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'SSPijr <br />k-: <br />-t- <br />L-l-' <br /><* <br />^■'- <br />V.a-; <br />•Thiea and PbllUps-), are the sallera pursuant to tha Purchaaa <br />Agreement and are the present owners in fee simple absolute of <br />the Property. <br />WHEREAS, upon the closing of the transaction contemplated <br />in« and subject to the terms and conditions of, the Purchase <br />Agreement, Thles and Phillips shall grant and warrant to the <br />Developer (a) fee simple absolute title in and to that portion <br />of the Property which will be legally described a» Lot 2, Block <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 />leasehold interest in i-ot 1, Block 2, and Locs 1 and 2, Block 1, <br />of the Plat, together with an option to purchase fee simple <br />absolute title in and to said Lot 1, Block 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 />-.}?. <br />• j <br />% - < <br />the Thiea and Phil’'ps, enter into this Agreement^to^pw <br />the terms and conditions upon^which theOeveloper'shall <br />:^MobligatedVto install cettainlpublic^roadway-and .utlliti^ <br />improveawnts' hereinafter described on the tem and con< <br />fj , -r .-v ; r <br />liiprov <br />hereinafter set forth. , <br />a <br />vOiEXEAS, the City Council has granted approval of the <br />Plat on the condition that the Developer will grantto the City <br />Page 2 of 16 <br />m <br />mrn»m - 4=^ -^V <br />.* i <br />{