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v.-i. <br />V 'f'l <br />K .I <br />*' *5 ^"vr <br />A* <br />i^'r-^- <br />• • <br />0 ' ’ <br />*Thies ind Phillips"), sre the sellers pursuant to the Purchase <br />Agreement and ore the present owners In fee simple absolute of <br />the Property. <br />WHEREAS, upon the closing of the transaction contemplated <br />In, end subject to the terms and conditions of, the Purchase <br />Agreetaent, Thles and Phillips shall grant end warrant to the <br />Developer (a) fee simple absolute title In and to that portion <br />of the Property which will be legally described as Lot 2, Bloch <br />2, and Outlet A, Orono School Expansion, according to the plat <br />thereof to be recorded In the office of the County Recorder In <br />and for Hennepin County, Minnesota (the "Plat") and (b) a <br />loasehold Interest In ^ot 1, Bloch 2, and Locs 1 and 2, Bloch 1, <br />of the Plat, together with an option to purchase fee simple <br />absolute title In and to said Lot 1, Bloch 2, and Lots 1 and 2, <br />B)ock 1. <br />WHEREAS, the City Council has granted approval for the <br />Plat on the condition that the Developer, with the consent of <br />% <br />the Thles and Phli’ips. enter Into thle Agreement to provlde^for <br />thm utriBS and conditions upon ithlch th#'Dsvslopsr*shall! <br />_____ _ _ ________ <br />‘C 4^'^ » « r r ^ <br />mm <br />Mobllgeted/to lnutslliCertaln5«bllc*roedwey •end^utlllty^ <br />Oft Bfid COndli^rSvi^ts^irolnsfter^es^ <br />V-'1 , <br />Li;* f <br />JdbiT