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<br />.., I <br /> <br />WHEREAS, the City and the Hedlunds desire to settle the said <br /> <br />claim and counterclaim on the terms and condi tions hereinafter <br /> <br />provided: <br /> <br />NOW, THEREFORE, on the basis of the premises and the mutual <br /> <br />covenants and promises hereinafter provided, it is agreed as <br /> <br />follows: <br /> <br />1. I n the event the Ci ty Council of the Ci ty of New Brighton <br />grants preliminary plat approval and preliminary planned <br />residential development approval for the development of the <br />Subject Property, this contract shall be in full force and <br />effect; however, in the event the City Council does not <br />grant such approval, this contract shall be void and of no <br />further force and effect. <br /> <br />2. Within 15 days of the approval by the City Council of the <br />preliminary plat and preliminary planned residential <br />development referred to in paragraph one of this agreement, <br />the City shall execute and deliver to Gordon Hedlund the <br />following: <br /> <br />3. <br /> <br />J!iL <br /> <br />4. <br /> <br />a) An executed Stipulation of Dismissal of its counter- <br />claim in the form attached as Attachment Three. <br /> <br />b) A Satisfaction of Mortgage on the Subject Property and <br />certain other property, in the form attached as <br />Attachment Four. <br /> <br />City shall construct a 14 foot curb cut at each of the <br />approved lots at the subject property in accordance with <br />standard city specifications at locations specified by <br />Hedlund. All curb cuts shall be constructed in a single <br />project within 60 days of the preliminary plat and PRD <br />approval or within 60 days of notification by Hedlund of the <br />location of said curb cuXts whichever comes later; provided <br />that the counting of sald 60 days shall be suspended from <br />2..,?~~~er J~.to May thirty-first. <br /> <br />Within 15 days of the approval of the preliminary plat and <br />planned residential development referred to in paragraph <br />one, Gordon and Marion Hedlund shall execute and deliver to <br />the City Manager of the City the following; <br /> <br />a) <br /> <br />A Rescission of Contract For <br />Between the City of New Brighton, <br />Ridge Associates, in the form <br />Attachment Five, <br /> <br />Private Development <br />Minnesota and Water <br />attached hereto as <br /> <br />2 <br />