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NOW, THEREFORE BE IT AGREED AS FOLLOWS: <br />1. Should acquisition of the property at 2825 Country Drive <br />(legally described in Exhibit A) be necessary for redevelopment, <br />Developer agrees to sell property at fair market value on a voluntary <br />basis to the City or the party undertaking the redevelopment based <br />upon an agreement that both Developer and City feel is mutually <br />acceptable. <br />2. Should a mutually acceptable arrangement not be arrived at <br />between Developer and City, then the sale price of the property in <br />question may be determined utilizing an appraisal prepared by a <br />certified property appraiser who is mutually agreeable to both <br />parties. Both parties agree that their approval of the appraisal <br />will not be unreasonably withheld. Said appraisal is to be based <br />upon comparable sales for similar property. <br />3. Should the City determine that the process outlined in <br />paragraph #2 exceeds its opinion of fair market value, the City <br />reserves its right to utilize eminent domain to govern the <br />acquisition process. <br />4. Developer agrees to waive any and all right to relocation <br />benefits which may be payable as a result of the acquisition of the <br />property for redevelopment. <br />5. This agreement is binding on successors, heirs or assigns. <br />CITY OF LITTLE CANADA <br />By: <br />By: <br />Raymond G. Hanson <br />Mayor <br />Joel Hanson <br />City Administrator <br />Page 73 <br />