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CCP 11-25-2008
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CCP 11-25-2008
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n <br />• <br />F. As further consideration, if the City realizes any Net Resale Gains upon the City's initial <br />sale of the MacGillis Property to unrelated third parties, the City shall distribute 39% of the Net <br />Resale Gains to the United States on behalf of EPA, 1% of the Net Resale Gains to the United <br />States on behalf of DOI, and 40°l0 of the Net Resale Gains to the MPCA in accordance with the <br />payment instructions contained in Paragraphs I through L of this Section IV. <br />G. Any accrued but unrecovered Acquisition Costs and Sale Costs incurred by the City <br />shall be deducted from the gross purchase price paid to the City upon closing of each sale of a <br />portion of the MacGillis Property to an unrelated third party, until the City has recovered all of its <br />accrued Acquisition Costs and Sale Costs. Upon each sale of a portion of the MacGillis Property, <br />the City's certification of the amounts of accrued Acquisition Costs, Sale Costs, and the Net Resale <br />Gains payable to the EPA, DOI, and MPCA, shall be conclusive and binding on all parties as to <br />compliance with Section IV(E)-(M). Notwithstanding the foregoing, no such certification shall <br />preclude the United States or the State from making a claim against the City for unpaid Net Resale <br />Gains, provided that any such claim shall be an unsecured claim against the City only and shall not <br />affect the validity of any conveyance by the City or result in a lien against the Property. <br />H. The City's obligation to pay the EPA, DOI, and MPCA their shares of the City's total <br />.Net Resale Gains shall expire and be of no further effect on the tenth (10th) anniversary of the <br />Effective Date of this Agreement, as to any portions of the MacGillis. Property then owned by the <br />City. <br />I. Payments of any Net Resale Gains due to the United States on behalf of EPA pursuant to <br />this Agreement shall be paid in the form of a certified check or checks made payable to "EPA <br />Hazardous Substance Superfund," referencing EPA Region 5, the EPA Docket number <br />v -w--' 97-C--425, the Site/Spill ID #05L1, DOJ case number 90-11-2-904, and the name and address <br />of the City. Payments shall be directed to the Regional Superfund Lockbox at the following <br />address: <br />EPA - Region 5 <br />Attn: Superfund Accounting <br />P.O. Box 70753 <br />Chicago, Illinois 60673 <br />New Brighton/MacGillis & GiNn <br />Agreemw & Coveosut Not to Sue <br />648734 -v7 - June 26, 1997 - Page 9 <br />
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