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<br />WHEREAS, Ramsey Town Center, LLC did not complete the landscaping associated <br />with the City Phase I Roadway Improvements and did not complete the City Phase II Roadway <br />Improvements, as required by Sections 11.1 and 11.2 the Master Development Agreement; and <br /> <br />WHEREAS, Section 12.3 of the Master Development Agreement obligates Ramsey <br />Town Center, LLC to reimburse the City for various fees and charges the City incurred in <br />connection with the development of the property subject to the Master Development Agreement; <br />and <br /> <br />WHEREAS, Ramsey Town Center, LLC did not reimburse the City for various fees and <br />charges the City incurred in connection with the development of the property subject to the <br />Master Development Agreement as required by Section 12.3 of the Master Development <br />Agreement; and <br /> <br />WHEREAS, On August 11, 2006 the City gave Ramsey Town Center, LLC and <br />Community National Bank "Formal Notice" that Ramsey Town Center, LLC was in default in <br />the performance of its obligations under Sections 11.1, 11.2 and 12.3 of the Master Development <br />Agreement; and <br /> <br />WHEREAS, pursuant to Section 15.1 of the Master Development Agreement, the <br />Developer had 30 days after Formal Notice to cure a default under Sections 11.1 and 11.2 of the <br />Master Development Agreement and 5 days after Formal Notice to cure a default under Section <br />12.3 of the Master Development Agreement. The Master Development Agreement provides for <br />the extension of the applicable cure periods if the default cannot reasonably be cured within the <br />stated period, provided Ramsey Town Center, LLC commences the cure and pursues the cure <br />with reasonable diligence; and <br /> <br />WHEREAS, Ramsey.Town Center, LLC has not cured the defaults under Sections 11.1 <br />and 11.2 of the Master Development Agreement, has not cured the default under Section 12.3 of <br />the Master Development Agreement; and <br /> <br />WHEREAS, Section 15.3 of the Master Development Agreement authorizes the City to <br />terminate the Master Development Agreement as a remedy for the specific defaults listed in <br />subsections 15.3(a)-(e) after the City has given the notice required by Section 15.1 and the <br />applicable cure period has expired. Section 15.3(c) authorizes the City to terminate the Master <br />Development Agreement if Ramsey Town Center, LLC defaults in the performance of its <br />obligation to complete "Developer Public Improvements," as defined in the Master Development <br />Agreement, and Section 15.3(d) authorizes the City to terminate the Master Development <br />Agreement if Ramsey Town Center, LLC defaults in the performance of its obligation under <br />Section 12.3 of the Master Development; and <br /> <br />WHEREAS, pursuant to Section 7.1 of the Parkland and Trail Plan Agreement, the <br />remedy provisions found in Article 15 of the Master Development Agreement apply to the <br />Parkland and Trail Plan Agreement; and <br /> <br />Resolution #09-06-135 <br />Page 2 of4 <br />