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PROPERTY EXCHANGE AGREEMENT <br />THIS AGREEMENT, entered into this — day of , 1999, by <br />and between the City of Lino Lakes, a municipal corporation under the laws of <br />Minnesota ( "City ") and James J. Douglas and Tracey M. Douglas, husband and wife <br />( "Douglas "). <br />1. Consideration. In consideration of the covenants herein contained and <br />One Dollar ($1.00) to each party paid, the receipt of which is hereby acknowledged, <br />the City agrees to convey or cause to be conveyed to Douglas the following legally <br />described property: <br />See attached Exhibit A <br />and Douglas agrees to convey or cause to be conveyed to the City all of the following <br />described property: <br />See attached Exhibit B. <br />2. Warranty Deeds. The parties hereby agree to execute and deliver a <br />Warranty Deed conveying marketable title to said premises subject only to the <br />following exceptions: <br />a. Building and zoning laws, ordinances, state and federal regulations. <br />b. Restrictions relating to the use or improvement of the premises without <br />effective forfeiture provisions. <br />c. Reservations of any minerals or mineral rights to the State of Minnesota. <br />d. Utility and drainage easements which do not interfere with present <br />improvements. <br />3. Real Estate Taxes and Special Assessments. Real estate taxes due and <br />payable in and for the year of closing shall be prorated between the parties on a <br />calendar year basis to the actual date of closing. Each party shall pay all special <br />assessments levied against the property they shall be conveying to the other on the <br />date of this agreement. Each party shall pay the real estate taxes due and payable on <br />