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POST CLOSING AGREEMENT <br />THIS AGREEMENT, entered into this 29"' day of December, 2000 by and between H. <br />William Lorton ("Donor") and the City of Orono ("City"). <br />RECITALS: <br />A. The Donor has donated the property to the City located in Hennepin County, <br />Minnesota legally described in Exhibit A hereto ("the Property"). <br />B. The Donor and the City have reached certain agreements and understandings <br />regarding the Property and its transfer to the City, which they wish to express in <br />this Post Closing Agreement. <br />IT IS AGREED: <br />1) Declaration. Immediately after recording of the conveyance of the Property to <br />the City, the City shall cause a Declaration of Restrictive Covenants in the form attached hereto <br />as Exhibit B ("the Declaration") to executed and recorded. The conveyance to the City and the <br />Declaration shall be recorded sequentially (first, the conveyance, and secondly the Declaration). <br />The City shall promptly prepare and provide a plan to the Donor to provide the improvements to <br />the property that are consistent with the Restrictions provided in the Declaration. <br />2) MnDOT Property. The parties understand that a portion of the donated property, <br />the approximate configuration of which is reflected in Exhibit C, is to be acquired by the <br />Minnesota Department of Transportation ("MnDOT"). <br />3) Possession of MnDOT Property, The Donor may retain possession of the <br />portion of the Property reflected in Exhibit C until possession thereof is transferred to MnDOT <br />("the MnDOT Property"), and may use such property for any lawful purposes in conformity with <br />now existing applicable city codes and ordinances. The City shall have no obligation to maintain <br />the improvements on the MnDOT Property so long as possession is retained by the Donor. If the <br />Donor wishes to vacate the MnDOT Property prior to the transfer of possession to MnDOT, it <br />shall notify the City, which shall then accept possession of the MnDOT Property. <br />4) Sale Proceeds from MnDOT. Proceeds from the sale of the MnDOT Property <br />to MnDOT shall be paid to the City and placed by the City into a segregated fund. The principal <br />amount of the fund shall be preserved for at least twenty (20) years. The principal, and income <br />derived from the fund, shall be used exclusively for the maintenance and improvement of the <br />Property and adjacent public property. <br />5) Opening of Park. The City will not open the park contemplated by the <br />Declaration until such time as possession of the MnDOT Property is transferred to MnDOT <br />HC26D54/ 4715/ 2653937S.v1 12/29/2000 <br />