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<br />QUIT CLAIM DEED - CO~?o~~tion to Co~poration
<br />
<br />THIS IFD:t:FTliKE, l1~de this d~y of j'lerch, 1994, bet'~'een
<br />Red River Valley Fair r.ssociaticn, a Horth D~kota non-profit
<br />corporation, g~~ntor, ~hether one or nore, and CeSS County, North
<br />Dakota, a ~unicipal corporation, srarltee, whether one Dr r.lore,
<br />whose post office address is P.O. Box 2806, Cass County Courthouse,
<br />Fargo, North Dakota 58103.
<br />
<br />For and in consider~tion of the sum of One Dollar ($1.00) and
<br />other good end valu~:!::lle conside~aticn, grantor Goes hereby QUIT
<br />CLAIM to the gr~ntee all of the !ollo~ing real property lying and
<br />being in the County of Cess, ~nd state of North Da}~ota, and
<br />described as follo\.ls, to-~it:
<br />
<br />A tract Df land situated in the North~est Quarter (NW~)
<br />of SectiDn 7 in To~nship 139 North, Range ~9 West of the
<br />Fifth Principal Meridian, Cass County, North Dekota, ~nd
<br />more fully described as follo\,:s: cor.mencing at the
<br />north....est section co~ner of said Section 7, thence
<br />southerly on the west section line of said Section 7 a
<br />distance of 1241 feet to the point of beginning; thence
<br />easterly on a 90' deflection to the left a distance of
<br />1100 feet; thence southerly on a 90. deflection to the
<br />right'a distance of 885 feet; thence westerly on a 90.
<br />deflection to the right a distance of 1100 feet to the
<br />west section line of said Section 7; thence northerly on
<br />the west section line of said Section 7 a distance of 885
<br />feet to the point of beginning. Said tract contains
<br />22.35 acres nore or less. Subject to road risht-of-~ay
<br />and eese~ents of record.
<br />
<br />This c::mveyance is su'::lject to the follo'wing covenant ;:hich
<br />will r~1 ~ith the land:
<br />
<br />It is further unde~stood and ~greed that neither the Red
<br />River Valley Fair Associa-cion nor Cass CourJty, North
<br />Dakota, a municipal co::-po::-a-cion, shall have the pO'wer to
<br />sell, transfer, nortgage or deed said real property Dr
<br />any part Dr portion thereof, except by and with the joint
<br />consent and approval of both Cass County, North Dakota,
<br />a rnurJicipal corporation, and the Red River Valley Fair
<br />Association, a co::-poration, nor shall either party
<br />without the consent or a??rcval of the other, pe~it Dr
<br />allo\ol any lien to attach the::-eto; the Red River Valley
<br />Fair Association shall be entitled to the possession of
<br />said property for its corporate uses and pu::-poses. Red
<br />River Valley Fair Association shall permit said premises
<br />to be used outside of ?ai:;:- ti;;le for any agricultural,
<br />fa~ing or livestock exhibition or exposition, and said
<br />premises ~ay be used for othe:= public, county or civic
<br />purposes agreed to by Cass County, North Dakota, and the
<br />Red River Valley Fair Association.
<br />
<br />It is further understood and agreed that if, with the
<br />joint consent of "o:.he parties, said real estate 0:;:- any
<br />part or portion thereof is sold or conveyed, such
<br />proceeds shall be deposited in the Cass County Fair F1.:nd,
<br />but shall be made available to Red River Valley Fair
<br />Association for the corpo::-ate purposes of said Ked River
<br />Valley cair Association.
<br />
<br />It is further understood a;-;d agreed thet in the event
<br />that said Red River Valley Fair Association shall fully
<br />and per~anently te~inate its corporate activities, and
<br />if its corporate existence be dissolved or ter!:linated by
<br />
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