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AGREEMENT <br />AGREEMENT, dated , 1992, by and between the CITY <br />OF LITTLE CANADA, a Minnesota Municipal Corporation ( "City ") and <br />CORONET DEVELOPMENT, INC., a Minnesota Corporation ( "Coronet "). <br />WHEREAS, Coronet is purchasing Lots 6 -10 of Block 9, North <br />Heights, City of Little Canada, Ramsey County, Minnesota, pursuant to <br />tax forfeiture auction proceedings, and <br />WHEREAS, the City has special assessments levied against Lot 10, <br />Block 9 totalling $15,703.50 in outstanding principal value and <br />$24,835.16 in principal and interest, and <br />WHEREAS, the City will not fully recover the aforementioned <br />amounts from the tax forfeiture sale proceeds, and <br />WHEREAS, the City has the right to re- assess the property in <br />question for the value of the improvements not collected, and <br />WHEREAS, Coronet and the City both agree that re- assessment of <br />the total amount would not be in either party's best interest; <br />NOW THEREFORE be it agreed as follows: <br />1. Coronet will complete the purchase of Lots 6 -10, Block 9, <br />North Heights Subdivision and commence action pursuant to City <br />ordinances for a subdivision of this property into two (2) lots. <br />2. Should approval of the subdivision be granted by the City, <br />it is anticipated the two (2) lots created by this action will be <br />sold for no more than Seventeen Thousand Dollars ($17,000) each. <br />Based on this assumption, the City agrees not to re- assess the <br />uncollected amount of special assessments, penalties and interest <br />against the property in question. <br />Page 3 <br />