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<br />04]406 <br /> <br />. <br /> <br />LOCAL MA Ten AGREEMENT <br /> <br />THIS AGREEMENT (thc "Agreement") is made as of the _ day of April, 2006, by and <br />between CMK Arden Holdings, A Minnesota Limited Partnership ("CMK"), and the City of <br />Ardcn Hills, a municipal corporation organized and existing under the laws ofthe State of <br />Minnesota (the "City"). <br /> <br />RECITALS <br /> <br />A. On or about March 17,2005, HPMK, LLC ("HPMK') sold to CMK the property <br />describcd on Exhibit A attached hereto (the "Property"). <br /> <br />B. Incident to the sale of the Property, CMK discovered the presence of certain <br />environmental contamination ("Contamination"), which Contamination is described in those <br />ccrtain letters dated August 3, 2005, August 18, 2005, and the report dated November 7, 2005 <br />prepared by DPRA, CMK' s environmental consultant. <br /> <br />C. CMK and HPMK have entered into a remediation agreement (the "Remediation <br />Agreement") for thc purpose of developing a Response Action Plan to be approved by the <br />Minnesota Pollution Control Agcncy and addressing the remediation ofthe Contamination. <br /> <br />. <br /> <br />D. CMK and HPMK are preparing applications for remediation grants (the "Grants") to the <br />Minnesota Depaliment of Employment and Economic Development ("DEED"), the <br />Metropolitan Council (the "Conneil"), and Ramsey County (the "Connty") for remediation of <br />the Contamination on the Propcrty and adjacent property owned by CMK (the "Remediation <br />Pro.iee!"). <br /> <br />E. The City has agreed to apply for the Grants, provided that CMK will provide the local <br />match required by any Grants awarded !{)r the Remediation Project. <br /> <br />F. CMK has agreed to pay all of the local match required for any awarded Grants pursuant <br />to the terms and conditions set fOlih herein. <br /> <br />NOW, THEREFORE, in consideration of the mutual promises and commitments <br />contained hercin, and for other good and valuable consideration, the parties agree as follows: <br /> <br />]. Local Match. In thc cvent any Grants are awarded !{lr the Remediation Project, <br />CMK agrees to pay thc local match required under cach Grant. For example, DEED rcquircs that <br />thc applicant or other local source pay !{)r 25% of the eligible project costs as a local match. If <br /> <br />. <br />