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STREET TRANSFER AGREEMENT <br /> This Agreement is made this day of 2008 by and between the City of <br /> Mounds View, a Minnesota municipal corporation C'City") and the Silver Lake Woods <br /> Condominium Association, Inc., a Minnesota non-profit corporation ("Association"). <br /> Recitals <br /> WHEREAS, the Association is the fee owner of the real property known as Lake Court j <br /> Circle and Lake Court Drive in the City of Mounds View, legally described as follows: <br /> Outlot A, Silver Lake Woods, Ramsey County, Minnesota. <br /> li. <br /> C'Property"); and <br /> WHEREAS, the Association is responsible for maintaining the Property and the streets on <br /> the Property, which are improved with bituminous surface, curb and gutter; and <br /> WHEREAS, the streets on the Property are in need of significant repair and need to be <br /> improved; and <br /> WHEREAS, the Association has requested that it be permitted to grant an easement for <br /> right-of-way purposes over the Property to the City so that the City is authorized to improve the <br /> streets as a public improvement project and can maintain the streets on the Property as public city <br /> streets in the future; and <br /> WHEREAS, the City has agreed to this request provided that the Association agree that the <br /> City may assess 100 percent of the cost of the public improvement project against the Property, the <br /> total cost of the Project does not exceed $415,000 and the Association will not object to this special <br /> assessment; and <br /> NOW, THEREFORE, on the basis of the mutual covenants and agreements hereinafter <br /> provided, it is hereby agreed by and between the parties hereto as follows; <br /> 19 The foregoing recitals are incorporated into and made a part of this Agreement. <br /> 2. The Association agrees to execute an easement over the Property to the City for <br /> right-of--way purposes. This easement shall be granted by the Association at no cost to the City. <br /> The form of easement to be executed by the Association is attached to this Agreement as Exhibit A. <br /> 3, The City agrees that it will accept the right-of-way easement provided that the <br /> Association obtains the consent of any mortgage holders on the Property and the lowest responsible <br /> bid received by the City for the public improvement project and administrative costs does not <br /> exceed $415,000. <br /> 3386070 SJS MU210-43 <br /> 1 <br />