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TERMINATION OF RESTRICTIVE COVENANT V.
<br />This Termination Agreement made and entered into this
<br />1989, by and between Art Center of Minnesota,
<br />& Education,
<br />day of
<br />formerly known as Minnetonka Center of Arts & Education, a Minnesota
<br />non-profit corporation, hereinafter referred to as the "Grantor'*, and
<br />the City of Orono, a public corporation under the laws of the State
<br />of Minnesota, hereinafter referred to as the "Grantee".
<br />RECITALS
<br />WHEREAS, Grantor is the owner of the following described property
<br />situated in Hennepin County, Minnesota, to wit!
<br />Lots 2, 3, 4, 5 and 6, Block 3, Markville, according to the
<br />recorded plat thereof, Hennepin County, Minnesota, and that
<br />part of Government Lot 5, Section 10, Township 117, Range
<br />23, described as beginning at the southeast corner of said
<br />Government Lot 5; thence North along the east line of said
<br />Lot 5 a distance of 459 feet; thence West parallel with the
<br />south line of said Government Lot 5 a distance of 474.5
<br />feet; thence South parallel with the East line of said Lot
<br />5, a distance of 459 feet to the south line of said Lot 5;
<br />thence east along the south line of said Lot 5 a distance of
<br />474.5 feet to the point of beginning;
<br />WHEREAS, Grantor entered into an Indenture of a Restrictive
<br />Covenant dated August 7, 1978 with Grantee, which contained certain
<br />restrictive covenants affecting property situated in Hennepin County,
<br />Minnesota, described in said agreement as follows:
<br />Tax parcel 38-41310-5210: S 459 FT OF E 474.5 FT OF GOVT
<br />LOTS EXCEPT ROAD and tax parcels 33-42520-7500, 8000, 8500,
<br />9000, 9500; LOTS 2, 3, 4, 5, & 6, BLOCK 3, MARKVILLE;
<br />WHEREAS, said Restrictive Covenant Indenture was not filed for
<br />record with the Hennepin County Recorder's office or the Registrar of
<br />Titles for Hennepin County, Minnesota; and
<br />WHEREAS, both Grantor and Grantee believe it is in the best
<br />interests of the public and the parties hereto to terminate said
<br />Restrictive Covenant Indenture;
<br />NOW, THEREFORE, for and in consideration of the sum of One Dollar
<br />($1.00) and other good and valuable consideration, the receipt and
<br />sufficiency of which is hereby acknowledged by both parties, the
<br />parties agree as follows:
<br />The Restrictive Covenant Indenture agreement dated August 7, 1978
<br />by and between Grantor and Grantee is hereby terminated.
<br />ART CENTER OF MINNESOTA,
<br />formerly known as
<br />MINNETONKA CENTER OF
<br />ARTS & EDUCATION
<br />CITY OF ORONO
<br />Its President Its Mayor
<br />Its o^ijf MimneF"Min
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