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AGREEMENT
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THIS AGREEMENT, Made and entered into this 11ISt day of June,
1982, by and between AISCOR INVESTORS JOINT VENTURE, a Minnesota general
partnership (hereinafter referred to as "Owner "), and CITY OF EDINA, a
Minnesota municipal corporation (hereinafter referred to as "City ");
WITNESSETH THAT:
WHEREAS, Owner is the fee owner of certain real property situated
in the City of Edina, Hennepin County, Minnesota, legally described as
follows:
f Lot 1, Block 1, Edina Office Center 2nd Addition, according
to the recorded plat thereof, Hennepin County, Minnesota
(hereinafter referred to as the "Property "); and
WHEREAS, the Property was formerly a larger parcel legally
described as:
Tract K, Registered Land Survey No. 1129, Files of the
Registrar of Titles, Hennepin County, Minnesota
and was platted into the Property by said plat of Edina Office Center 2nd
Addition (the "Plat "); and
WHEREAS, the Plat was subject to the ordinances of the City and
the plat resulted in the Property being reduced in size below the minimum
size allowed in the zoning district in which it was then situated; and
WHEREAS, because of said reduced size it was necessary to grant,
and the City did grant, in Case S- 81 -11, a subdivision variance, but such
grant was made and given subject, however, to the execution, delivery and
recording of this Agreement; and
WHEREAS, Omer is agreeable to the approval of the Plat and grant
of such variance subject to the execution, delivery and recording of this
Agreement and is willing, and represents that it has the power and authority,
to execute and deliver this Agreement.
Nay, THEREFORE, in consideration of the approval by the City of
said plat and the grant of said subdivision variance, and of the mutual
covenants and agreements hereinafter contained, it is hereby agreed by and
between the parties hereto as follows:
1. Owner, for itself and its successors and assigns, hereby
(i) acknowledges that, by reason of the subdivision of said Tract K and the
subsequent platting of it and other land as Edina Office Center 2nd Addition,
the Property has been reduced in size to an area that is less than the
minimum lot size required by the City's zoning ordinances, and that such
reduced lot size limits the use of the improvements presently constructed
on the Property to those uses which can satisfy the parking and loading
requirements of said zoning ordinances by way of the parking lot presently
on the Property, and if other uses (allowed by said ordinances) are to be
made of the Property additional parking facilities will have to be constructed
in compliance with then existing and applicable City ordinances, and (ii)
agrees that no use shall be made of said existing improvements other than
those which can satisfy the parking and loading requirements of said zoning
ordinances by use of the existing parking lot on the Property, and if other
uses (allowed by said ordinances) are to be made of the Property additional
parking facilities will be constructed in compliance with then existing and
applicable City ordinances.
2. The terms and provisions hereof may be enforced by the City by
injunction or other appropriate relief then available to City at law or in
equity. Any remedy available to City shall be usable and enforceable by the
City separately or concurrently as the City shall determine, and the use of
one remedy shall not waive or preclude the use of any one or more of any other
remedies. Also, the failure to exercise, or delay in exercising, any remedy
in the event of a breach in the terms hereof by Owner shall not preclude City
from thereafter exercising any of its remedies for the same or a subsequent
breach. Owner agrees to pay to City any and all costs and expenses incurred
by City in enforcing this Agreement by use of any remedy or means available
to City at law or in equity, including attorneys' fees, whether suit be
brought or not, and with interest on all such costs and expenses from the
dates incurred by City until paid, and Owner also agrees to pay all costs of
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collection of such costs and expenses, with interest thereon, again including
attorneys' fees and whether suit be brought or not, with interest on such
costs of collection from the dates incurred until paid. Interest under this
Agreement shall be computed at the lesser of the following two rates; (i)
the highest rate which, from time to time, may legally be charged, and (ii)
two (2) percentage points over the prime rate as the prime rate may from
time to time change during the period interest hereunder is being computed.
For the purpose of this Agreement, "prime rate" shall mean that rate of
interest publicly announced from time to time by First National Bank of
Milnneapollis, or any successor thereto, as its prime rate or, if First National
Bank of Minneapolis, or any successor thereto, discontinues the practice of
publicly announcing its prime rate, then "prime rate" shall mean that rate of
interest then charged by the First National Bank of Minneapolis, or any suc-
cessor thereto, to its most credit - worthy customers on ninety -day unsecured
loans.
The terms and provisions of this Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns, and shall run with title to the Property, and every part thereof, and
shall be binding upon the present and future owners and occupants of all or
any part of the Property.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed the day and year first above written.
ALSCOR INVESTORS JOrn'T VENTURE,
a Minnesota general partnership
by
American Linen Supply Co.,
a general to
By A
1
Its —i
and
Rauenhorst CFer
ation,
a general
By
Its
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0
and
Drafted by:
DORSEY & WHITNEY (TSE)
2200 First Bank Place East
Minneapolis, Minnesota 55402
612/340 -2600
STS'' OF MINNESOTA)
) ss.
COIT-'TY OF HENNEPIN)
The foregoing amstrLunentvias acknc wledge before me this day
of June, 1982, by 6 % y the .
-� of Amer' an Linen
Supply Co., a Delaware corporation, a general partner of Alscor Investors
Joint Venture, a Minnesota general partnership, on behalf of the partnership.
anon &sti.q=
RA-1,, public, Hennepin County, Mn.
S= Or MINNESOTA) tAY. Commission expires Jan. 24,1986
) ss.
COUNTY OF HENNEPIN)
The foregoin instruument was acknowledged before me this al t day
of June, 1982, by Rckyt C, t^ki%S the :SgA%t r Vicq Phi ut -a�
of Rauenhorst
Corporation, a Minnesota corporation, a general partner of Alscor Investors
Joi ral partnership, on behalf of the partnership.
MARC L. KRUGERk
NOTARY PUBLIC - MINNESOTA
HENNEPIN COUNTY
My Commission Expires Oct. 31. 11984
STA � OF MINNESOTA)
) ss.
COUNTY OF HENNEPIN)
The foregoing instrument was acknowledged before me this �*! day
of L, , 19 8 2 , by C. Wayne Courtney, Mayor, and Kenneth E. Ros land, ranager,
of the City of Edina, a Minnesota municipal corporation, on behalf of the
municipality.
F CRAIG L. LARSEN
NOTARY PUBLIC P8INNESOTA HENNEPIN COUNTY
y Commission Expires Sept. 15; 1984
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El
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CONSENT AND SUBORDINATION
The undersigned, being the holder of a Mortgage on the Property
described in the Agreement to which this Consent and Subordination is
attached, which Mortgage is dated April 22, 1976, and was filed April 30,
1976, as Document No. 1174239 in the Office of the Registrar of Titles of
Hennepin County, Minnesota, does hereby agree and consent to all of the
terms and conditions of said Agreement, and agrees to be bound and subject
to all obligations and agreements therein contained in the event the
undersigned acquires title to the Property, or any part thereof, in the
same mariner and with the same legal effect as if said Agreement had been
entered into and recorded prior to the recording of said Mortgage.
TWIN CITY FEDERAL SAVINGS AND LOAN
ASSOCIATION
By
Its� i'ce President
And
` Asst. Vice President
STATE OF MINNESOTA)
) ss.
COUN'T'Y OF HENNEP IN )
The foregoing instrument was acknowledged before me this 21st
day of June, 1982, by Lee H. Rickard and R. E. Van Valkenburg, the
Vice President and Asst. Vice President , respectively, of Twin
City Federal Savings and Loan Association, a federal savings and loan
association, on behalf of the association.
R. E. PATNOOE
NOTARY PUBLIC - MINNESOTA
"�. HENNEPIN COUNTY
Mr Commission Expires May 6, 1987
y K
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14%66 ®4
REGISTERED VOL PAGE
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oll
OFFICE OF THE REGISTRAR
OF TITLES
HENNEPIN COUNTY. MINNESOTA
CERTIFIED FILED ON
AUG
RA OF i ITLES
BY D,-:PUT)C