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5.2 Sonhia-Ramsey Deed. Based on the Upon the Parties' performance of their obligations under Section 3 and Section 4 above and contemporaneous with the recording of the Plat and the Parties' performance of their obligations under this Section 5 and Section 6, Sophia -Ramsey will deliver to the HRA (a) an original, authorized, executed and acknowledged Minnesota Uniform Conveyancing Blank Form Quit Claim Deed conveying Lots 3, 4 and 5, Block 1, COR TWO, Anoka County, Minnesota, as depicted on the preliminary plat attached as Exhibit D, from Sophia -Ramsey to the HRA and (b) original, authorized, executed and acknowledged releases that release Lots 3, 4 and 5, Block 1, COR TWO, Anoka County, Minnesota, as depicted on the preliminary plat attached as Exhibit D, from any mortgage or other lien against the Sophia -Ramsey Property. The Plat does not result in any portion of the Sophia - Ramsey Property, the City Property or the Vacated Right of Way that accrues to the Sophia - Ramsey Property or the City Property to be included within the boundaries of Lots 3, 4 and 5, Block 1, COR TWO, Anoka County Minnesota, so the HRA will not record the deed and releases provided for in this Section 5.2 unless the Anoka County Recorder requests that the HRA do so. 6. Declaration Immediately after the recording of the vacation redirecting the City Deed, the Plat, HRA Deed, the Sophia -Ramsey Deed (if the HRA elects to record the Sophia - Ramsey Deed) and the City Deed, HRA and Sophia -Ramsey will execute and record the Declaration. Each party to the Declaration will obtain a recordable consent and agreement to be subject to and bound by the Declaration from all individuals and entities that have a lien against its Property (each a "Lender Consent"). Each Lender Consents must be in a form that reasonably acceptable to both parties to the Declaration. 7. Miscellaneous. 7.1 Remedies and Enforcement. This Agreement is personal to the Parties and is not intended to run with title to the HRA Property, the City Property or the Sophia -Ramsey Property. In the event of a breach of any term of this Agreement, the non -breaching party shall have the right to exercise any and all remedies afforded under law and at equity. 7.2 Amendment. This Agreement may be modified or amended, in whole or in part, only by the written consent of the parties hereto, evidenced by a document that has been fully executed and acknowledged by the duly authorized representatives of each party hereto. 7.3 No Waiver. No waiver of any default of any obligation by any party hereto shall be implied from any omission by the other party to take any action with respect to such default. 7.4 Severabilitv. If any covenant, condition, provision, or term of this Agreement is, to any extent, held invalid or unenforceable, the remaining portion thereof and all other covenants, conditions, provisions, terms of this Agreement, will not be affected by such holding, and will remain valid and in force to the fullest extent permitted by law. 7.5 Entire Aareement. This Agreement contains the complete understanding and agreement of the parties hereto with respect to all matters referred to herein, and all prior 4 4876736v8