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HIGHLANDS AT RIVER PARK
<br /> DEVELOPMENT AGREEMENT
<br />CITY OF RAMSEY, ANOKA COUNTY, MINNESOTA
<br />
<br /> THIS AGREEMENT, made and entered into by and between the CITY OF RAMSEY,
<br />a municipal corporation under the laws of the State of Minnesota (the "CITY"), and CENTEX
<br />HOMES, a Nevada general parmership, whose address is 12400 Whitewater Drive, Suite 120,
<br />Minnetonka, MN 55343 (the "DEVELOPER").
<br />
<br />WlTNESSETH:
<br />
<br /> WHEREAS, the DEVELOPER is the fee owner of the following described property
<br />situated in the CITY OF RAMSEY, County of Anoka, State of Minnesota, and legally
<br />described as follows:
<br />
<br />Government Lot 2 and Government Lot 3, Section 24, Township 32, Range 25,
<br />except those parts of said Government Lot 2 and Government Lot 3, platted as
<br />REILLEY ESTATES and REILLEY ESTATES THIRD ADDITION, according to
<br />the recorded plats, on file in the office of the County ReCorder, Anoka county,
<br />Minnesota
<br />
<br />The Southwest Quarter of the Northeast Quarter of Section 24, Township 32, Range
<br />25, Anoka County, Minnesota, except the South 660 feet of the West 181.5 feet
<br />thereof.
<br />
<br />The Southeast Quarter of the Northwest Quarter of Section 24, Township 32, Range
<br />25, Anoka county, Minnesota, except the west 1206 feet and except the South 660
<br />feet thereof.
<br />
<br />- or upon recording -
<br />
<br />Lots 1, 2, 3, 4, and 5, Block 1; Lots 1, 2, 3, 4, 5, 6 and 7, Block 2; Lots 1, 2, 3, 4, 5, 6, 7,
<br />8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31
<br />and 32, Block 3; Lots 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13 and 14, Block 4; Outlots A, B,
<br />C, D, E, F, G, H, I, J, K, and L, HIGHLANDS AT RIVER PARK, Anoka County,
<br />Minnesota.
<br />
<br />(the "Subject Property"); and
<br />
<br /> WHEREAS, on February 25, 2002, pursuant to Resolution No. 02-02- , the CITY
<br />approved the final plat of the Subject Property which plat is known as HIGHLANDS AT
<br />RIVER PARK (the "Plat"), which approval is contingent on certain requirements, including the
<br />DEVELOPER and the CITY entering into this Agreement; and
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