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60 calendar days following the close date of GRE's Substation land purchase. <br />Distribution construction shall not commence until payment has been <br />received. GRE shall invoice ERMU for actual cost per square foot for GRE's <br />purchase of the Substation site portion to be occupied by ERMU. This <br />Substation land purchase is estimated at $1.00 per square foot. For one acre <br />of land, GRE estimates ERMU's cost share total as $43,560. Should the <br />purchase price increase by more than 10%, GRE shall notify and receive <br />consent to proceed from ERMU prior to closing on the land purchase. <br />5. GRE shall have review and approval rights for the ERMU Distribution <br />Substation design and construction plans. ERMU shall provide reasonable <br />time for GRE to perform its review. Should GRE request a modification of <br />design and/or construction plans, the Parties agree to negotiate in good faith <br />regarding such modifications. <br />6. GRE shall be responsible for paying all local real estate taxes that are <br />attributable to the five acre parcel owned by GRE. ERMU shall be <br />responsible for paying all personal property taxes, if any, for its distribution <br />substation equipment that will be located within the GRE parcel. <br />7. This Agreement shall become effective upon its execution and shall continue <br />in full force and effect for a term to coincide with the physical ownership, <br />location, and interconnection of the Substation and Distribution Substation, <br />collectively. <br />8. This Agreement constitutes the sole and entire agreement between the <br />Parties hereto and supersedes any previous written or oral agreements with <br />respect to the subject matter of this Agreement. No other terms or conditions <br />shall be binding upon either Party unless accepted by both Parties in writing. <br />IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly <br />executed as of the day and year first above written. <br />Great River Energy <br />Elk River Municipal Utilities <br />Je n Cassell Mayhew <br />Manager, Transmission Planning, <br />Contracts & Strategy <br />er~~d <br />Adams <br />al Manager <br />