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<br />Land Company and described in Exhibit A, herein after referred to as "Nature Park;" has <br /> <br />secured more than $1 million toward the $1.4 million purchase price; and is expending <br /> <br />more than $50,000 for planning, due diligence and design ofthe park, including <br /> <br />contracting with Clough Harbour Associates to complete a park master plan; and <br /> <br />WHEREAS, VPA proposes to construct 10 acres of tidal marsh lands on that <br /> <br />portion of the aforesaid property designated in Exhibit A, for the purpose of obtaining <br /> <br />mitigation credit; and has invested expenses already for due diligence of environmental <br /> <br />concerns; and <br /> <br />WHEREAS, ERCA I has been established by ERP for the potential purpose of <br /> <br /> <br />holding title to the described property, if appropriate, during mobilization and <br /> <br /> <br />development of the site for use as a publie park; and <br /> <br /> <br />WHEREAS, the City is agreeable to long-term operation and maintenance of the <br /> <br /> <br />Nature Park in accordance with the terms set forth in this Agreement; <br /> <br /> <br />NOW, THEREFORE, the City, ERP, ERCA I, and VPA agree as follows: <br /> <br /> <br />1. ERP shall obtain environmental liability insurance, during the period of <br /> <br /> <br />development of the Nature Park, to protect potentially responsible parties against any <br /> <br />unforeseen environmental issues not discovered during due diligence. The City shall be <br /> <br />named as an additional insured, and the policy shall be subject to approval by the City as <br /> <br />to coverage, limits, conditions, and exclusions, which approval shall not be unreasonably <br /> <br />withheld. <br />2. ERP agrees to obtain purehase and construction funding, and ERCA I agrees to <br /> <br />aecept a monetary donation from ERP and either ERP or ERCA I shall take title to the <br /> <br />2 <br />