11-10-2009 Council Work Session Packet

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�,, .. AMENDMENT TO POST CLOSING AGREEMENT '�- THIS AMENDMENT is entered into this �� day of October, 2005 by and between H. William Lurton ("Donor") and the City of Orono ("City"). RECITALS: Donor donated certain real property legally described on Exhibit A hereto (the "Property") to the City. Pursuant to that certain Post Closin� Agreement dated December 29, 2000 (the "Post Closing Agreement"), Donor and the City reached certain agreements and understandin�s regardin� the Property. The City has requested and the Donor is agreeable to amendin� the Post Closin� A�reement. NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowled�ed, the parties aaree as follows: 1. Sales Proceeds from MnDOT. Section 4 of the Post Closing Agreement is hereby amended to provide that the City is permitted to use the proceeds from the sale of the MnDOT Property as described in the Post Closin� AQreement ("MnDOT Proceeds") for the purchase of approximately fifty-six (56) acres of real property located on Bi� Island in Lake Minnetonka, which was previously the site of the Veteran's Camp and the Big Island Amusement Park (the `Bi� Island Property"). 2. Maintenance of the Propertv. Notwithstanding the Donor's a�reement set forth in Section 1 above, the City hereby confirms its aareement to maintain the Property and all adjacent property owned by the City, pursuant to the provisions set forth on Exhibit B attached to this Amendment. 3. No Further Amendment. In the event the City does not complete the purchase of the BiQ Island Property, the City must return the Allocated MnDOT Proceeds to the se�regated fund described in the Post Closing Aareement and retain such proceeds pursuant to the requirements of Section 4 of the Post Closin� AQreement. 4. Confirmation. Except as set forth herein, the parties hereby ratify and confirm the terms of the Post Closina A�reement. Doc#1986213�