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EXIllBIT B WATER PONDING, FLOWAGE AND DRAINAGE EASEMENT Seller reserves and retains a perpetual and non-exclusive Water Ponding, Flowage and Drainage Easement over, under and across the following described portion of the Property ("Ponding Easement Property'') for the storage, holding, drainage and flowage of water to be released by Seller at any time and in such quantities as Seller may in its sole discretion determine from time to time: [Description of easement, proposed to be approximately fifty feet from shoreline.] This retained easement is for benefit of Seller in its lawful management ofCenterville Lake water levels. Neither the Buyer, nor any other person, shall use or schedule the use of the Property for any purpose inconsistent with the release of water onto the Ponding Easement Property. The foregoing restrictions and rights shall be binding upon and inure to the benefit of Seller and Buyer, and to their successors and assigns, and shall run with the land. Buyer, its successors and assigns shall fully indemnify, defend, and save harmless the Board of Water Commissioners of the City of Saint Paul, its officers, agents, employees, and servants, and also the City of Saint Paul, its officers, agents, employees, and servants, from all suits, actions or claims which shall arise from any injuries or damages received or sustained by Seller's release of water onto the Ponding Easement Property, or arising out of or resulting from any action or negligence of Seller, its employees, agents or, business invitees. In the event of a violation or attempted violation of the easement rights or restrictive covenants set forth above, Seller may institute and prosecute any proceeding at law or in equity to abate, prevent, or enjoin any such violation, or to specifically enforce the covenants herein set forth, or to recover monetary damages caused by such violation or attempted violation. It is acknowledged and agreed by Buyer that Seller is entitled to obtain injunctive relief requiring Buyer to comply with said covenants without need for a bond or security, and that specific performance is an appropriate remedy and that Seller does not have an adequate remedy at law and will suffer irreparable harm upon a violation of said covenants. No delay in enforcing the provisions of said covenants as to any breach or violation shall impair, damage, or waive the right to enforce the same, or to obtain relief against or recover for the continuation or repetition of such breach or violation or any similar breach or violation thereof at any later time or times. In the event suit is brought by Seller to enforce the restrictive covenants or easement provisions, or if suit is brought for damages or for any other relief hereunder, Seller shall be entitled to recover its costs, including reasonable attorneys' fees incurred in connection with such suit. [Remainder of page left intentionally blank.] C:\Documents and Settings\TBender\Local Settings\Temporary Internet Files\OLK3D\Purcbase and Sale of vacant 10t_ 07-22-04.doc 13