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4C Minor Subdivision, Lot Consolidation, and Rezoning for a City Owned Parcel, PID #22 30 23 42 0007, and 1330 Indian Oaks Circle
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4C Minor Subdivision, Lot Consolidation, and Rezoning for a City Owned Parcel, PID #22 30 23 42 0007, and 1330 Indian Oaks Circle
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8/25/2008 Council Regular
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8/25/2008 Council Regular
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SETTLEMENT AGREEMENT AND RELEASE <br />This Settlernen� Agreement and Release (the "Settlement Agreement"} is made and <br />entered into ta be effective the day of , 20Q8, by and between the City <br />of Arden Hi21s, a municipal carporation (the "City") and US Bank N'ational Association as <br />Trustee, a national banking association under the laws af the United States (the "Owner"} <br />RECITALS <br />A. A dispute (the "Dispute") has arisen betvaeen the City ar�d the Owner with respect to <br />certain matters arising out of pzoperty owned by the City {the "S�bject Property"} �ocated <br />adjacent to and south of 1330 Indian Oa1cs Circle, Arden Hills, Min�nesota (the "Owner's <br />Property"). <br />B. A legal description of �he Subject Praperty is con�ained on t�e attached Exhibit A; and, a <br />legal description of the Owner's Property is contained on the attached Exhibit E. <br />C. As a result of the Dispute, the City served and filed an ac�ion in Ramsey Count�r District <br />Court, Fiie No. 62- CV-07-004241 (the "Lawsuit"). The initiaF Complaint in the Lawsuit <br />named the Owner's predecessors in interest to �he ownership of the Pmperty, which <br />Complaint was subsequently amended to name "Homecomings Financial, LLC, a <br />Delaware corporation" as t}�e defendant. It has since been determined that the Owner is <br />ourrez�tly the holder of the fee title to tne Owner's Froperty. <br />D. The City and Qwner have reached an agreement and understanding with respect to the <br />settlement of the Dispute and the Lawsuit and vv�ish to memorializ� the same in writing. <br />NQW, THEREFORE, for good and adequate consideration, the receipt of which is <br />herehy acknawledged, the parties hereby agree as follows: <br />AGREEMENT <br />1. Owner's Responsibilities. The Qwner a�ees to the following: <br />A. Pay to the City the amount of Twenty Five Thousand Dollars {$25,Q00) (ihe <br />"Pay�nent"). <br />2. City's Resnonsibilities. The City agrees to do the foilowing upon receipt of the <br />Payment: <br />A. Deliver to tYie Owner a Limited Warranty Deed in substantialiy the same fvrm as <br />the a#tached Exhibit B; <br />B. Be re�ponsible far tl�e premium for a tit�e irtsurance policy in substantially the <br />same form and substance as the Coramitmem attached heareto as Exhibit C. <br />
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