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07-28-1982 Council Agenda
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07-28-1982 Council Agenda
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annexed hereto and the Ponding Area is cross - <br />hatched.an Exhibit D annexed hereto. nhn 1 have the <br />boundaries are approximate. Seller <br />right to refuse to approve the conveyance of any <br />such Exchange Property offered by Purchaser, <br />provided that Seller's approval shall not be <br />unreasonably withheld. Any Exchange Property <br />which is conveyed to Seller shall become part of <br />the property being conveyed pursuant hereto and <br />pursuant to the terms of the Contract for Deed, <br />and the Contract for Deed shall be amended as <br />appropriate. property in <br />(b) Upon the conveyance of the Exchange <br />paragraph (a) immediately above, and upon receipt <br />of the legal description from the State of <br />Minnesota Highway Department, Seller, es fee owner <br />and as vendor under the Contract for Deed of the <br />Ponding Area, shall loin with Purchaser as vendee <br />under the Contract for Deed to convey in fee <br />simple by warranty deed said Ponding Area to the <br />City of Little Canada or to the State of Minnesota <br />Highway Department. The exact legal description <br />of the Ponding Area will be developed by the State <br />of Minnesota Highway Department and will be <br />supplied to Seller as soon as the legal descrip- <br />tion is developed. <br />(c) It is understood that the exchange described in <br />this Paragraph 3 may involve a complex sequence of <br />transactions. Seller agrees to cooperate in <br />modifications of the procedure described in <br />subparagraphs (a) and (b) above, provided, how- <br />ever, that Seller shall in no event be required to <br />convey the Ponding Area or any interest or ease- <br />ment therein until Seller is assured of receiving <br />0 <br />
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