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<br />4839-8767-9929\8
<br />LAND SWAP AGREEMENT
<br />THIS AGREEMENT is made and entered into this 8th day of February, 2022 (the “Effective Date”), by
<br />and between INTERSTATE DEVELOPMENT CORPORATION, a Minnesota corporation (together
<br />with its permitted successors or assigns, collectively “Interstate”) LOWRY MULTIFAMILY LLC, a
<br />Minnesota limited liability company (“Lowry Multifamily”), LOWRY RETAIL LLC a Minnesota
<br />limited liability company (“Lowry Retail”) and HOUSING AND REDEVELOPMENT AUTHORITY
<br />OF ST. ANTHONY, MINNESOTA, a public body corporate and politic under the laws of Minnesota
<br />(“HRA”).
<br />WHEREAS, BREMER BANK, NATIONAL ASSOCIATION, a national banking association
<br />(“Bremer”), currently owns that certain parcel located at 2534 Kenzie Terrace, St. Anthony Village,
<br />Minnesota (the “City”), legally described on Exhibit A attached hereto and incorporated herein and both
<br />depicted and labeled as the “Bremer Parcel” on Exhibit C attached hereto and incorporated herein (the
<br />“Bremer Parcel”);
<br />WHEREAS, Lowry Multifamily, an affiliate of Interstate, is currently under contract to purchase the
<br />Bremer Parcel from Bremer pursuant to a purchase and sale agreement dated June 4, 2021, between Lowry
<br />Multifamily, as buyer, and Bremer, as seller, as amended by First Amendment to Purchase Agreement dated
<br />December 16, 2021, as further amended by Second Amendment to Purchase Agreement dated January 11,
<br />2022 (collectively, the “Interstate/Bremer Purchase Agreement”), relating to the Bremer Parcel and
<br />certain other property currently owned by Bremer and located at 2401 Lowry Avenue NE, St. Anthony,
<br />MN (the “Redevelopment Property”);
<br />WHEREAS, HRA owns that certain parcel of land located at 2654 Kenzie Terrace, St. Anthony Village,
<br />Minnesota, legally described on Exhibit B attached hereto and incorporated herein and both depicted and
<br />labeled as the “HRA Parcel” on Exhibit C attached hereto and incorporated herein (the “HRA Parcel”);
<br />WHEREAS, immediately prior to the Closing of the transactions contemplated hereby, Interstate intends
<br />to assign its interest in this Land Swap Agreement to Lowry Multifamily; provided, however, that such
<br />assignment shall not release Interstate from any of its obligations hereunder;
<br />WHEREAS, concurrently with the closing of the “Interstate Purchase” (as defined below), Lowry
<br />Multifamily will convey the Bremer Parcel to HRA for the development by HRA of a southwest gateway
<br />node to the City (“Node Project”), and HRA desires to convey the HRA Parcel to Lowry Retail LLC, an
<br />affiliate of Interstate for the development of a new office and banking facility to be owned by Lowry Retail
<br />and leased to Bremer for the operation of a retail banking branch and office building (the “New Bremer
<br />Project”) (the Bremer Parcel and the HRA Parcel are sometimes referred to herein individually as the
<br />“Parcel,” or collectively as the “Parcels”);
<br />NOW, THEREFORE, in consideration of the foregoing and for good and valuable consideration, the receipt
<br />and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
<br />1. Land Swap. In consideration of HRA’s promises as contained herein, Lowry Multifamily agrees
<br />to convey the Bremer Parcel to HRA by Limited Warranty Deed contemporaneously with HRA’s
<br />conveyance of the HRA Parcel to Lowry Retail as required hereunder. In consideration of
<br />Interstate’s promises as contained herein, HRA agrees to convey the HRA Parcel to Lowry Retail
<br />by Limited Warranty Deed contemporaneously with Lowry Multifamily’s conveyance of the
<br />Bremer Parcel to HRA as required hereunder.
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