Laserfiche WebLink
EXHIBIT A <br />RELEASE OF OBLIGATONS UNDER <br />CONTRACT FOR SUBDIVISION/PLANNED UNIT DEVELOPMENT <br />This Release (the "Release ") is entered into effective as of May , 2013 (the <br />"Effective Date "), by and between the City of Lino Lakes, a municipal corporation under the <br />laws of the State of Minnesota (the "City ") and Lino Lakes Assisted Living, LLC, a <br />Minnesota limited liability company (the "LLC "). <br />RECITALS <br />A. The City and Hartford Development, Inc., a Minnesota corporation ( "Master <br />Developer "), are parties to a Contract for Subdivision/Planned Unit <br />Development relating to the Legacy at Woods Edge master development <br />between the City and Master Developer dated effective December 21, 2004, and <br />recorded December 29, 2004, as Document No. 1971748.007 in the office of the <br />Anoka County Recorder, Anoka County, Minnesota (the "Contract "). <br />B. The real property legally described as Outlot A, The Village No. 4, Anoka <br />County, Minnesota (the "Property "), which was tax- forfeited, is subject to the <br />Contract. <br />C. The LLC has entered into a Purchase and Redevelopment Agreement dated <br />March 19, 2013 (the "Purchase Agreement "), with the Lino Lakes Economic <br />Development Authority (the "EDA ") to purchase and redevelop the Property as <br />an expansion to the existing assisted living facility located on the property <br />adjacent to the Property. <br />D. In connection with the acquisition of the Property, the LLC has requested that <br />the Property and the LLC be released from the terms and conditions of the <br />Contract. <br />E. It is in the best interest of the City to promote development by LLC and to <br />release the LLC and the Property from the terms and conditions of the Contract. <br />AGREEMENT <br />For good and valuable consideration, the receipt and sufficiency of which the parties <br />acknowledge, the undersigned agree as follows: <br />1. °, leased om the Contract and the Contract no longer <br />encumbers the Property. <br />2. The LLC has no liability or obligations under the Contract. <br />3. This Amendment may be executed in counterparts, each of which, when so <br />executed and delivered, shall be an original, but such counterparts together shall constitute one <br />and the same instrument. <br />• <br />• <br />• <br />