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SETTLEMENT AGREEMENT <br />This Settlement Agreement is made as of the day of February, 2022, by and <br />between Peltier Lake, LLC ("Peltier"), Bernice M. Salo, individually and as trustee of the Trust <br />Agreement of James W. Salo and Bernice M. Salo dated December 17, 2013 ("Salo") and the City <br />of Lino Lakes (the "City") (together, the "Parties"). <br />RECITALS: <br />A. Peltier is the contract for deed vendee owner of certain real property legally <br />described in Exhibit A and located in Anoka County, Minnesota (the "Subject Property") and <br />identified as Parcel 1 in the Condemnation Action described further below. <br />B. Salo is the contract for deed vendor owner of the Subject Property. <br />C. City is in the process of constructing a stormwater drainage improvement project <br />(the "Project"), which crosses the Subject Property. <br />D. In connection with the Project, City acquired title and possession by condemnation <br />of fee interests over potions of Parcel 1 by way of a condemnation action filed pursuant to Chapter <br />117 in Anoka County District Court (Court File No. 02-CV-19-5586) ("Condemnation Action") <br />The City recorded a Notice of Lis Pendens (Doc. No. 2243801.005) with the Anoka County <br />Recorder corresponding to the litigation ("Lis Pendens"). <br />E. The City deposited $67,000 with the District Court pursuant to Minn. Stat. § <br />117.042 ("Quick -Take Deposit") <br />F. The City has changed its plans for the Project such that it no longer needs a fee <br />interest in the Subject Property, but only requires a drainage and utility easement for the redesigned <br />project. <br />-1- <br />