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PARKING EASEMENT AGREEMENT <br />THIS PARKING EASEMENT AGREEMENT ("Agreement") is made and entered <br />into effective as of 2011 by and between THE HOUSING AND <br />REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF RAMSEY, MINNESOTA, a <br />body politic and corporate under the laws of the State of Minnesota ("HRA") and RAMSEY <br />PROFESSIONAL CENTER, LLC, a Minnesota limited liability company ("RPC"). <br />RECITALS: <br />A. HRA is the current record fee owner of the real property legally described on the <br />attached Exhibit A ("HRA Property"); <br />B. RPC is the current record fee owner of the real property legally described on the <br />attached Exhibit B ("RPC Property"); <br />C. RPC or one of its predecessors in title formerly owned the portion of the HRA <br />Property legally described on the attached Exhibit C (the "60 Foot Strip"); <br />D. While RPC or its predecessors owned the 60 Foot Strip, they constructed <br />approximately 54 parking stalls and related improvements to provide access between the RPC <br />Property and Sapphire Street on a portion of the 60 Foot Strip (the "Existing Improvements"); <br />E. HRA has agreed to grant RPC an easement over the portion of the 60 Foot Strip <br />described on the attached Exhibit D (the "Easement Area") to use the Existing Improvements <br />located on the Easement Area for vehicle parking and for vehicular ingress to and egress <br />between the RPC Property and Sapphire Street; <br />F. If RPC constructs additional improvements on the RPC Property and, as a result <br />of such construction, requires additional parking stalls to satisfy the parking requirements of the <br />City of Ramsey's Ordinances, HRA has agrees, in Section 7.1 below, to amend this Agreement to <br />expand the Easement Area within the 60 Foot Strip and to allow RPC to construct, at RPC's sole <br />cost and expense of up to 50 additional parking stalls in the expanded Easement Area (the <br />"Expanded Parking Improvements"); provided, the total number of parking stalls in the <br />Easement Area, as expanded, shall not exceed 104 parking stalls; and <br />G. HRA may, at some time in the future, construct new or additional surface parking <br />or new parking structures on the portion of the HRA Property legally described on the attached <br />Exhibit E (the "Replacement Easement Area"). Any and all new or additional surface parking <br />areas and any new parking structures that the HRA constructs within the Replacement Easement <br />Area are referred to in this Agreement as "New Parking Facilities." If the HRA elects to <br />construct New Parking Facilities, the HRA may unilaterally terminate this Agreement and the <br />easements granted herein; provided the HRA offers to grant RPC and, if requested by RPC, <br />grants RPC a replacement easement to permit RPC, RPC's tenants and RPC's and RPC's tenants' <br />employees and invitees the right to use the same number of parking stalls in the New Parking <br />Facilities that RPC has the right to use in the Easement Area at the time that HRA terminates this <br />Agreement. <br />4012615v9 <br />