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EXCHANGE AGREEMENT <br /> <br />THIS EXCHANGE AGREEMENT (the "Contract") is entered into by and between the City <br />of Elk River, a municipal corporation under the laws of the State of Minnesota, ("Elk River") <br />and D.R. HORTON, INC.-MINNESOTA, a Delaware corporation, ("ttorton") (together, Elk <br />River and Horton are the "Parties" and individually a "Party"), effective the date hereof. <br /> <br />RECITALS <br /> <br /> A. Elk River owns certain real property located in Elk River (the "City"), Sherburne <br />County (the "County"), Minnesota which is depicted on Exhibit A and described on Exhibit B <br />attached hereto and hereby incorporated by this reference (the "Elk River Exchange Parcels"). <br /> <br /> B. Horton owns certain real property located in the City and County, which is <br />depicted on Exhibit C and described on Exhibit D attached hereto and hereby incorporated by <br />this reference (the "Horton Exchange Parcels"). Horton also owns land depicted on Exhibit C <br />and referred to as "Trott Brook Farms Future Development Area". <br /> <br /> C. Horton is currently in the process of developing Trott Brook Farms Future <br />Development Area as a mixed-density residential development and desires to acquire real <br />property from Elk River for purposes of further expanding its development, including the <br />construction of ponds and other improvements. <br /> <br /> D. Horton desires to acquire from Elk River the Elk River Exchange Parcels and Elk <br />River desires to acquire from Horton the Horton Exchange Parcels on the terms and subject to <br />the conditions set forth in this Contract. The Elk River Exchange Parcels and the Horton <br />Exchange Parcels are sometimes referred to herein collectively as the "Exchange Parcels". As <br />the context may require, a Party conveying Exchange Parcels shall be referred to in this Contract <br />as a "transferring Party" and a Party acquiring Exchange Parcels shall be referred to as an <br />"acquiring Party". <br /> <br />AGREEMENT <br /> <br />1. PROPERTY TO BE CONVEYED. <br /> <br /> a. Elk River Exchange Parcels. Subject to the terms and conditions of this <br />Contract, Elk River hereby agrees to transfer and convey unto Horton, and Horton agrees to <br />acquire and take from Elk River, the Elk River Exchange Parcels, together with all <br />improvements thereon and all rights and appurtenances pertaining thereto. <br /> <br /> b. Horton Exchange Parcels. Subject to the terms and conditions of this Contract, <br />Horton hereby agrees to transfer and convey unto Elk River, and Elk River agrees to acquire and <br />take from Horton, the Horton Exchange Parcels, together with all improvements thereon and all <br />rights and appurtenances pertaining thereto. <br /> <br />2174122vl <br /> <br /> <br />