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POST CLOSING AGREEMENT <br /> THIS AGREEMENT, entered into this 29th day of December, 2000 by and between H. <br /> William Lurton ("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 far 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 /> HC26DS4/4715/26539378.v1 12/29/2000 <br />