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Jun 27 31 05:07p Sweeney AGREEMENT 6512235289 p.3 THIS AGREEMENT is made and entered into this day of , 2001, by and between the City of Little Canada, a political subdivision under the laws of the State of Minnesota, and /or its agents or assigns (hereinafter referred to as "Little Canada ") and William 1 Schmidt, (hereinafter referred to as "Schmidt") Paul J. Sprosty and Lura Sprosty, husband and wife, (hereinafter collectively referred to as "Sprosty") and, Larry Kerr and Denise Kerr, husband and wife, (hereinafter collectively referred to as "Kerr "). WITNESSETH: WHEREAS, Schmidt owns the property legally described on Exhibit A; and WHEREAS, Sprosty owns the property legally described on Exhibit B; and WHEREAS, Kerr owns the property legally described on Exhibit C; and WHEREAS, An infiltration pond previously existed on the Kerr property; and WHEREAS, Schmidt, Sprosty and Kerr consider it mutually desirable to improve their respective properties through the construction of a new pond on a portion of all three properties. A copy of the Site Plan for the construction of said pond is attached hereto and incorporated herein as Exhibit D. The legal description for said pond is as set forth on Exhibit E; and WHEREAS, Schmidt, Sprosty, and Kerr have agreed to work together to maintain the pond consistent with all governmental requirements; and, WHEREAS, Little Canada has agreed to assist Schmidt, Sprosty and Kerr in the creation of said pond. NO W,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 Kerr properties, for the general improvement of each property to replace the former pond. 2. METHOD. Little Canada will apply for and obtain the appropriate watershed permit and any other governmental approvals for excavating said pond. Schmidt, Sprosty and Kerr will be responsible for ongoing maintenance of said pond. Little Canada will excavate the pond pursuant to the appropriate governmental permits and the Site Plan set forth on Exhibit D. Little Canada's involvement in this matter will merely consist of the movement of existing dirt on the property PAGE 13