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r <br /> AMENDED AND RESTATED <br /> POST CLOSING AGREEMENT <br /> THIS AMENDED AND RESTATED POST CLOSING AGREEMENT <br /> ("Agreement"), entered into this 2q!day of -xwff , 2016 by and between H. William <br /> Lurton ("Donor") and the City of Orono ("City"). <br /> RECITALS: <br /> A. The Donor has donated property to the City located in Hennepin County, Minnesota, <br /> legally described in,Exhibit A hereto("the Land"). <br /> B. The City and Donor entered into a Post-Closing Agreement dated December 29, 2000 <br /> ("Post Closing Agreement") providing for certain agreements and understandings <br /> regarding the Land. <br /> C. The Donor and the City amended the Post Closing Agreement on October 12, <br /> 2005 to address the City's acquisition of additional property ("First <br /> Amendment"). <br /> D. MnDOT paid $1,078,500.00 to the City for the acquisition of a portion of the <br /> Land, with initial payments beginning on December 19, 2003. The payments <br /> from MnDOT were placed by the City into a segregated fund (the "Fund"). The <br /> First Amendment authorized use of the proceeds from the Fund for the City's <br /> acquisition of approximately 56 acres of property located on Big Island in Lake <br /> Minnetonka ("the Big Island Property"). The City paid $1,000,000.00 from the <br /> Fund for a portion of the cost of the Big Island Property. <br /> E. The Donor and the City desire to amend and restate the Post Closing Agreement and <br /> First Amendment to reflect the status of the Property and revisions to the Declaration <br /> which was not recorded pursuant to the terms of the Post Closing Agreement. <br /> NOW, THEREFORE, THE PARTIES TO THIS AGREEMENT AGREE TO THE <br /> FOLLOWING: <br /> 1) MnDOT Property. The parties understand that a portion of the Land, as <br /> depicted in Exhibit B, has been acquired by the Minnesota Department of <br /> Transportation ("MnDOT") since the donation of the Land ("MnDOT Parcel"). <br /> The portion of the Land remaining after the sale to MnDOT is legally described <br /> in Exhibit C ("Subject Property"). <br /> 2) Declaration. As a condition of the conveyance of the Land, the City agrees to <br /> record a Declaration of Restrictive Covenants in the form attached hereto as <br /> Exhibit D ("the Declaration"). The Declaration shall terminate upon the death of <br /> the Donor. <br /> 3) Sale Proceeds from MnDOT. The remaining principal amount of the Fund in <br /> the amount of$78,500.00 ("Remainder") shall be preserved until December 19, <br /> 1 <br /> 184956v2 <br />