8.3 SR 04-04-2022 - Laserfiche WebLink

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costs of sales and marketing (including without limitation, real estate commissions, cost of marketing, costs of brochures, advertising and the salaries and commissions of third parties employed by the Developer to market and sell, abstracting fees, state deed taxes, recording costs, legal fees, closing costs and all other costs and expenses associated with a Trigger Sale) as evidenced by a settlement statement, (ii) the payment in full of any loan(s) for the purposes described in Section 3.10 for the Project as evidenced by a settlement statement, (iii) the initial equity of the Developer (in an amount equal to the lesser of the amount set forth on the Loan Closing Statement or $2,490,974), (iv) the initial land equity value (in the amount of $400,000). Section 5.4. Conflicts of Interest. No member of the governing body or other official of the City shall have any financial interest, direct or indirect, in this Agreement, the Development Property or the Project, or any contract, agreement or other transaction contemplated to occur or be undertaken thereunder or with respect thereto, nor shall any such member of the governing body or other official participate in any decision relating to this Agreement which affects his or her personal interests or the interests of any corporation, partnership or association in which he or she is directly or indirectly interested. No member, official or employee of the City shall be personally liable to the City in the event of any default or breach by the Developer or successor or on any obligations under the terms of this Agreement. Section 5.5. Titles of Articles and Sections. Any titles of the several parts, articles and sections of this Agreement are inserted for convenience of reference only and shall be disregarded in construing or interpreting any of its provisions. Section 5.6. Notices and Demands. Except as otherwise expressly provided in this Agreement, a notice, demand or other communication under this Agreement by any party to any other shall be sufficiently given or delivered if it is dispatched by registered or certified mail, postage prepaid, return receipt requested, or delivered personally, and (a) in the case of the Developer is addressed to or delivered personally to: Jackson Street Apartments, LLC P.O. Box 719 Big Lake, Minnesota 55309 Attn: Client Relations (b) in the case of the City is addressed to or delivered personally to the City at: 13065 Orono Parkway Elk River, Minnesota 55330 Attn: City Administrator or at such other address with respect to any such parry as that parry may, from time to time, designate in writing and forward to the other, as provided in this Section. Section 5.7. No Additional Waiver Implied by One Waiver. If any agreement contained in this Agreement should be breached by either party and thereafter waived by the other party, 20 EL185-70-769416.d7