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pledged to the Note will be sufficient to pay the principa] of and interest or� the Note. Any estit�aates of Tax Increment prepared by the City or its fnancial advisors in connectaan with the T1F District or this Agreernent are for the bene�t af ihe City, and are not intended as representations on which the Developer may rely. Section 3.4. Business Subsid,y -Act. The parties agree and unc3erstand that any assistance provided to the Deve�oper under this Agreement is no� a"business s�tbsidy" under Minnesota Statutes, Section 116J.993, subd. 3 because the assistance is for housing. Section 3.5. Conveyance of Triangle Parcel. (a) Generally. The Developer wiIl canvey the Triangle Parcel to the City subject to the terms and conditions of this Section. (b) Purchase Price, Costs. The Developer will convey the Triangle Parcel to the City for a pt�rchase price af $1.04. At Closing {de�ne� below), Developer wii] pay any outstanding special assessr�ents; costs af title evidence; ane-half o� any closing fee, state deed tax (if any); and the recordang fee for recording aiI documents required to convey inarketable title to the Triang�e Parcel. Property taxes due and payable in the year of Closing will be prorated between De�eloper and City as of the date of Closing. The City wiI1 pay the cost af any title insurance premium, and ane-half of any closing fee. The parties will each be responsible for any other costs they inc�r in connection with conveyance of the Triangle Parcel. (c} Tit1e. Promptly a�ter execution of this Agreer�tent, Developer shall furnish to the City a commitment fqr an ALTA Owner's Policy of Title lnsurance insuring t�tle to the Triangle Parcel, in the amou��t of $268,200 (which #he parties agree represents a reasonable estima�e of the market value of he Triangle Parcel}. Withi�t 60 days after receiving such title commitment, the City may make written objec�ions to the status of tit�e. Developer wil] have 60 days a�ter receipt of any abjeetions to cure the objections. Develaper wil� use cotnmErcially reasanable efforts to cure any objectior�s within such GO day period. If objeetions are not cured within the 60-day period, City may elect to either (i) tenninate this Section o#'the Agreernent, without affecting �he remainder af the Agreement; or (ii) waive the abjections and proceeds to Closing. (d} Envirorrrrrental matters. Developer shal� undertake, at its cost, a PJzase I and, if necessary, a Phase II enviranmental analysis of the Triang�e Parcel. Promptly upon receipt of the reports resuiting from consultants, Developer shali deli�er to the City copies of all environmental reports related to the Triangle Parcel prepared for Developer. Developer wil� also cause ihe party or parties preparing such reports, upon request of the City and at City's cost, to deliver Ietters to the City allowing the City to rely on such reports. Further, Developer grants to t�e City and its agents the right to entex the Triangle Parcel to undertake its own inspections, tests, and investigations of the Triangle Parcef. If the City determines, through its investigation or from any e»vironmenta� report, that any underground tanks or hazardous substances (as de�ned in paragraph �{i) of this 5ection} are located on the Triangle Parcei, Developer shall at its cost, and prior ta Closing, remove any tanks anc� remove or rernediate any hazardo�s substances to a Minneso#a Pollutian ControI Agency standard for nan-residential land use: 3�t3�u=it�sta��ir�g--��y�i�t�ng- tt��-�%he -c��t'��y� ��e�-�e��a�,--�ev��oper -s�a��_....nm#--��-ob�igated...{�...��y._. r:�or�._�t�ar� � � � 1i v o.-.. r;;� � +t,o ,.4.� .- a .b: ......,. ., .,. ,.., :;u��.. « -proEe�d-to-��osa� �n_ g.__ , such acEians bein __referred to as "Envrronmenta] Resvonse Actio»s" : -..._ - �--- � ....___ __._ If the Citv_determines that a�� Environmenta� Response Actions_are r uired, Ehe City will cooperate with Developer in seeking grants from the State e�ar�d other sources to assist ir� f�nancing such costs, and wil�