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WHEREAS, Little Canada has agreed to construct the pond subject to the execution of this agreement by Schmidt, Sprosty, and Kerr. NOW, THEREFORE, IT IS MUTUALLY STIPULATED AND AGREED: 1. PURPOSE. The parties have joined together for the purpose of creating a pond on the Schmidt, Sprosty, and Kerry properties for the general improvement of each property to replace the former pond. 2. METHOD. Little Canada will apply for and obtain the appropriate Ramsey /Washington Metro Watershed District permit and any other governmental approvals for the construction of said pond. Little Canada will excavate the pond pursuant to the appropriate governmental permits and the Site Plan set forth on Exhibit "D ". It is understood and agreed that a portion of a drain tile system that currently exists on the Schmidt property will be removed as a result of the digging of the excavation. Dirt from the pond excavation will be deposited on the Kerr and Sprosty properties in the areas designated on Exhibit "D ". 3. ADEQUACY OF NEW POND. The parties acknowledge that the pond to be constructed as a result of this agreement is replacing the previous pond in size and manner of function. No representations are being made that said pond will eliminate flooding in all drainage events. 4. EASEMENTS. Schmidt, Sprosty, and Kerr shall grant permanent drainage easements to Little Canada that provide for the construction and ongoing maintenance of said pond. The form of the easements for each property involved is attached as Exhibits "F ", "G ", and "H ", respectively. Schmidt, Sprosty, and Kerr shall provide access to Little Canada to their respective properties to allow for the creation of the pond as described in Paragraph 2 herein. This right of access shall include the right of ingress and egress with all machinery, equipment, and materials necessary for the aforesaid purposes for I1: \KrisP \CORRESP \Kris' 2001 \AGREEMENI'.doc PAGE 10