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• AGREEMENT REGARDING LAND EXCHANGE AND EASEMENT RIGHTS This Agreement (the "Agreement") is made this day of November; 2005; by and among City of Mounds View, a Minnesota municipal corporation ("City") and Sysco Food Services of Minnesota, Inc., a Delaware corporation ("Sysco"). ARTICLE I DEFINED TERMS 1.01. City Property. City is the fee owner of certain real estate located in Ramsey County, Minnesota ("City Property") which is legally described as follows: Sysco Outlot A, Ramsey County, Minnesota 1.02. Sysco Removal of Reverter Clause. Sysco conveyed City Property to the City on March 6, 1990 reserving the right for the City Property to automatically be reverted to Sysco in the event the City Property ceased to be used for the limited use and purposes of the following: (a) public buildings and uses; (b) public parks, playgrounds, athletic fields, parking areas and golf courses; (c) public streets, easements a~~d other public ways, highways and thoroughfares: (d) treatment and pumping facilities and other public utility and public service facilities; and (e) public sewers. water lines and water storage areas. Sysco desires to remove the above reverter clause and provide City with no restrictions to that portion of the City Property as described and illustrated in Exhibit A, commonly known as the "Triangle Parcel". • 1.03. Three Acre Division. City desires to subdivide a three acre parcel ("Sysco Division") from the City Property to convey to Sysco to accommodate its proposed expansion. The legal description of the Sysco Division is set forth in Exhibit B and Sysco will proceed with obtaining the required subdivision approvals far the lot split. 1.04. Sign No. 7. Clear Channel ("Clear Channel") as the lessee and City as the lessor intend to enter into a lease; subject to agreements between Clear Channel and the City, which authorizes Clear Channel to construct and maintain a separate outdoor advertising sign on a portion on a portion of City property. The location of said Sign No. 7 is depicted on the map tia~hich is attached hereto as Exhibit C (the "Map"). 1.05. Easement Number One (to SiQn-?~o. 7). In consideration for the City's conveyance of the Sysco Division, Sysco desires to convey to City a permanent easement to Sign No. 7 for ingress, egress, maintenance and construction purposes. The general location of Easement No. I is depicted on attached Exhibit D. 1.06. Easement Number Two (to Park). In consideration for the City's conveyance of the Sysco Division and subject to there being no other feasible point of access, Sysco shalt consider conveying to City a permanent easement to the proposed trail system and park proposed to be located on the Cit}~ Property ("Park") for ingress and egress and maintenance purposes. The granting of such easement shall be subject to a mutually agreeable understanding regarding potential conflicts beri~%een SYSCO vehicles and vehicles bound for the Park. The general location of Easement Number Two is depicted on the attached Exhibit E. NKE•26S559v4 MtJ305-35