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pledged to the Note wili be sufficie��t to pay the principal of a�d interest on the Note. Any estirnates of Tax Increment prepared by the City or i#s financial ad�isors in connection with the TIF District or this Agreement are for the beneft of the City, and are not intei�de� as representations on which the Developer may rely. Section 3.4. Business Subsidy. Act. The parties agree and understand that any assistance provided to the Developer under this Agreement is not a"business subsidy" under Minnesota Statutes, Section 116J.993, subd. 3 because the assistance is for housing. Section 3.5. Conveyance of Tria�g�e Parcel. (a} Generally. The Developer wil} convey tl�e Triangle Parcel to the City subject to the terms and conditions af this Section. {b) Purchase Price, Costs. The Developer will convey the Triangle Parcel to the City for a purchase price of $] .00. At Closing (defined below), Deve�oper will pay any outstanding special assessments; costs af title e�idence; one-l�alf of any closing fee, state deed tax (if any); and the recording fee for recording alt doc�ments req�ired to con�ey marketable title to the Triangle Parcel. Property taxes due and payable in the year of Closing wili be prorated between Developer and City as of t�e c�ate af Closing. The City will pay the cost of any titfe insurance premiu�n, and one-half of any closing fee. T�e parties will each be responsible for a»y other costs they incur in connection with co�iveyance of the Triangle Parcel. (c} Title. Pramptly after execution of this Agreement, Developer shall furnish to the City a commitment for an ALTA Owner s Poiicy of Title I�surance insuring title �o the Triangle Parcel, in the amount of $268,200 (which the parties agree represents a reaso�abte estimate of the market �a1ue of he Triangle Parcel). Within 60 days after receiving such title cammitrnent, the City may roake written abjections to the status of tit�e. Deveioper wiil have 60 days a�ter receip# of any objections ta cr�re the objections. Develaper will E�se commerciatly reasonabfe efforts to c�re any objections within s�eh 60 day period. If objections ar-e not cured within the 64-day peraod, City may e�ect to either (i) terminate this Section of the Agreement, without affectin� the remainder of the Agreement; or (ii) waive the objectaons and proceeds to Closin�. {d) Environn�enial matters. Developer shaIl �ndertake, at its cost, a Phase I and, if necessary, a Phase I1 environmental a�alysis of the Triangle Parcel. Prorrtpily upon receipt of the reparts resulting frorn consultants; Devetoper sha]} cleIiver to the City copies of all environmental reports related to the Triangle Parcel prepared far Deve}oper_ Deveiaper will also cause the party or pa�ties preparing sucl� reports, u�on requesi of the City and at City's cost, to deliver �etters to the City allowing the City ta rely on such repo�ts. Further, Developer grants to the City and iis agents the right to enter the Triangle Parcel to undertake i#s own inspections, tests; and investigations of the Triangle Parcel. If the City deterrnines, through its investigation or fra�n any environmental report, that any underground tanks or hazardo�s substanees (as defir�ed in paragraph (f}{i) of this Sectio�i) are located o� the Triangle Parcel, Developer shail at its cost, and prior to Ciosing, remove any tanks and remove or remediate any hazardo�s substances co a Minnesota PoltEttion Control Agency standard for non-resrdential iand use (such actions being referred to as "Environmenta] Response Ac#ions"}. If the City detErmir►es that any Environmental Response Actions are required, the City will cooperate with Developer in seeking grants from the State and other sources ta assist in financing such casts, and wil] make such grant proceeds available to DeveIoper to the extent the City is successiuI i� grant applicat�ons. The Developer wil] enter into any supp�ementai agreements that are reaso�ably required in order to disburse and administer grant proeeeds. 3 78990� 1 D S.iB AR260-10 g