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<br />Settlement Agreement <br /> <br />Agreement, made this _ day of December, 2009, between the City of Ramsey, Anoka County, <br />Minnesota, a Political Subdivision organized under the laws of the State of Minnesota ("City"); <br />21 st Century Bank, a Minnesota Corporati<?n("21 st,,); and Oakwood Land Development, Inc., a <br />Minnesota Corporation ("Oakwood"); <br /> <br />Recitals <br /> <br />BF1: Signed July 20, 2006 by Oakwood; signed July 3 <br />Anoka County Recorder on November 9, 2006 as Do <br />recorded November 1,2007 as Document Number 199 7. <br /> <br /> <br /> <br />Oakwood and City are parties to the following Development Agreements <br />Brookfield First Addition ("BF1 "), Brookfield Second Addition ("B <br />Addition ("BF3"), all located in the City of Ramsey, Anoka County, Mi <br /> <br />o 6 by City; recor ed with the <br />t ber 1988975.001, and re- <br /> <br />BF2: Signed June 18,2007 by Oakwood; signed July 10, 2 <br />Anoka County Recorder on November 1, 2 7 as Document Num <br /> <br /> <br />City; recorded with the <br />1996878.011. <br /> <br />BF3: Signed June 20, 2007 by Oakwoo <br />Anoka County Recorder on November 1,200 <br /> <br />, 2006 by City; recorded with the <br />t Number 1996878.012. <br /> <br />21 st is obligated to City <br />$261,384.00, guarantee' <br />agreements. <br /> <br /> <br />Irrevocable L of Credit Number 674, in an amount of <br />obligations of Oakwood under BF2 and BF# development <br /> <br />Oakwood has been unable ete all of its obligations under the various development <br />wes one sub actor, Knife River Corporation-North Central, a Minnesota <br />'ver") ov r $200,000.00 in connection with paving completed in the plats <br />ood and City are parties to a WATER MAIN AND SANITARY SEWER <br />N/REIMBURSEMENT AGREEMENT (the "WSCA") Dated March 22, <br />of Oakwood as been assigned to 21st. <br /> <br />21 st is the hol of three mortgages encumbering certain portions of BF 1, BF2, and BF 3, and <br />has commenced foreclosure proceedings, such that 21 st will become the owner of all remaining <br />unsold lots and outlots in BF1, BF2 and BF3. <br /> <br /> <br />City is holding certain cash escrow in connection with development agreements for BF2 and <br />BF3, and issues have arisen regarding certain credits given by City under the WSCA to the <br />developer of the plat of Sweetbay Ridge. <br /> <br />1 <br />