06-09-2025 - Agenda Packet City Council - regular meeting

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have been completed, (2) all financial obligations to the City satisfied, (3) the required "record" plans have been received by the City, and (4) a warranty security is provided, an (5) the public improvements are accepted by the City. The warranty bond shall have a duration of twenty-four (24) months. 3. AMENDMENT OF PARAGRAPH 20(I) OF THE DEVELOPMENT AGREEMENT. Paragraph 20(I) of the Development Agreement is deleted in its entirety and restated to read as follows: I. Contemporaneously with this Amendment, Pine Corner and Orono Mini Storage shall execute the Permanent Easement Agreements attached hereto as Exhibits A and B granting the City a 10 foot wide public trail easement along Wayzata Boulevard. The City, at its sole cost and expense, will construct, install, and maintain a bituminous trail within the easements located on the Pine Corner and Orono Mini Storage properties, built to City specifications at a time determined by the City. The City shall indemnify and hold Pine Corner and Orono Mini Storage hamrless from any and all liability of whatever nature, arising from the maintenance and use of such trail, excluding willful or negligent actions by Pine Corner or Orono Mini Storage, their officers, employees, agents, invitees and assigns. 4. REPRESENTATIONS OF DEVELOPER. Developer hereby represents and warrants that (a) the Development Agreement is in full force and effect, (b) there are no known defaults by the Developer or the City under the Development Agreement, (c) Developer has performed all of its obligations, has provided all letters of credit, cash deposits, surety bonds and other security required by the Development Agreement, and has paid all sums due under the Development Agreement which are required to be performed or paid as of the date hereof, and (d) Developer has obtained all consents and approvals of the City under the Development Agreement, required prior to the date hereof. 5. INCORPORATION OF RECITALS. The above Recitals are hereby incorporated as a material part of this Amendment with the same force and effect as if restated in full in this Paragraph. 6. RATIFICATION. Except as provided herein, all terms and provisions of the Development Agreement, as amended, shall remain in full force and effect. 7. COUNTERPARTS. This Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original and together which shall constitute on and the same Amendment. [Remainder of Page Intentionally Left Blank.] [Signature Pages Follow.] 0 173864v9 154