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07".UP -93 15 : u- FAX 61234U;Sol) PCiRSE�' %%HITNEY X003 • AGREEMENT THIS AGREEMENT is entered into as of July , 1993, by and - - between-the CITY OF ST. ANTHONY, a municipal corporation--under the laws of- - the State of Minnesota.("City"), and BONA PROPERTIES, a Minnesota general partnership ("Owner"). A. Owner is the owner of certain property located in the Southwest Quarter of the Northwest Quarter of Section 7, Township 29, Range 23, Hennepin County, Minnesota, with an address at 2812 27th Avenue, N.E. The property is operated as the "St. Anthony Unocal", and is legally described on Exhibit A attached hereto and made a part hereof (the "Unocal Property"). Owner is the fee title owner of Parcel l described on Exhibit A and is the contract for deed purchaser of Parcel 2 described on Exhibit A. B. The City is the owner of certain property which is to be platted as First Addition to the Village of St. Anthony (the "New Plat"), which property is more particularly described in a copy of the New Plat attached hereto as Exhibit B and made a part hereof (the "City Property"). The City Property includes portions of 27th Street N.E., Coolidge Street N.E., and Pahl Avenue, all as more particularly described in Exhibit B. C. The City has agreed that if Owner will relinquish all right of vehicular access from the Unocal Property to 27th Street N.E. and to Coolidge Street N.E. as relocated in the New Plat, and will agree to certain other covenants and restrictions as hereinafter set forth, the City will vacate a portion of 27th Street N.E. and will quitclaim and convey certain other City Property, all of which is shown crosshatched on the drawing attached hereto as Exhibit C and made a part hereof ("Parcel A"). NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, it.is hereby agreed by and between the parties as follows: 1. As soon as reasonably possible after the recording of the New Plat, the City Council intends to conduct a public hearing for purposes of considering the proposed vacation of certain rights-of-way which are part of the City Property, including that portion of 27th-Street N.E. located within Parcel A. After the public hearing has been held, if the City Council determines that it is in the best interests of the City to vacate that portion of 27th Street N.E. located within Parcel A, and such vacation is approved and completed by the City Council, the City will give Owner notice of a date within 30 days thereafter ("Closing Date") on which • the documents to implement the provisions of this Agreement will be executed and delivered.