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AGREEMENT <br />THIS AGREEMENT (‘^Agreement”) is made and entered into by and between <br />Larry Palm and Sheiyl Palm, husband and wife (“collectively referred to as the “Palms”) <br />and Sandy Erickson and Maggie Erickson, husband and wife (“collectively referred to as <br />the “Ericksons”). <br />WHEREAS, the Palms are the current owners of certain real property located in <br />Heiuiepin County, Minnesota and which is commonly known as 1146 Wildherst Trail, <br />Orono, Minnesota (the “Palms’ Property”); <br />WHEREAS, the Ericksons are the current owners of certain real property <br />located in Hennepin County, Minnesota and which is commonly known as 4455 Forest <br />Lake Landing, Orono, Mitmesota (the “Ericksons’ Property”); <br />WHEREAS, as a result of the topography of the Palms Property, the City of <br />Orono (“City”) is requiring the Palms to construct a retaining wall on their Property; <br />WHEREAS, in order to comply with the City’s request, a portion of the Palms’ <br />retaining wall will need to encroach on the Ericksons’ Property; <br />WHEREAS, the Palms and the Ericksons desire to enter into this Agreement, <br />wherein the Ericksons are willing to allow a portion of the Palms’ retaining wall to be <br />located on their Property on the condition that the Palms maintain the retaining wall as <br />provided herein. <br />NOW, THEREFORE, for good and valuable consideration, the receipt and <br />adequacy of which is hereby acknowledged, the parties hereby agree as follows: <br />1. The recitals stated above constitute and form an integral part of this <br />Agreement as if stated herein in full. <br />2. On the condition that the Palms maintain the retaining wall in a good and <br />satisfactory condition and agree to maintain and make any necessary repairs, at their sole <br />exi^nse, the Ericksons agree to grant permission to the Palms to allow for a portion of <br />their retaining wall to be located on the Ericksons’ Property. <br />3. This Agreement shall inure to and bind the parties hereof and their <br />respective heirs, legal representatives, successors and assigns. <br />4. The parties represent that this Agreement has been executed in the State of <br />Minnesota, and this Agreement shall be governed in all respects by the laws of the State <br />ofMiimesota. <br />! ^ <br />j ‘