2008_1215_packet - Laserfiche WebLink

Home

the "Metro Transit Project ") and in connection With such sale, owner must plat the Exhibit A Property into two separate lots — Lot 1 Twin Lakes Addition (hereinafter "Lot I") Which Will be the site of the Metro Transit Project and an Outlot A, Twin Lakes Addition (hereinafter the "outl of "), which may be developed in the future; WHEREAS, the disagreement over the nature of the interest conveyed by the 1959 Quit Claim Deed is, according to the owner, preventing the owner from closing on the Metro Transit transaction; WHEREAS, in order to facilitate the platting of the Exhibit A Property into a plat to be known as Twin Lakes Addition and the commencement of construction of the Metro Transit Project on Lot 1, City and owner wish to resolve the disagreement over the interpretation of the 1959 Quit Claim Deed on the terms described herein; and WHEREAS, Cent Ventures 2, a Minnesota limited liability company, as a contract purchaser of the outlot, also supports and agrees to the terms of resolution of the issue described herein. NOW THEREFORE, IT IS AGREED AS FOLLOWS: 1. City shall execute and deliver to owner a quit claim deed (hereinafter the "City Quit Claim Deed ") conveying to owner all of City's interest in the 10 foot strips affecting the outlot. 2. Owner shall prepare a plat to be known as Twin Lakes Addition (hereinafter the "Plat "). As part of the Plat, the owner will dedicate to the City the 10 foot strips on the north and east sides of Lot 1 as "public way." The Plat will also show dedication of 10 foot strips on the north and east sides of the outlot as "public way" N