Laserfiche WebLink
1 <br />184956v2 <br />AMENDED AND RESTATED <br />POST CLOSING AGREEMENT <br /> <br />THIS AMENDED AND RESTATED POST CLOSING AGREEMENT <br />(“Agreement”), entered into this ___ day of ___________, 2016 by and between H. William <br />Lurton (“Donor”) and the City of Orono (“City”). <br /> <br />RECITALS: <br /> <br />A. The Donor has donated property to the City located in Hennepin County, Minnesota, <br />legally described in Exhibit A hereto (“the Land”). <br /> <br />B. The City and Donor entered into a Post-Closing Agreement dated December 29, 2000 <br />(“Post Closing Agreement”) providing for certain agreements and understandings <br />regarding the Land. <br /> <br />C. The Donor and the City amended the Post Closing Agreement on October 12, <br />2005 to address the City’s acquisition of additional property (“First <br />Amendment”). <br /> <br />D. MnDOT paid $1,078,500.00 to the City for the acquisition of a portion of the <br />Land, with initial payments beginning on December 19, 2003. The payments <br />from MnDOT were placed by the City into a segregated fund (the “Fund”). The <br />First Amendment authorized use of the proceeds from the Fund for the City’s <br />acquisition of approximately 56 acres of property located on Big Island in Lake <br />Minnetonka (“the Big Island Property”). The City paid $1,000,000.00 from the <br />Fund for a portion of the cost of the Big Island Property. <br /> <br />E. The Donor and the City desire to amend and restate the Post Closing Agreement and <br />First Amendment to reflect the status of the Property and revisions to the Declaration <br />which was not recorded pursuant to the terms of the Post Closing Agreement. <br /> <br />NOW, THEREFORE, THE PARTIES TO THIS AGREEMENT AGREE TO THE <br />FOLLOWING: <br /> <br />1) MnDOT Property. The parties understand that a portion of the Land, as <br />depicted in Exhibit B, has been acquired by the Minnesota Department of <br />Transportation (“MnDOT”) since the donation of the Land (“MnDOT Parcel”). <br />The portion of the Land remaining after the sale to MnDOT is legally described <br />in Exhibit C (“Subject Property”). <br /> <br />2) Declaration. As a condition of the conveyance of the Land, the City agrees to <br />record a Declaration of Restrictive Covenants in the form attached hereto as <br />Exhibit D (“the Declaration”). The Declaration shall terminate upon the death of <br />the Donor. <br /> <br />3) Sale Proceeds from MnDOT. The remaining principal amount of the Fund in <br />the amount of $78,500.00 (“Remainder”) shall be preserved until December 19,