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<br /> <br />. <br /> <br />. <br /> <br />':, <br /> <br />GI IT AGREEHENT <br /> <br />THIS AGREEMENT is made this l.L day of t:> 6c- . , 1983, by <br />the LIONS CLUB OF THE CITY OF ELK RIVER, a NON ~ P{Z.~F'I O/l..G/M/lc4fiO~ <br />-(the Lions Club) for the benefit of the CITY OF ELK RIVER, a municipal <br />corporation (the City). <br /> <br />Preliminarv Statement of Facts <br /> <br />The Lions Club is the fee o"~er of certain real property <br />situated in Sherburne County, Minnesota, legally described <br />on Exhibit A attached hereto and incorporated herein by <br />reference (the Property). <br /> <br />The City is acquiring certain property ror public park pur- <br />poses and the Lions Club wishes to provide funds for <br />acquisition of said park property by the City. The City <br />has relied upon the agreement of the Lions Club contained <br />herein in negotiating for the acquisition of said park <br />property, and the Lions Club acknowledges said reliance. <br /> <br />NOW, THEREFORE, in consideration or the foregoing, the parties <br /> <br />hereto agree as follows: <br /> <br />1.) Donation - The Lions Club shall tender to the City Twenty <br />Thousand Dollars (20,000) in cash upon demand of the City, which demand <br />shall not be made prior to January 1, 1984. Said monies to be applied <br />toward the purchase price of the land for the aforementioned public <br />park. <br /> <br />2.) Sale of Property - The Lions Club shall use its best efforts to <br />effect the sale of the Property as soon as possible after the date hereof <br />and upon the most favorable terms possible to the Lions Club. Immediately <br />upon sale of the Property, the Lions Club shall tender to the City the <br />"Net Proceeds of Sale", for use as hereinafter described. <br /> <br />3.) Net Proceeds of Sale Defined - The "Net Proceeds of Sale" <br />shall be that amount equal to the gross sales price paid to the Lions <br />Club for the property less real estate commissions, abstract fees, <br />state deed taxes, recording costs, legal fees and such additional <br />amounts as may be approved in writing by the Cit~. <br /> <br />4.) Application of Net Proceeds of Sale - The net proceeds tendered <br />to the City shall first be applied to the unpaid portion of the purchase <br />price of the arorementioned public park lands_ The remainder of said <br />net proceeds shall be used for the purchase, construction and/or <br />development or certain park equipment and/or facilities as jointly agreed <br />upon by the Lions Club and the Citv_ <br />