7.2 EDSR 10-21-2024 - Laserfiche WebLink

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1 EL185\81\983482.v1 ENVIRONMENTAL INDEMNIFICATION AGREEMENT THIS AGREEMENT is made as of the ___ day of ______, 2024, by MODERN CONSTRUCTION OF MINNESOTA, INC., a Minnesota corporation (the “Borrower”) and ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, a public body corporate and politic of the State of Minnesota (“Lender”). RECITALS A. On the date hereof,, the Lender provided to the Borrower a Loan in the principal amount of $51,499.00 from the Lender, pursuant to its Microloan Program (the “Loan”). B. The Loan is secured in part by an Mortgage and Assignment of Rents and Security Agreement and Fixture Financing Statement dated even herewith (the “Mortgage”) pertaining to certain land described in Exhibit A attached hereto (collectively, the “Property”) owned by Borrower and located in Sherburne County, Minnesota. C. Lender has refused to make the Loan to Borrower unless this Agreement is executed and delivered by Borrower. AGREEMENT NOW, THEREFORE, in consideration of Lender’s agreement to make the Loan to Borrower, Borrower hereby warrants and represents to, and covenants and agrees with, Lender as follows: 1. Definitions. As used in this Agreement, the following terms shall have the following meanings: (a) “Environmental Regulation” means a Law relating to the environment and/or to human health or safety, or governing, regulating or pertaining to the generation, treatment, storage, handling, transportation, use or disposal of any Hazardous Substance. (b) “Hazardous Substance” means any substance or material defined in or governed or regulated by any Environmental Regulation as a dangerous, toxic or hazardous pollutant, contaminant, chemical, waste, material or substance, and also expressly includes urea-formaldehyde, polychlorinated biphenyls, dioxin, radon, lead-based Page 93 of 124