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<br />TOWN CENTER GARDENS 3RD ADDITION <br />AMENDED AND REST A TED DEVELOPMENT AGREEMENT <br />CITY OF RAMSEY, ANOKA COUNTY, MINNESOTA <br /> <br />THIS AGREEMENT, made and entered into by the CITY OF RAMSEY, a Municipal <br />Corporation under the laws of the State of Minnesota (the "CITY"); 8RIGHTKEYS <br />DEVELOPMENT CORl'ORATION, a Minnesota Corporation (I'8K"); and 21sT <br />CENTURY BANK, a Minnesota corporation ("21~h'); <br /> <br />WITNESSETH: <br /> <br />WHEREAS, BK and City are parties to that certain Development Agreement for Town <br />Center Gardens 3rd Addition ("TCG3") dated October 26, 200f5 (as to BK)and dated <br />October 28,2005 (as to City), covering the lots described therein, and <br /> <br />\VHEREAS, 21 st was the former first mortgage lien holder of the properties contained in <br />said subdivision, and has since acquired title to the remaining unsold lots in the <br />subdi vision, and <br /> <br />WHEREAS, except as hereafter outlined, the Developer's obligation under the original <br />Development Agreement have been completed, and <br /> <br />WHEREAS, as to obligations remaining incomplete, the parties desire to update and <br />reallocate certain responsibilities, <br /> <br />It is therefore agreed as follows: <br /> <br />1. Reolacement of Develooment A2:reement <br /> <br />The Development Agreement described above is hereby replaced with this agreement. <br /> <br />2. Release of BK <br /> <br />City does hereby release BK of any further o~ligations to City under the fonner <br />Development Agreement, or otherwise in connection with the development of TCG3. <br /> <br />3. Acceptance of Duties by 21~t <br /> <br />21 ~t does hereby accept the duties to complete certain activities and to maintain certain <br />improvements as outlined herein, <br /> <br />4. Remainine:.Develo{lment Oblil!ations <br /> <br />21st shall be responsible to contract for and complete to the satisfaction (if the City's <br />engineer the following: <br /> <br />-3- <br />