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7. Binding�Effect: The terms and provisions hereof shall be binding upon and inure to the benefit of the heirs, representatives, successors and assigns of the parties hereto and shall be binding deemed covenants running with the land. References herein to Property Owner, if there be more than one, shall mean each and all of them. This agreement shall be e;cecuted by the Property Owner and City and shall be placed of record so as to give notice hereof to subsequent purchasers and encumbrancers of all or any part of the property, and all recording fees, if any, shall be paid by the Property Owner. 8. Notices: Whenever in this agreement, it shall be required or permitted that notice or demand be given or served by either party to this agreement to or on the other party, such notice or demand shall be delivered personally or mailed by United States certified mail (return receipt requested) to the addresses set forth below. Such notice or demand shall be deemed timely given when delivered personally or when deposited in the mail in accordance wit�i ire auove. Notice to Citv Notice to Propertv Owner City of Orono Kc�r D' S�s�N �V��-rwaR�ril Clerk/Administrator P.O. Box 66 1y2�' Ppy �'>r�ff �� Crystal Bay, MN 55323 WAyZA7A�.nnN 5s�g� 9. Disclaimer by City;, It is understood and agreed that the City, tlie City Council, and the agents and employees of the City sllall not be personally liable or responsible in any manner to the Property Owner or the Property Owner's contractors, subcontractors, materialmen, laborers, or any other person, rrm or corporation, for any debt, claim, demand, damages, actions, or causes of action of any kind or character, arising out o: or by reason of the e�cecution of tliis a�;reement or the perfornlance and completion of the Septic Improvements. 10. Hold Harmless and Indemnircation: The Property Owner shall indemnify and hold liarmless the City, the City Council, and the agents and employees of� the City from and against all �:�c^.1:I1S� �.^..Rlab'.'„i� �OSSe: O:' �\�`P1:J�rJ� I::Cli.1G�!:I� �1t��TC',�' fpCS `.•d}?:^,?7 �IP �It j'� rlt�" C:!.lIPC.� and agents and employees of the City may suffer or for whicll it may be held liable, arising out of or resulting lrom the assertion a�ainst tliem of any claims, debts or obligations in consequence of the performance of this a�reement by the Property Owner, its employees, agents or subcontractors, whether or not caused in part by a parly indemnifiecl liercuncier. 11. Remedv for Default: Default by the Property Owner of any of the terms of this agreement shall automatically result in the suspension or withholding of all permits, licenses, occupancy certificates or other authorizations issued by the City in connection �vith the Property, and may, at City's sole discretion, give rise to a draw upon the letter of credit by City to remedy such default. Initials of Property Owner� Initials of City Clerk Page 4 of 6 ,