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AGREEMENT <br />This Agreement (this "Agreement"), made this day of , 2023 (the "Effective <br />Date"), by the City of Ramsey, Minnesota, a Minnesota municipal corporation (the "City"), its successors <br />and/or assigns. <br />RECITALS <br />A. The City has this day sold to RAMSEY PROPERTIES, LLC, a Minnesota limited liability <br />company ("Ramsey Properties") the real property legally described as Lot 1, Block 1, <br />Ramsey Properties Addition, Anoka County, Minnesota (the "Ramsey Properties' <br />Land"). <br />B. The City owns the real property adjacent to the Ramsey Properties' Land legally described <br />as Outlot A, Ramsey Properties Addition, Anoka County, Minnesota (the "Restricted <br />Property"). <br />C. Ramsey Properties has requested, and the City has agreed, to impose restrictions on the <br />Restricted Property for the benefit of the Ramsey Properties' Land. <br />NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration, <br />the City agrees as follows: <br />AGREEMENTS <br />1. Incorporation of Recitals. The Recitals above written are hereby incorporated and made <br />a part of this Agreement. <br />2. Imposition of Restrictions; Term. The Restricted Property may not be used for hotel, <br />lodging or similar uses, and no multi -family apartment uses for rent terms of less than six months are <br />permitted on the Restricted Property (the "Restrictions"). The Restrictions shall be in effect for a period <br />of ten (10) years from the date the Restricted Property is conveyed by the City to a third party for <br />development (the "Term"). <br />3. Amendment; Further Assurances. This Agreement may not be modified or amended, <br />except by written instrument signed by both the City and Ramsey Properties, their respective successors <br />and/or assigns. Either the City or Ramsey Properties, their respective successors and/or assigns, may <br />request such additional documentation from the other that may be reasonably required to confirm the <br />Restrictions or the Term. <br />4. Recording. This Agreement shall be recorded with the County Recorder for Anoka <br />County, Minnesota. <br />5. Restrictions to Run with the Land. The Restrictions shall run with the title to and <br />burden the Restricted Property and shall benefit the Ramsey Properties' Land. <br />[Remainder of page intentionally left blank; signature pages follow] <br />1 <br />