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-~ ~~, ! AGREE ITT ~'®R I~AYMET~1`I' ®R CITI' DER CES TI3IS AGREEMENT F®R PAYlVLENT F®R CITY SERVICES (this "Agreement") was made as of the day of , 2006 by and between The City of Woodbury, a municipal corporation under the laws of the State of Minnesota (the "City") and Minnesota School of Business„ a Minnesota corporation (the "Developer"). WITI~ESSE'I'~Io .AS, the Developer has made application to the City for approval of a plat of land (the "Land") within the corporate limits of the City; and [E AS, a copy of a legal description of the Land is attached hereto as Exhibit A; and, ~ ~ i AS, the Developer has agreed to make certain payments to the City in lieu of real property taxes affecting certain portions of the development (the "Development") that has been proposed by the Developer for the Land. I~®~, 'I' E® , in consideration of the premises and of the mutual promises and conditions hereinafter contained, it is hereby agreed as follows: TICI.~E I P SEl~I'I'ATI®1~5, ETC. Section 1.01. Representation by the City. The City makes the following representations as the basis for its undertakings herein: (a) The City is a municipal corporation duly organized and existing under the laws of the State of Minnesota. (b) The execution, delivery and performance of this Agreement by the City does not violate any agreement, law, rule, regulation or any court order or judgment in any litigation to which the City is a party or by which it is bound. (c) The City has been duly authorized to enter into this Agreement and to perform the terms hereof. Section.l02. Representations by the Developer. The Developer makes the following representations, warranties and covenants: (a) The Developer is a corporation duly organized and existing under the laws of the State of Minnesota with tax exempt status for educational facilities under Minn. Stat. 272.02 subd. 5.,