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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 "Property"). <br />C. A portion of the Property as depicted on Exhibit A (the "Restricted Property") will be <br />subject to defined temporary use restrictions. <br />D. The Restricted Property is intended to be used for approximately 200 multifamily <br />residential apartment units. <br />E. Ramsey Properties has requested, and the City has agreed, to impose temporary use <br />restrictions on the 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 <br />made a part of this Agreement. <br />2. Imposition of Restrictions. <br />2.1 Lease Length Restrictions. The Restricted Property will not be used as a hotel, <br />motel or similar use outside of following pre -negotiated terms: the Restricted Property <br />will not offer initial residential leases for periods less than 3 months. Leases may include <br />a term providing that upon expiration of the initial lease term, a tenant's lease may be <br />renewed or extended for any duration including month -to -month. <br />2.2 Airbnb Restrictions. The Restricted Property will not provide more than 2 <br />Airbnb rentals. In addition, the owner of the Restricted Property shall include a restriction <br />in tenant leases that Airbnb rentals by tenants is prohibited. Notwithstanding the <br />foregoing, the undersigned acknowledge, agree and accept that tenants in multifamily <br />residential apartment buildings might, from time to time and irrespective of lease terms, <br />use apartment units in the Restricted Property as Airbnb rentals for any number of <br />1 <br />