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7.3.4 WET will serve as the executive conunittee of any Mitigation Bank <br /> formed to accomplish the purposes for such a bank, as outlined in the Plan. <br /> WET will provide coordination and management direction for the Mitigation <br /> Bank, consistent with the division of responsibilities described in this agreement <br /> and in Exhibit B to this agreement, and consistent with the responsibilities of <br /> the City as the entity that will operate the Mitigation Bank as a City program. <br /> 73.5 WET will be responsible for approving, where appropriate, the <br /> acquisition, and the sale or transfer, of property by a party when such property <br /> is held for any Mitigation Bank formed to accomplish the purpose of the Plan. <br /> 8. Additional Agreements Contemplated. The parties recognize that this Agreement is <br /> one of several agreements concerning the management of the West Eugene Wetlands Project <br /> that some or all of the parties may enter into with each other and with other entities who have <br /> a stake in the management of the area. Currently, these agreements are being drafted ?or <br /> discussed, but none have been approved. The parties agree that completion of agreements <br /> concerning the Mitigation Bank, policing and hazardous materials will allow more successful <br /> implementation of this Agreement. In the event that such agreements are completed, the <br /> parties understand and agree that this Agreement will be interpreted and applied to facilitate <br /> implementation of all the agreements. This agreement shall constitute the Memorandum of <br /> Understanding among the WET, as that Memorandum is described in an agreement concerning <br /> the formation of a Mitigation Bank. <br /> 9. Legal Restrictions. This Agreement, and the rights, roles, duties, and obligations of <br /> the Parties, shall be construed to incorporate all applicable local, state, and federal laws and <br /> regulations pertaining to wetlands, as such laws and regulations now exist and as they may be <br /> amended from time to time. No provision of this Agreement shall be construed or applied in <br /> such a way that the construction or application would cause any Party to violate applicable law <br /> or exceed the authority of that Party, or to cause that Party to expend funds or commit <br /> resources without that Party's consent. <br /> 10. Amendment. This Agreement may be amended at any time by a written instrument <br /> signed by an authorized representative of each of the Parties. This Agreement will be <br /> reviewed by the parties every three (3) years to determine if amendments would be <br /> appropriate. <br /> 11. Severability. In the event that any portion of this Agreement, or the Description of <br /> Responsibilities in Exhibit B, should be found to be improper or otherwise invalid by a court <br /> of law having jurisdiction over this agreement, it is the intention of the Parties that such <br /> portion shall be severed from the remainder of the Agreement, which shall, in so far as is <br /> possible, remain in effect. <br /> WET Memorandum of Agreement Page 4 <br />