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DONATION AGREEMENT <br />This Donation Agreement is entered into by and between First Bank Elk River, a <br />Minnesota corporation (Donor), and the City of Ramsey, a Minnesota municipal <br />corporation (City). <br />Recitals <br />A. Donor owns the Property legally described as: <br />Outlot C, Sweetbay Ridge, County of Anoka, State of Minnesota. <br />PID 16-32-25-13-0059. Abstract Property <br />And; <br />Outlot D, Sweetbay Ridge, County of Anoka, State of Minnesota. <br />PID 16-32-25-14-0026. Torrens Property <br />B. Donor seeks to donate the Property to the City, and the City desires to accept said <br />donation, pursuant to the terms and conditions set forth in this Agreement. <br />Agreement <br />1. Donation. Donor hereby donates the Property to the City pursuant to the terms of <br />this Agreement. <br />2. Property Value. The parties agree that the assessed value of the Property, is <br />$ <br />3. Contingencies. The City's acceptance of the donation of the Property is subject to <br />the following all on or before July 1, 2021: <br />a. Completion of a Phase I environmental site assessment by the City at its <br />sole cost and expense and written acceptance of the results of that <br />assessment by the City. <br />b. City's receipt of a title commitment and acceptance of the condition of title, <br />as provided for below. <br />c. Approval of the donation by the City Council. <br />4. Title Commitment. Within 30 days after the date of the latest signature below, <br />the City shall obtain a Title Commitment from a title company of the City's <br />choosing. The City shall have seven days after receipt of the Title Commitment to <br />review title and to give Donor written notice of (i) any defects in the marketability <br />