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CITY OF RAMSEY <br />DEVELOPMENT CONTRACT FOR COR TWO <br />This contract (hereinafter the "Contract") is dated as of this day of <br />, 2012 and is by and between the CITY OF RAMSEY, a Minnesota municipal <br />corporation (the "CITY") and THE SEASONS OF RAMSEY LIMITED PARTNLRSI Ir, a <br />a limited partnership (the "PERMITTEE"). <br />WHEREAS, the PERMITTEE is the owner of land legally described as follows: <br />Insert legal description here [still waiting to determine the sequence of transferring <br />property between 21' Century and Seasons] <br />(the "Subject Property") <br />WHEREAS, the PERMITTEE has received approval from the CITY to subdivide the <br />Subject Property and plat the same as SEASONS OF RAMSEY (the "Plat"). <br />THEREFORE, THE CITY AND THE PERMITTEE AGREE AS FOLLOWS: <br />1. Conditions of Approval. The CITY has approved the Plat subject to the satisfaction <br />of the following conditions subsequent: <br />a. The PERMITTEE'S Execution of this Contract. That the PERMITTEE <br />enter into this Contract. <br />b. Marketable Title. That prior to recording the Plat, the PERMITTEE shall <br />provide the CITY with proof of marketable title to the Subject Property <br />either through a currently certified abstract, registered property abstract or <br />title insurance commitment or policy. A successor in title to the <br />PERMITTEE who acquires any right, title or interest in or to all or any <br />portion of the Subject Property in good faith and for value may rely on the <br />recording of the Plat as conclusive evidence that this condition has been <br />satisfied. <br />c. Proof of Authority. That the PERMViIIILL provide proof that the <br />respective governing boards of the PERMITTEE have authorized the <br />PERMITTEE' S execution of this Contract. This proof of authority may <br />be satisfied by providing the CITY with a certified copy of the minutes of <br />the governing board of each entity which grants such authority. A successor <br />in title to the PER1ViII IEE who acquires any right, title or interest in or to <br />all or any portion of the Subject Property in good faith and for value may <br />rely on the recording of the Plat as conclusive evidence that this condition <br />has been satisfied. <br />d. Las,ements, Contemporaneous with the recording of the Plat, the <br />PERMITTEE must record instruments creating valid easements for (i) for <br />4988262v4 <br />