CCP 09-08-2008 - Laserfiche WebLink

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EXECUTION COPY 0 Letter of Understanding Seller: MT Properties, Inc. Operator: Minnesota Commercial Railway Company. Buyer: City of New Brighton, Minnesota. Property: Parcels A and B as shown on Exhibit 1, consisting of Ramsey County Property Identification Numbers 20-30-23-13-0007 and 20-30-23-410017, which are approximately 6.31 acres in size; and Parcel C as shown on Exhibit 2, consisting of Ramsey County Property Identification Number 21-30-23-32-0014, which is approximately .58 acres in size. Total estimated acreage for the Property is 6.89 acres (subject to final survey). Exchange Parcel: That portion of the former USF Dugan site at 400 11' Street S.W. as shown on Exhibit 3. Total estimated acreage for the Exchange Parcel is 1.99 acres (subject to final survey). urchase Price: At closing the Buyer will pay cash to Seller in the amount of $3.35 per square foot of the difference in acreage, as determined by survey, between the Property and the Exchange Parcel. Seller shall furnish a quit claim deed for the Property conveying marketable title to Buyer; and Buyer shall furnish a quit claim deed conveying marketable title for the Exchange Parcel to the Seller. Closing Date: The closing date for conveyance of the Property (from Seller to Buyer) and the Exchange Parcel (from Buyer to Seller) shall be no later than 30 days after the Buyer has constructed a functional replacement (Team Track) for the Seller and Operator; and the Surface Transportation Board (STB) has granted final approval of the abandonment of the Butcher's Spur on the Property - Conditions Precedent The following will be conditions precedent to Seller's obligation to to Sale of Property convey the Property to the Buyer: (1) The Buyer will have acquired the Exchange Parcel as substantially shown on Exhibit 3. (2) The Buyer, Seller and Operator shall have each fulfilled their obligations under this agreement. Existing Butchers Seller or Operator may remove the existing tracks, ties or ballast in the 0 pur Track Butcher's Spur at any time up to the Closing Date. Any tracks ties or ballast left after the Closing Date shall become of the property of the Buyer. Execution Copy (10-5-2007)