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CITY OF RAMSEY <br />DEVELOPMENT CONTRACT FOR COR TWO <br />This CONTRACT dated this day of , 2012, and is by and between the CITY <br />OF RAMSEY, a Minnesota municipal corporation (the "CITY"), the THE HOUSING AND <br />REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF RAMSEY, 1VIINNESOTA, 7550 <br />Sunwood Dr NW, Ramsey, MN 55303, (the "PERMITTEE") . <br />WHEREAS, the PERMITTEE is the owner of land legally described as follows: <br />Outlots F, G, & H, RAMSEY TOWN CENTER ADDITION <br />WHEREAS, Sophia -Ramsey, LLC, a Minnesota Limited Liability corporation, is the owner of <br />land legally described as follows: <br />Lots 1 & 2, Outlot A, RAMSEY TOWN CENTER 3RD ADDITION <br />WHEREAS, Lots 1 & 2, RAMSEY TOWN CENTER 3RD ADDITION and Outlots F, G, & H, <br />RAMSEY TOWN CENTER ADDITION, will be legally described as follows upon recording: <br />Lots 1-5, Outlot A, COR TWO <br />(the "Subject Property"); and <br />WHEREAS, the PERMITTEE has received approval from the CITY to subdivide the Subject <br />Property and plat the same as COR TWO (the "Plat"). <br />THEREFORE, THE CITY and the PERNHTTEE AGREE AS FOLLOWS: <br />1. Conditions of Approval. The CITY hereby approves the Plat on condition that: <br />a. The PERMITTEE enter into this Contract, and <br />b. Marketable Title. Prior to recording of the Final Plat, the PERNHTTEE shall provide <br />the CITY with proof of marketable title to the Plat either through a currently certified <br />abstract, registered property abstract or title insurance. <br />c. Proof of Authority. The CITY requires the PERMITTEE to provide proof of authority <br />by their respective governing boards to execute this Contract. This proof of authority <br />may be satisfied by providing the CITY with a certified copy of the minutes of the <br />governing board of each entity which grants such authority. <br />d. Violation of This Contract. If the PERMITTEE fails to perform any of the terms of this <br />Contract in the manner required by the CITY, the CITY shall be entitled to recover, <br />from the defaultee, or the issuer of their financial guarantee, the full amount of any and <br />all financial guarantees. Breach of any of the terms of this Development Contract by the <br />PERMITTEE shall also be grounds for denial of Building Permits to the PERMITTEE. <br />2. Development Plans. The PERMITTEE shall develop the Plat in accordance with the Final <br />Plat Plans prepared by Landform Professional Services dated July 9, 2012, revised July 25, <br />2012 (the "Plans"), subject to revisions per the City Staff Review Letter dated July 7th, 2012, <br />