Flowage & Conservation Easement and Waiver of Damages

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6998370 Jr-a Copy X35 iyside FLOWAGE AND CONSERVATION EASEMENT AND WAIVER OF DAMAGES THIS INDENTURE, made and entered into this `'`° day of �c R <1998, by and between VCI Capital, Inc. a Minnesota corporation, and its successors and assigns (collectively referred to hereinafter as the "Grantor") and the City of Orono, its successors and assigns, a municipal corporation under the laws of the State of Minnesota (hereinafter referred to as "Grantee"). WITNESSETH, Grantor, for and in consideration of the sum of One Dollar ($1.00), and other valuable consideration, hereby covenants, grants, gifts, quit claims and conveys to Grantee the right to restrict, and Grantor agrees to limit and preclude the use, improvement and development, under the conditions and covenants herein contained, the following described Land in the County of Hennepin and State of Minnesota: See Exhibit A attached hereto and made a part hereof (the "Land") as follows: 1. Grantor hereby covenants and agrees: A. No structures shall be constructed, erected, or placed upon, above or beneath the Land including without limitation, fences, fireplaces, steps, docks, piers, hardcover or roads of any nature whatsoever, or any other structure or improvement inconsistent with the natural state of the land, except that nothing in this Flowage and Conservation Agreement shall prohibit Grantor from constructing a private dock on the Land to provide access to Lake Minnetonka in the event that Grantor is successful in obtaining the necessary permits for such dock from the City and any other agencies which may regulate docks or wetlands. B. No trees, shrubs or other vegetation shall be destroyed, cut or removed from the Land except as authorized by written consent of Grantee. C. No earth, loam, peat, gravel, soil or any other natural material or substance shall be removed from the Land and there shall be no dredging or excavation of any nature whatsoever or any change of the topography of the Land without the written consent of Grantee.