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3 <br /> <br />2. SALE OF THE PROPERTY. The Dryers agree to sell and SNL agrees to purchase <br />the Property for the sum of THREE HUNDRED THIRTY -EIGHT THOUSAND DOLLARS <br />($338,000.00) (“Purchase Amount”), subject to the terms, conditions, and contingencies of a <br />Purchase Agreement substantially similar in form and substance to Exhibit A. The Dryers shall <br />deposit the Purchase Amount in the trust or escrow account of the designated closing comp any <br />(“Escrow Agent”). The Closing of the real estate transaction contemplated in Exhibit A will occur <br />on July 12, 2019 (hereinafter “Closing”). <br /> 3. REIMBURSEMENT TO CITY. After the satisfaction of the contingencies in <br />Section 7, subsections (A.),(C.), and (D), the Dryers shall direct the Escrow Agent to pay to the <br />City, in a form approved by the City, the sum of FIFTY- EIGHT THOUSAND DOLLARS <br />($58,000.00), which represents partial reimbursement for attorneys’ fees incurred by the City in <br />the Lawsuit (“Reimbursement”). <br />4. VACATION OF THE CITY’S RIGHT -OF-WAY OVER WESTERN AVENUE. <br />Pursuant to Minn. Stat. § 412.851, the City Council will hold a public hearing on a proposed <br />resolution to vacate a segment of the Right -of-Way, which is contingent upon the Closing, <br />substantially similar in form and substance to the attached Exhibit B (“Resolution”). The area to <br />be vacated is shown and to be described on Exhibit 1 attached to Exhibit B. <br />SNL acknowledges that it does not have any interest in that portion of Western Avenue not <br />subject to the Resolution, which remains a publicly dedicated right -of-way. <br /> SNL agrees that it is responsible for contacting Gopher State One Call and to have utilities <br />marked on the Property. SNL acknowledges that, consistent with Mi nn. Stat. § 160.29, subd. 2, <br />the Resolution, by its terms, does not affect or impair any existing easements for utilities within <br />the Right-of-Way.