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SJR-273913v1 <br />MU205-30 <br /> <br />1 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />EASEMENT AGREEMENT <br /> <br /> <br /> THIS EASEMENT AGREEMENT (the "Agreement") is made as of January __, 2006, by <br />and between the CITY OF MOUNDS VIEW, a Minnesota municipal corporation (the "City"), and <br />MEDTRONIC, INC., a Minnesota corporation ("Medtronic"). <br /> <br />RECITALS <br /> <br /> A. The City is the owner of property legally described on the attached Exhibit A (the <br />"Triangle Parcel"). <br /> <br /> B. Medtronic is the owner of property legally described on the attached Exhibit B (the <br />“Medtronic Property”). <br /> <br /> C. Pursuant to the terms of that certain Purchase Agreement and Contract for <br />Development dated as of August 31, 2005 (the “Development Agreement”), Medtronic is required <br />to construct and maintain a fire road (the “Fire Road”) to serve as access to the Medtronic Property <br />for emergency vehicles. <br /> <br /> D. Medtronic desires to use a portion of the Triangle Parcel and the City desires to grant <br />Medtronic the right to use a portion of the Triangle Parcel for the construction of the Fire Road, as <br />depicted on the attached Exhibit C and the maintenance thereof. <br /> <br /> E. Pursuant to the Development Agreement, the City has assigned to Medtronic certain <br />lease agreements (the “Leases”) for various billboards that are located on the Medtronic Property <br />(the “Billboards”). <br /> <br /> F. Pursuant to the Development Agreement and the Leases, the rent received from by <br />Medtronic has been assigned to the City. <br /> <br /> G. Medtronic desires to have, and the City desires to grant, access across a portion of <br />the Triangle Parcel so that the Billboards may be maintained according to the terms and conditions <br />of the Leases. <br /> <br />