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LITTLE CANADA, MINNESOTA
<br />2260 Rice Street
<br />LJC: 022 -0071
<br />File #02778
<br />REAL ESTATE SWAP CONTRACT
<br />THIS REAL ESTATE SWAP CONTRACT ( "Contract "), dated January February 2007
<br />is between the CITY OF LITTLE CANADA, a Minnesota municipal corporation ( "City "), and
<br />McDONALD'S USA, LLC, a Delaware limited liability company ( "McDonald's ").
<br />WHEREAS, City currently owns, or will own, the parcel located to the South of property
<br />currently owned by McDonald's ( "Parcel D and Parcel E "), in Little Canada, Ramsey County,
<br />Minnesota more particularly described on Exhibit "B ", attached; and
<br />WHEREAS, McDonald's currently owns the real estate located at 2260 Rice Street, Little
<br />Canada, County of Ramsey, Minnesota more particularly described on Exhibit "A" attached with
<br />all improvements, fixtures, and equipment, if any, ( "Parcels A, B,-and C, and F ")• and
<br />WHEREAS, McDonald's desires to rebuild the McDonald's restaurant which is currently
<br />located at 2260 Rice Street, Little Canada, Minnesota ( "Existing Restaurant ") on Parcel A,
<br />Parcel B, and Parcel D and City desires to acquire Parcels C and F; and
<br />WHEREAS, McDonald's has agreed to convey Parcels C and F to the City and City has
<br />agreed to convey Parcel D to McDonald's, subject to the terms and provisions of this Contract.
<br />NOW, THEREFORE, in consideration of Ten Dollars and other good and valuable
<br />consideration, the receipt and sufficiency of which are acknowledged, the parties agree as
<br />follows:
<br />1. Conveyance: City agrees to convey to McDonald's (or its nominee), and McDonald's
<br />agrees to acquire from City Parcel D with appurtenant easements, if any. McDonald's agrees to
<br />convey to City, and City agrees to acquire from McDonald's Parcel C with appurtenant
<br />easements, if any. For purposes of this Contract, Parcels A, B, C, D, and E, and F (depicted on
<br />Exhibit C) are collectively referred to as the "Parcels ". The exact legal description of the Parcels
<br />will be substituted for the descriptions attached in accordance with the surveys obtained by the
<br />parties hereto. THE PARCELS ARE SOLD TO AND ACCEPTED BY EACH PARTY "AS IS"
<br />AND "WHERE IS ", WITH ALL FAULTS, IF ANY, AND WITHOUT ANY WARRANTY
<br />WHATSOEVER, EXPRESS OR IMPLIED.
<br />2. Price: McDonald's shall pay as additional consideration to City the sum of $10.00 in
<br />cash at Closing.
<br />3. Deed and Other Documents: City and McDonald's shall convey marketable and
<br />insurable title to the Parcels by special warranty deed, with a release of dower, curtsey,
<br />homestead and other spouse's rights, at the respective grantor's sole cost, subject only to
<br />current real estate taxes, not delinquent, and covenants, conditions, easements, encumbrances
<br />and restrictions approved by the respective grantee in writing.
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