2005-100
City of Hopkins
Hennepin County, Minnesota
RESOLUTION NO. 2005-100
Resolution Approving Amendments to the Indemnity Agreements between the City of
Hopkins and Justus Corner, Inc. and Royal Lumber, LLC.
WHEREAS; City, as indemnitor, and Justus and Royal Lumber, as indemnitees, are parties
to certain indemnity agreements relating to that certain real property located in the City of
Hopkins, Hennepin County, Minnesota; and
WHEREAS; in order to facilitate the sale to Royal by Justus of its business operated on the
Property, the City entered into the Justus Indemnity and the Royal Indemnity agreements;
and
WHEREAS; City's indemnity obligations under both the Justus Indemnity and the Royal
Indemnity are to expire upon termination of the Lease; and
WHEREAS; Justus and Royal wish to amend the Lease to extend the term of the Lease to
July 31,2011 and to provide Royal with an option to further extend the term of the Lease
until July 31, 2016; and
WHEREAS; in order to facilitate the extension of the term of the Lease, City has agreed to
extend the term of the Justus Indemnity as provided herein and to extend the term of the
Royal Indemnity as provided in that certain Amendment of Indemnity Agreement (Royal
Lumber LLC) of even date herewith (the "Royal Amendment").
NOW, THEREFORE BE IT RESOLVED, by the City Council of the City of Hopkins,
Minnesota that the City of Hopkins does hereby extend the term of the Justus Indemnity
through July 31,2016; provided, however, in the event of any termination, voluntary or
involuntary, of the Royal Indemnity prior to July 31, 2016, the Justus Indemnity shall
simultaneously terminate automatically and without notice on such earlier date.
Notwithstanding anything to the contrary contained in the Justus Indemnity, any claim under
the Justus Indemnity must be brought either within the term of the Justus Indemnity (as
extended hereby) or not later than the fifth (5th) anniversary of the date on which the Royal
Indemnity, is terminated, but in no event later than July 31, 2021.
Adopted by the City Council of the City of Hopkins this 18th day of October, 2005.
BY~/~
Eu ene . Maxwell, Mayor