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I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br />I <br />I <br /> <br /> WHEREAS, the CITY requires the LANDOWNER Exchange Property in order to <br />construct Azurite Street; and <br /> <br /> WHEREAS, the CITY has caused plans to be drawn showing the detail of how the <br />Subject Property will be affected by the removal of its existing driveway and the installation of a <br />new driveway, which plan is titled "Turn Lanes and Details, County Road 116," consisting of <br />one sheet, was drafted by Hakanson Anderson Assoc., Inc., dated October 5, 2001 and attached <br />hereto and incorporated herein as Exhibit D; and <br /> <br /> WHEREAS, the parties desire to close the transactions agreed to herein on or before <br />November 29,2001 (the "Closing Date"); and <br /> <br /> WHEREAS attached hereto as Exhibit E and incorporated herein is a sketch showing <br />graphically the Landowner Exchange Parcel and the City Exchange Parcel; and <br /> <br /> WHEREAS, each party affirms that due and adequate consideration is received by each <br />of them for their respective land transfers as described herein. <br /> <br />NOW, THEREFORE, it is agreed by and between the parties hereto as follows: <br /> <br />CITY'S WARRANTY DEED. That the CITY will convey by warranty deed to <br />LANDOWNER on the Closing Date, or such later date as permitted by the CITY's <br />Charter, marketable title to the CITY Exchange Property, subject only to: <br /> <br />a. Building and zoning laws, ordinances, state and federal regulations; <br /> <br />b. Restrictions relating to use or improvement of the property Without effective <br /> forfeiture provisions; <br /> <br />c. Reservation of any mineral rights by the State of Minnesota; <br /> <br />d. Utility and drainage easement; and <br /> <br />e. The CITY reserving a perpetual drainage and utility easement over and across <br /> the said City Exchange Property. <br /> <br />LANDOWNER'S WARRANTY DEED. That the LANDOWNER will convey to <br />the CITY by warranty deed on the Closing Date marketable title to the Landowner <br />Exchange Property, subject only to: <br /> <br />a. Building and zoning laws, ordinances, state and federal regulations; <br /> <br />b. Restrictions relating to use or improvement of the property without effective <br /> forfeiture provisions; <br /> <br />c. Reservation of any mineral rights by the State of Minnesota; <br /> <br />d. Utility and drainage easement; and <br /> <br />75- <br /> <br /> <br />