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• EXHIBIT M <br />REPURCHASE AGREEMENT <br />THIS REPURCHASE_AGREEMENT (this "Agreement") is made and entered into <br />effective as of the day of , 2009 by and between MT Properties, Inc., a <br />Minnesota corporation ("MT") and City of New Brighton, a Minnesota municipal corporation <br />("City"). <br />RECITALS <br />A. City has by deed of even date herewith conveyed to MT the fee title to certain real <br />property in the City of New Brighton, County of Ramsey, State of Minnesota, which is legally <br />described on Exhibit A attached hereto and made a part hereof ( "Subject Property"). <br />B. City conveyed the Subject Property to MT together with an adjacent parcel of <br />land. MT's intended use of the Subject Property is to permit the construction of railroad tracks <br />known as the "Wye Track." In addition, a separate track, known as the "Team Track" has been <br />constructed on a portion of the Subject Property. If the Wye Track is not constructed, MT may <br />not have any use for the Subject Property; however, MT requires use of the portion of the Subject <br />. Property where the Team Track has been constructed, regardless of whether the Wye Track is <br />ever constructed in the future. The portion of the Subject Property that is needed for the Team <br />Track is also necessary to provide access to the remainder of the Subject Property and is depicted <br />on the attached Exhibit B (the "Access Tract"). The remaining portion of the Subject Property is <br />referred to herein as the "Repurchase Tract." <br />B. As a condition of purchasing the Subject Property, MT required the ability to <br />require the City to repurchase the Repurchase Tract if the Wye Track is not constructed thereon <br />within five years of this Agreement, on the terms and conditions set forth in this Agreement. <br />AGREEMENT <br />In consideration of the mutual covenants set forth herein, the receipt and sufficiency of <br />which are hereby acknowledged, the parties agree as follows: <br />1. Repurchase Oblization. City agrees to purchase all of MT's right, title and <br />interest in and to the Repurchase Tract, subject to and in accordance with the terms and <br />conditions of this Agreement. <br />2. Conditions to Repurchase. City's obligation to repurchase the Repurchase Tract <br />is subject to the following conditions precedent: <br />(a) The Wye Track must not have been constructed on the Repurchase Tract within <br />0 five years of the date of this Agreement. <br />333478v20 JMP NE136-221 <br />M-1 <br />