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RES 2008-12 - 14502RESOLUTION NO. 2008 -12 A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A RELEASE OF OPTION RIGHTS RELATING TO A STORM SEWER EASEMENT AT THE PROPERTY LOCATED AT 6499 UNIVERSITY AVENUE NE BE IT RESOLVED by the City Council (the "Council') of the City of Fridley, Minnesota (the "City "), as follows: Section 1. Recitals 1.01. Pursuant to City Ordinance No. 915 dated December 7, 1988 and recorded with the County Recorder of Anoka County, Minnesota on December 9, 1988 as Document No. 833995 (the "Ordinance "), the City retained an option (the "Option ") to claim rights to future public use of an easement for storm sewer purposes on the property located at 6499 University Avenue NE (the "Property "). 1.02 The owner of the Property, 6499 Partners, LLC, a Minnesota limited liability company, proposes to sell the Property to C08 FRIDLEY MN LLC, a Delaware limited liability company (the "Buyer "). The Buyer has requested that the City release the Option if there is no need for the easement. A form of Release of Option Rights (the "Release ") has been provided to the City and is attached hereto as Exhibit A. Section 2. Findings. 2.01. The City has determined that there is no need for it to retain the Option, and is willing to release it. Section 3. Approval of Document and Authorization. 3.01 The City hereby approves the Release. The Mayor is hereby authorized to execute and deliver the Release substantially in the form on file in the office of the City Clerk, with such additions and modifications as the Mayor may deem desirable or necessary as evidenced by his execution thereof. PASSED AND ADOPTED BY THE COUNCIL OF THE CITY THIS 25TH DAY OF FEBRUARY 2008. SCOT J. LUND, MAYOR ATTEST: DEBRA SKOGEN, CffY CLERK Resolution No. 2008 -12 EXHIBIT 1 RELEASE OF OPTION RIGHTS This Release of Option Rights (the "Release ") is executed this day of February, 2008 by the City of Fridley, Minnesota, a Minnesota municipal corporation ( "City "), to and for the benefit of 6499 Partners, LLC, a Minnesota limited liability company ( "6499 "), and its successors and assigns. RECITALS Pursuant to City of Fridley Ordinance No. 915 dated December 7, 1988, a copy of which was placed of record with the County Recorder of Anoka County, Minnesota on December 9, 1988 as Document No. 833995 (the "Ordinance "), the City agreed to the vacation of certain public easements that had encumbered parcels within Block 3 ofRee's Addition to Fridley Park; 2. The Ordinance also provided for the creation of a privately maintained easement as referenced therein, with the City to have an option (the "Option ") to claim rights to future public use of the privately maintained easement for storm sewer purposes, as referenced in the Ordinance; The former Block 3 of Ree's Addition to Fridley Park is included within the plat of Fridley Plaza Center and 6499 is the fee owner of that real property in Fridley Plaza Center legally described in Exhibit A attached hereto (the "Property "), which Property is subject to the Option in favor of the City as referenced above. 4. The City has determined that it no longer requires the Option rights as set forth in the Ordinance and wishes to release, of record, any claim or right of interest that might have otherwise existed under the Ordinance in favor of the City with regard to the Option or the real property subject to the Option as defined in the Ordinance. NOW THEREFORE, in consideration of the covenants and conditions contained herein and other good and valuable consideration, the receipt of sufficiency which is hereby acknowledged, the City hereby covenants and agrees to and for the benefit of 6499, the owner of the Property, as well as any and all successors and assigns of 6499 in ownership of the Property, as follows: The City hereby irrevocably and unconditionally releases any and all right, title or interest with regard to the Option or rights thereunder that might have otherwise existed, have been created, or have been retained under the terms of the Ordinance. 2. The City hereby authorizes the recording of this Release with the County Recorder for Anoka County, Minnesota to evidence the release of any and all of such Option rights. Resolution No. 2008 -12 IN WITNESS WHEREOF, this Release has been executed by and for the City of Fridley, Minnesota effective the date first set forth above. CITY OF FRIDLEY a Minnesota municipal corporation By: �� �� Its: Mayor STATE OF MINNESOTA ) SS: COUNTY OF Anoka ) This instrument was drafted by: David M. Cremons, Esq. Felhaber Larson Fenlon & Vogt, P.A. 220 South 6"' Street, Suite 2200 Minneapolis, Minnesota 55402 -4504 612/339 -6321 Resolution No. 2008 -12 Legal Description of Property EXHIBIT A Lot 1, Block 1, Fridley Plaza Center, according to the recorded plat thereof, Anoka County, Minnesota.