Laserfiche WebLink
contributions to the purchase of the landProperty, construction of the fire <br />stationProject, and any applicable capital improvements to the stationProperty <br />or the Project, plus inflation as measured by the Consumer Price Index (CPI)), <br />and take ownership of the landProperty and associated buildings. This option <br />must be exercised within ninety (90) days after the occurrence of the event <br />triggering Arden Hills’ option. Closing on this option must occur within one <br />hundred twenty (120) days of the date on which notice is given by the City <br />of Arden Hills to the Board that it is exercising the option. <br />If the Project does not move forward and the station is not constructed pursuant to <br />paragraph 2.5, the City of Arden Hills will have the option to reimburse the other <br />parties for their direct cost to acquire the land and any costs associated with the <br />Project, and take ownership of the land. Should the City of Arden Hills not exercise <br />this option, the land2.6.3 Termination by Board. The Board may terminate <br />this Agreement upon the vote of 3/4 of the directors present at any duly <br />called meeting where a quorum is present. <br />2.6.4 Sale Proceeds. Upon termination of this Agreement by the Board <br />pursuant to paragraph 2.6.3, the Property shall be sold and the net sale <br />proceeds willshall be divided amongst the Cities and fire department based on <br />the Lake Johanna Fire Department in proportion to their direct costs paid for <br />the land purchaseProperty and the Project. <br />2.8 Termination.This Agreement shall terminate either upon repayment of all <br />bonds/obligations issued pursuant to paragraph 2.3 OR upon a unanimous vote of all <br />Board members. <br />3 Assignment, Amendments, Waiver, and Contract Complete <br />3.1 Assignment. No partyCity may assign nor transfer any rights or obligations under <br />this Agreement. <br />3