Agenda - Economic Development Authority - 02/10/2011

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1. Parties. The parties to this Release of Land from and Amendment to Ground Lease Agreement ( "Amendment ") are the City of Ramsey, a municipal corporation and political subdivision of the State of Minnesota ( "Lessor "), and the Economic Development Authority of the City of Ramsey, Minnesota, a public body corporate and politic ( "Lessee "). 2010. RELEASE OF LAND FROM AND AMENDMENT TO GROUND LEASE AGREEMENT 2. Effective Date. This Amendment is effective as of the day of 3. Recitals. 3.1 Recital One. Lessor and Lessee are parties to a Ground Lease Agreement dated as of June 1, 2005 and recorded in the office of the Anoka County Recorder and the Anoka County Registrar of Titles on December 8, 2005 as Document Nos. 485607.002 (Torrens) and 1980341.001 (Abstract) (the "Ground Lease "). 3.2 Recital Two. The property subject to the Ground Lease is legally described as Lots 1 and 1A, Block 1, Ramsey Town Center Fifth Addition, Anoka County, Minnesota and is defined in the Ground Lease as the "Land." 3.3 Recital Three. Lessor and Lessee desire to release certain unimproved and non- essential portions of the Land from the Ground Lease. 3.4 Recital Four. Lessor is in the process of replatting the Land and other property and, as a result, the legal description of the portion of the Land that is not being released from the Ground Lease will change. 3.5 Recital Five. Lessor and Lessee desire to amend the Ground Lease to redefine the term "Land" to reflect the new platted description. 4. Defined Terms. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed to those terms in the Ground Lease. 5. Release. Lessor and Lessee agree that portion of the Land, as defined in the Ground Lease, that is described on the attached Exhibit A is hereby released from the Ground Lease. 6. Amendment. Upon the recording of the Plat of COR ONE, Anoka County, Minnesota, the Ground Lease is amended to delete Exhibit A from the Ground Lease in its entirety and to replace it with the Amended and Restated Exhibit A attached hereto as Exhibit B. 7. No Additional Changes. Except as expressly modified by this Amendment, the Ground Lease remains unmodified and in full force and effect. 8. Counterparts; Digital Copies. This Amendment may be executed in several counterparts as deemed necessary or convenient, each of which, when so executed, shall be deemed an original, provided that all such counterparts shall be regarded as one and the same document, and any party to this Amendment may execute any such agreement by executing a counterpart of such agreement. Any signature delivered by a party by facsimile or electronic transmission shall be deemed to be an original signature hereto. 3062359v2