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AGREEMENT <br />This Agreement is made and entered into by and between Lakes State Bank organized <br />and existing under the laws of the State of Minnesota (hereinafter "Bank "), and Little Pine <br />Investments, LLC, a Minnesota Limited Liability Company (hereinafter "Little Pine "), and the <br />`' City of Pequot Lakes, a municipal corporation under the Laws of the State of Minnesota, <br />(hereinafter the "City ") <br />1. Recitals <br />1.1 The Bank has a prior perfected first mortgage on the real property located in Crow <br />Wing County, Minnesota, legally described as follows (the "Subject Property "): <br />That part of the Southeast Quarter of the Southeast Quarter (SE1 /4SE1 /4), <br />Section Ten (10), Township One Hundred Thirty -six (136), Range Twenty - <br />nine (29), described as follows: Commencing at the Northeast corner of Lot <br />1, Block 4, Cole's plat of Pequot; thence East on the produced North line of <br />said Lot 1, 16 feet to the point of beginning; thence continuing to the West <br />line of the Old State Highway; thence Southerly along the West line of said <br />highway to the point of intersection with the South line of said Lot 1 <br />produced East; thence West on said produced South line of said Lot 1 to a <br />point 16 feet East from the Southeast corner of said Lot 1; thence North <br />parallel to the east line of said Lot 1 to the place of beginning. <br />1 <br />