5.4. ERMUSR 02-20-2007 - Laserfiche WebLink

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BROOHINGS-TWIN CITIES DEVELOPMENT PROJECT AGREEMENT (d) In the event that the action (or inaction) of Participant results in the loss of Federal Tax Exemption with respect to any of CMMPA's Bonds or requires any action or payments by CMMPA or any other Participant to prevent such loss of Federal Tax Exemption, Participant shall be responsible for all costs related to such loss or prevention of loss of Federal Tax Exemption (including, without limitation, payments to bondholders, payments to the IRS, costs incident thereto, and attorney fees of CMMPA or any other Participant related thereto). (e) As used in this Section 206, Federal Tax Exemption means the exclusion from gross income of interest on CMMPA's Bonds for federal income tax purposes. (f) Notwithstanding any other provisions of the Bond Resolution to the contrary, so long as necessary in order to maintain the Federal Tax Exemption of CMMPA's Bonds, the covenants contained in this Section shall survive the payment of such Bonds and the termination of this agreement. The covenants contained in this Section 206 do not apply to any Bonds of CMMPA to which the Federal Tax Exemption was not intended to apply. Section 207. Insurance. CMMPA shall procure and maintain in force for the benefit of the Development Project and the Participants as their respective interests shall appear, as a Development Project expense, such insurance as will satisfy the requirements of the Bond Resolution and applicable statutes and regulations thereunder, and such other insurance as may be required by the Development Project Agreements, Open Participant requirements, or that CMMPA may reasonably deem desirable. Subject to Article 7 of this Agreement, provisions of the Bond Resolution, and provisions of the Development Project Agreements, any proceeds of such insurance received by CMMPA relating to the Development Project shall be used to offset costs of the Development Project. Subject to the Bond Resolution, Development Project Agreements and applicable statutes and regulations, CMMPA may elect to self-insure any or all risks related to the Development Project, and to establish aself-insurance reserve fund, the costs of which shall be included in Monthly Development Project Costs and Monthly Development Project Capital Costs. ARTICLE 3 CERTAIN OBLIGATIONS OF THE PARTICIPANT Section 301. Participant Opinion. Upon the execution and delivery of this Agreement and at such other times as CMMPA shall reasonably request, the Participant shall furnish CMMPA with an opinion by an attorney or firm of attorneys, addressed to CMMPA and such other parties as CMMPA requests, to the effect of the matters set forth on Attachment 6 hereto. C:1Documents and Settingsl6ryan\Local SettingslTemporary Internet Files\OLK531Cap XBrookings 2-12-07 16 clean.doc