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>r rwP u <br />The City understands that the sewer and water ut^i^t*es <br />should be installed and in operation by the *.all of 1990 <br />in order that the Developer's building construction and <br />occupancy can be ccnpleted on tine. To the ex^en^ uhat <br />the City is delayed in installing sever and water it is <br />hoped that the City would per it at least United <br />occupancy of the buildings on the site so that the <br />Developer's business can appropriately and properly <br />coBunence sales in the fall of 1990. <br />3. Conveyance of Well Site; In consideration of the <br />foregoing and in consideration of the further sum of <br />$11,500, the Developer will deed to the City Outlot B, <br />East Willow Woods for the test well and for the permanent <br />municipal well site. Outlot B shall not be used as a <br />wat:gr tower site. This restriction on tne use or Outlot 3 <br />'sKaT^”surviv^^?He closing and conveyance of Outlot B to <br />the City. The form of the deed is attached hereto as <br />Exhibit E and will be delivered upon execution of this <br />agreement and payment of the said sum. <br />4. Binding Effect; The terms and provisions hereof shall be <br />binding upon and enure to the benefit of the heirs, <br />representatives, successors and assigns of the parties <br />hereto. This agree.'nent r.ay be placed of record by either <br />party. <br />IN WITNESS WHEREOF, the City and Developer have caused <br />this agreement to be duly executed on the day and year first <br />above written. <br />1 Presence ot; / <br />-KJl <br />nee of; <br />/ <br />CITY OF ORONO <br />V"- <br />THERESA L NAAS <br />HOI^ MUO • MINNESOTA <br />mb^nepim COUN^^ <br />Initials of Developer <br />Initials of City clerk^S^^ <br />Page 3 of 4