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-198- <br /> <br />36. <br /> <br />37. <br /> <br />38. <br /> <br />39. <br /> <br />Proof of Authority. When the DEVELOPER is a corporation, the CITY requires proof <br />of authority by the corporation to execute this Agreement. This proof of authority may be <br />satisfied by providing the CITY with a certified copy of minutes of the corporate Board of <br />Directors granting such authority. <br /> <br />Recording of This Agreement. The DEVELOPER shall record this Agreement in the <br />office of the Anoka County Recorder and agrees that the terms and provisions of this <br />Agreement shall run with the land and shall bind the DEVELOPER, its successor and <br />assigns. <br /> <br />Violation of This Agreement. If the DEVELOPER fails to perform any of the terms of <br />this Agreement in the manner required by the CITY, the CITY shall be entitled to <br />recover, from the DEVELOPER or the issuer of DEVELOPER'S financial guarantee, the <br />full amount of any and all financial guarantees. Breach of any of the terms of this <br />Development Agreement by the DEVELOPER shall also be grounds for denial of <br />Building Permits for buildings in the Plat. <br /> <br />Agreement Binding On Successors and Assigns. The DEVELOPER agrees that this <br />Development Agreement shall be binding upon its successors and assigns. <br /> <br />IN WITNESS TI-rEREOF, the parties have hereunto set their hands and seals, this <br /> day of ,2002. <br /> <br />ROYAL OAKS REALTY, INC. <br />By: <br /> <br />Its: <br /> <br />By: <br /> <br />CITY OF RAMSEY: <br /> <br />Mayor <br /> <br />ATTEST: <br />By: <br /> <br />Its: City. Administrator <br /> <br />STATE OF M/NNESOTA <br />COUNTY' OF ANOKA <br /> <br />) <br /> <br />The Ponds 2"" Addition Subdivision <br />Development Agreement <br /> Page 10 of 11 <br /> <br />m <br />m <br />m <br />m <br />m <br />m <br />m' <br /> <br />m <br />m <br /> <br />m' <br />m <br />m <br />m <br />m <br />m <br />m <br />m <br /> <br /> <br />