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<br />-- <br /> <br />, <br />/BRI GGS&MORGAN <br /> <br />Fax:6512236645 <br /> <br />Dee 11 '98 .15:23 <br /> <br />P.03 <br /> <br />.. <br /> <br />MEMORANDUM OF AGREEMENT <br /> <br />1. Parties. The parties to this closing memorandum are the City of Roseville~ a <br />Minnesota. municipal corporation (the "City") and Opus Northwest, L.L.C., a Delaware limited <br />liability company ("Opus"). <br /> <br />2. Recitals. <br /> <br />2.1 Recital One. The City and Opus are parties to a development agreement dated <br />as of July 31, 1997 (the "Development Agreement"). <br /> <br />2.2 Recital Two. Section 3.1 (1) of the Development Agreement obligates the <br />City to convey to Opus and Section 3.1 (3) of the Development Agreement obligates Opus <br />to purchase from the City the real property defined in the Development Agreement as the <br />"Part II Redevelopment Property" no later than December 3 1, 1998. <br /> <br />2.3 Recital Three. The Development Agreement defines the Part II <br />Redevelopment Property as II one-half of the area comprising the propeIty identified as Lots <br />1,2,3 and 4, Block 2, Gateway Business Park, Ramsey County, Minnesota. <br /> <br />2.4 Recital Four. Lots 1, 2, 3 and 4, Block 2, Gateway Business park, Ramsey <br />County, "Minnesota have an area of approximately 733,406 square feet. Therefore, the City <br />has an obligation to convey to Opus and Opus has an obligation to acquire from the City, not <br />later than December 31, 1998, net less than 366,703 square feet of the property identified as <br />Lots 1, 2, 3 and 4, Block 2, Gateway Business park. <br /> <br />2.5 Recital Five. On or about November 24, 1997 the City and Opus closed on <br />the City's conveyance ofL~s 3 and 4, Block 2, Gateway Business Park, Flamsey County, <br />Minnesota ftom the City to'f>pus. Lot 3 and Lot 4, Block 2, Gateway Business Park have <br />an area of approximately 192,256 square feet. <br /> <br />2.6 Recital Six.. To sa.tisfy their r.espective obligations regarding the conveyance <br />of the Pan n Redevelopment Property the City has agreed to convey to Opus and Opus has <br />agreed to acquire from the City the real property legally described as: <br /> <br />That part of Lot 1, Block 2, Gate\vay Business Park. according to the <br />recorded plat thereof, Ramsey County> Minnesota, lying easterly of <br />the southerly e>ttension of the west line of Lot 3, said Block 2. <br /> <br />(the II Subject Property'I.) <br /> <br />1005006.1 <br /> <br />~.~{ <br />.\~ <br />