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Agreement defines the construction of landscaping associated with the City Phase I <br />Roadway Improvements and the construction of landscaping associated with City Phase <br />II Roadway Improvements pursuant to Sections 11.1 and 11.2 of the Master Development <br />Agreement as "Developer Public Improvements." <br />1.6 Recital Six Ramsey Town Center, LLC did not complete the landscaping <br />associated with the City Phase I Roadway Improvements and did not complete the City <br />Phase II Roadway Improvements, as required by Sections 11.1 and 11.2 the Master <br />Development Agreement. <br />1.7 Recital Seven Section 12.3 of the Master Development Agreement <br />obligates Ramsey Town Center, LLC to reimburse the City for various fees and charges <br />the City incurred in connection with the development of the property subject to the <br />Master Development Agreement. <br />1.8 Recital Eight Ramsey Town Center, LLC did not reimburse the City for <br />various fees and charges the City incurred in connection with the development of the <br />property subject to the Master Development Agreement as required by Section 12.3 of <br />the Master Development Agreement. <br />1.9 Recital Nine On August 11, 2006 the City gave Ramsey Town Center, <br />LLC and Community National Bank "Formal Notice" that Ramsey Town Center, LLC <br />was in default in the performance of its obligations under Sections 11.1, 11.2 and 12.3 of <br />the Master Development Agreement. A copy of the notice and an Affidavit of Mailing <br />are attached as Exhibit A. <br />1.10 Recital Ten Pursuant to Section 15.1 of the Master Development <br />Agreement, the Developer had 30 days after Formal Notice to cure a default under <br />Sections 11.1 and 11.2 of the Master Development Agreement and 5 days after Formal <br />Notice to cure a default under Section 12.3 of the Master Development Agreement. The <br />Master Development Agreement provides for the extension of the applicable cure periods <br />if the default cannot reasonably be cured within the stated period, provided Ramsey <br />Town Center, LLC commences the cure and pursues the cure with reasonable diligence. <br />1.11 Recital Eleven Ramsey Town Center, LLC has not cured the defaults <br />under Sections 11.1 and 11.2 of the Master Development Agreement, has not cured the <br />default under Section 12.3 of the Master Development Agreement <br />1.12 Recital Twelve Section 15.3 of the Master Development Agreement <br />authorizes the City to terminate the Master Development Agreement as a remedy for the <br />specific defaults listed in subsections 15.3(a) -(e) after the City has given the notice <br />required by Section 15.1 and the applicable cure period has expired. Section 15.3(c) <br />authorizes the City to terminate the Master Development Agreement if Ramsey Town <br />Center, LLC defaults in the performance of its obligation to complete "Developer Public <br />Improvements," as defined in the Master Development Agreement, and Section 15.3(d) <br />authorizes the City to terminate the Master Development Agreement if Ramsey Town <br />2366502v2 2 <br />