprocal easement and access agreement shall be consistent with this Section 19.2 and shall otherwise be in form and content reasonably acceptable to Buyer and Seller. . 19.3) Joint Powers A~reement. At or prior to closing, Buyer and Seller shall enter imo a Joint Powers Agreement as required by Minnesota Statutes, Section 497A.25, subd. 61 governing the ownership, operation and maintenance of the arena. This Agreement shall provide that Seller shall have no ownership of or any obligations with respect to the P'XB J(1:l303 8.