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AGREEMENT <br />THIS AGREEMENT ("Agreement") entered into this 5 day of April 2021, by and <br />between Elk River Municipal Utilities ("ERMU") and the City of Elk River ("City"). <br />BACKGROUND <br />ERMU previously operated the water tower ("Tower") located on the property described in <br />Exhibit A attached hereto ("Property"). ERMU no longer needs the Tower and intended to have it <br />removed from the Property. City has secured funding to preserve the Tower and desires to take <br />ownership of and responsibility for the Tower. <br />AGREEMENT <br />1. ERMU agrees to execute the quitclaim deed attached as Exhibit B to this Agreement <br />quitclaiming and transferring to City all of its interest in the Property and the Tower. <br />2. City agrees to accept, as of the date of this Agreement, ownership of and responsibility <br />for the Property and the Tower. City represents and acknowledges that it is aware of the condition <br />of the Tower, accepts ownership of the Tower in its existing "as is" condition, and agrees to indemnify <br />and hold ERMU harmless from any and all claims related to the Property and the Tower, including <br />any claims related to the condition of the Tower. <br />3. In consideration of City's agreement to take ownership of and responsibility for the <br />Tower, thus saving ERMU the costs of demolishing and removing the Tower, ERMU will contribute, <br />upon execution of this Agreement, $90,000 to be applied towards the City's preservation of the Tower. <br />FE <br />