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2. OUTLOT K. Horton intends to plat that portion of the Trott Brook Farms Future <br />Development Area lying adjacent to Outlot K in substantial accordance with the Preliminary <br />Plat. Horton agrees to include a fifty (50) foot wide strip of land extending from Olson Street to <br />Outlet K in its plat of such land. This strip of land will be for the purpose of allowing access to <br />Outlot K from Olson Street. The strip of land will be conveyed to Elk River in partial fulfillment <br />of Horton's park dedication fees, and for such purposes shall be valued at $ <br /> <br />3. VACATION OF 179th AVENUE NORTHWEST RIGHT OF WAY. Elk River <br />agrees to vacate that portion of 179th Avenue Northwest that is included as part of the Elk River <br />Exchange Parcels, as described in Exhibit D, prior to the Closing Date. <br /> <br />4. CONSIDERATION. In addition to the mutual covenants and agreements contained <br />herein, the Parties agree that the consideration for Horton's acquisition of the Elk River <br />Exchange Parcels shall be conveyance of the Horton Exchange Parcels to Elk River and the <br />consideration for Elk River's acquisition of the Horton Exchange Parcels shall be conveyance of <br />the Elk River Exchange Parcels to Horton. It is understood that the Parties will not exchange <br />monetary consideration as part of this transaction. <br /> <br />5. TITLE EVIDENCE. <br /> <br /> a. Title Evidence. Upon execution of this contract, each transferring Party shall <br />deliver to the acquiring Party any abstract of title, survey, registered property abstract, title <br />insurance commitment or policy or other evidence of title relating to such Party's Exchange <br />Parcels that each transferring Party has in its possession. <br /> <br /> b. Surveys. Each acquiring Party may, at its own expense, obtain a current survey <br />of the Exchange Parcels to be acquired by such Party. <br /> <br /> c. Title Commitments. Within thirty (30) days after the effective date hereof, each <br />acquiring Party may, at its own expense, obtain: <br /> <br />(1) <br /> <br />a title commitment ("Title Commitment") covering the Exchange Parcels <br />to be acquired by such Party, binding DRH Title Company of Minnesota ( <br />"Title Company'') to issue at Closing a current form ALTA Owner's <br />Policy of Title Insurance as described in Section 5.d below; and <br /> <br />(2) <br /> <br />true, correct, and legible copies of any and all instruments referred to in <br />the Title Commitment as constituting exceptions or restrictions upon title, <br />except that copies of any liens which are to be released at Closing may be <br />omitted. <br /> <br /> d. Title Policy. As conditions precedent to Horton's obligation to acquire the Elk <br />River Exchange Parcels and Elk River's obligation to acquire the Horton Exchange Parcels, on <br />the date of Closing, Title Company shall be irrevocably committed to issue to each acquiring <br />Party an Owner's Policy of Title Insurance in the amount of $ , which the parties <br />agree isthe value of the Exchange Parcels, with standard exceptions for mechanic's liens, parties <br /> <br />2174122vl 2 <br /> <br /> <br />