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16:22 LAW OFFICE 2140 4TH RUE + 42?5545 'N0.185 P02 <br /> <br />RE-CONVEYANCING AGREEMENT <br /> <br /> THIS RE-COVEYANCING AGREEMENT is entered into this ~',~ day of February, <br />2005 by and belween Ramsey Town Center LLC, a Minnesota limited liability company <br />("RTC') and the City of Rarnsey, a municipal corporation trader the laws of the State of <br />Minnesota ("City"), <br /> <br />KECITALS: <br /> <br /> A. RTC has agreed to convey and City has ag~'ced to acceptance the conveyance of <br />the p~operty located in Anoka County, Minnesota legally described in Exhibit A hereto, pursuant <br />to the terms of a Master Development Agreement, as amended, between RTC and the City. <br /> <br /> B. The property consists in part of parcels described by metes and botmds <br />descriptions which are parts of Outlets located in Ramsey Town Center Addition. <br /> <br /> C. Due to the fact that a portion of the property is Torrens, or registered property, the <br />Anoka Cotmty Registrar of Titles will not accept a deed or deeds to the property using the <br />descriptions in Exhibit A hereto, and further reqtdred that the property either be the subject of a <br />Registered Land Survey or a plat. <br /> <br /> D. It is the intention of RTC and ~e City to create a plat of Ramsey Town Center <br />Addition, which plat is now in the process of preparation. <br /> <br /> E. In order to facilitate the transaction the RTC has agreed to convey all of the <br />()udots in Ramsey Town Center Addition in which the property described in Exhibit A is <br />located, which consists of Outlets L, M, S, T, X, Y, Z, and AA upon the m~derstanding that upon <br />the recording of the plat of Ramsey Town Center 5~h Addition, the portions of the Outlets not <br />loc,ted within the Exkibit A description will be re-conveyed to the RTC. <br /> <br />IT IS AGREED: <br /> <br />RTC and City will proceed to finalize the plat of Ramsey Tows Center <br />Addition and cause it to be recorded in the offices of the Anoka County Kecotder <br />and Kegistrar of Titles. <br /> <br />In the course of platting Ramsey Tows Center 5t~ Addition, tho property <br />described ia Exhibit A hereto will be platted into lots separate from the remainder <br />of Outlets L, M, S, T, X, Y, Z, ar~.d AA that m'e not to be conveyed to the City as a <br />part of this tr~saction. <br /> <br />The City will, upon the recording of the plat of Ramsey Town Center 5m <br />Addition, re-convey the portions of the Outlets specified in Recital E above to the <br />KTC by a Minnesota statutory form limited warranty deed, us/rig the descriptions <br /> <br />121 tOS755v~ 8207i6 <br /> <br /> <br />