7.3. SR 08-21-2017 - Laserfiche WebLink

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1. TAX EXEMPTION. The Parties agree that the payments due under this Agreement shall be conditioned upon the designation of the Property as exempt from real estate taxation pursuant to Minnesota Statutes, Section 272.02, Subd. 42. 2. PAYMENT BY SBC TO THE CITY. As consideration to the City for providing host approval as permitted by Minnesota law, SBC shall pay the City the amount of $42,462.46 not later than 10 business days following a determination by the City that the Property is real estate tax exempt according to Sherburne County records. In order to provide for such payment, upon the issuance of the Bonds, SBC shall deposit $42,462.46 with the trustee for the Bonds with instructions to hold said amount until the trustee receives notification from the City that such payment is due in accordance with this Agreement. Such payment shall be in addition to any ordinary and usual charges by the City for land use approvals, building permits and other approvals, if any, required by the City. 3. DEFAULT. In the event of a default hereunder, the City may enforce this Agreement and may exercise any and all rights or remedies permitted by law. SBC agrees to pay all costs of collection, including attorneys' fees, if any payment is not made when due, whether suit is brought or not. 4. COMMUNICATIONS. All notices and other communications shall be sufficiently given when delivered by United States mail or in person to the applicable address stated below or by such other means as shall provide the sender with documentary evidence of such delivery. The Parties agree to provide notice of any new address to the other party within 10 days of such address change. 5. INVALIDITY OR UNENFORCEABILITY. If any provision of this Agreement is held invalid or unenforceable to any extent, the remainder of this Agreement shall be enforced as permitted by law. 6. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement of the Parties on the subject matter of this agreement and supersedes all prior contracts, agreements, whether oral or written with respect thereto. Exhibit A attached hereto is specifically included in this Agreement. 7. ENFORCEABILITY. Each of the Parties represents and warrants that the execution, delivery and performance of this Agreement (i) has been duly authorized and does not require any other consent or approval; (ii) does not violate any article, bylaw or organizational document or any law, rule, regulation, order or decree by which it is bound; and (iii) will not result in or constitute a default under any indenture, credit agreement or other agreement or instrument to which any of them is a party. Each party represents that this Agreement shall constitute the legal, valid and binding agreement of the Parties enforceable in accordance with its terms. 2 505745v2 ELI 85-19