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"Thies and Phillips")/ are the sellers pursuant to the Purchase <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/ Thies 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 as Lot 2, Block <br />2/ and Outlot 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 T.ot 1/ Block 2, and Lots 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 />BJock 1. <br />WHEREAS/ the City Council has granted approval for the <br />Plat on the condition that the Developer/ with the consent of <br />the Thies and Phillips/ enter into this Agreement to provide for <br />the terms and conditions upon which the Developer shall be <br />obligated to install certain public roadway and utility <br />improvements hereinafter described on the terms and conditions <br />hereinafter set forth. <br />WHEREAS/ the City Council has granted approval of the <br />Plat on the condition that the Developer will grant to the City <br />Page 2 of 16