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<br />OPTION AGREEMENT <br /> <br />TIllS OPTION AGREEMENT, made and entered into this <br /> <br />day of June, <br /> <br />2007, by and between the City of Centerville, a municipal corporation under the laws of <br /> <br />the State of Minnesota, 1880 Main Street, Centerville, MN 55038 (hereinafter "City"), <br />and Dennis C. Shudy, 6975 20th Avenue South, Lino Lakes, Minnesota 55038-8743 <br /> <br />(hereinafter "Shudy"). <br /> <br />WHEREAS, Shudy owns two parcels of real property located in the City of <br /> <br />Centerville, Minnesota, legally described as follows: <br /> <br />Parcell: The E 410 Ft ofSWl/4 ofSWl/4 ofSEC 24 TWP 31 RGE 22, <br /> <br />Subj to EASE of Rec (pIN # 24-31-22-33-0002) <br /> <br /> <br />Parcel 2: the E 410 Ft of S 345 Ft of SWl/4 of SWl/4 of SEC 24 TWP <br /> <br />31 RGE 22, EX S 205 Ft Thereof, Ex RD, Subj. to EASE ofRec (pIN # <br /> <br />24-31-22-33-0016) <br /> <br />(hereinafter the "Property"). <br /> <br />WHEREAS, the City desires to purchase the Property from Shudy; <br /> <br />WHEREAS, the City and Shudy recognize the necessity for allowing themselves <br /> <br />a reasonable amount of time to prepare and negotiate a purchase agreement and the <br /> <br />transfer of title of the Property; <br /> <br />WHEREAS, the City and Shudy both desire to enter into an option agreement. <br /> <br />NOW, THEREFORE, in consideration of the below described option payment <br /> <br />and other good and valuable consideration paid by the City to Shudy, the receipt and <br />" <br /> <br />sufficiency of which is hereby acknowledged, IT IS HEREBY AGREED AS <br /> <br />FOLLOWS: <br /> <br />1 <br />