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AGREEMENT RELATING TO THE PLAT OF COR TWO <br />THIS AGREEMENT RELATING TO THE PLAT OF COR TWO ("Agreement") is <br />made and entered into effective as of October , 2012 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"), THE CITY OF <br />RAMSEY, MINNESOTA, a body politic and corporate under the laws of the State of Minnesota <br />("City"), and SOPHIA-RAMSEY LLC, a Minnesota limited liability company ("Sophia - <br />Ramsey"). This Agreement sometimes refers to the HRA, the City and Sophia -Ramsey, <br />individually, as a "Party" and collectively as the "Parties." <br />RECITALS: <br />A. HRA is the current record fee owner of the real property legally described on the <br />attached Exhibit A (the "HRA Property"); <br />B. Sophia -Ramsey is the current record fee owner of the real property legally <br />described on the attached Exhibit B (the "Sophia -Ramsey Property"); <br />C. The City is the current record owner of the real property legally described on the <br />attached Exhibit C (the "City Property" and, collectively with the HRA Property and the Sophia <br />Property, the "Property"); <br />D. A portion of Sunwood Drive, a public street dedicated on the Plat of RAMSEY <br />TOWN CENTER ADDITION, is located between the HRA Property and the Sophia -Ramsey <br />Property and between the HRA Property and the City Property. <br />E. To facilitate the relocation of Sunwood Drive, the City is proposing to vacate the <br />portion of the Sunwood Drive right of way, as dedicated on the plat of RAMSEY TOWN <br />CENTER ADDITION that is located westerly of the westerly line of Zeolite Street N.W., as <br />dedicated on the plat of RAMSEY TOWN CENTER ADDITION (the "Vacated Right of Way") <br />and to replat the HRA Property, the Sophia -Ramsey Property, the City Property and the Vacated <br />Right of Way as Lots 1 through 5, Block 1 and Outlot A, COR TWO, Anoka County, Minnesota <br />and to dedicate a portion of the HRA Property as new right of way for Sunwood Drive A copy <br />of the preliminary plat of COR TWO, Anoka County, Minnesota is attached as Exhibit D (the <br />"Plat"). <br />F. Upon the City's vacation of the Vacated Right of Way, title to a portion of the <br />Vacated Right of Way will accrue to the owner of the HRA Property, title to a portion of the <br />Vacated Right of Way will accrue to the owner of the Sophia -Ramsey Property and title to a <br />portion of the Vacated Right of Way will accrue to the owner of the City Property. A portion of <br />the Vacated Right of Way will be re -dedicated as right of way of Sunwood Drive on the Plat. <br />G. The City acquired and was holding the City Property as a potential location for <br />signage for other properties located within the interior of TOWN CENTER ADDITION. With <br />the relocation of Sunwood Drive, the City no longer wants to use the City Property for signage <br />and the City Property is too small to be developed as a separate parcel. In addition, the Plat will <br />dedicate a public drainage and utility easement over the City Property. Therefore, after the <br />4876736v8 <br />