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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 HOUSING AND REDEVELOPMENT AUTHORITY <br />IN AND FOR THE CITY OF RAMSEY, MINNESOTA, 7550 Sunwood Dr NW, Ramsey, <br />MN 55303 (the "PERMITTEE "). <br />WHEREAS, the PERMITTEE is the owner of land legally described on the attached <br />Exhibit A -1 (the "PERMITTEE Property "). <br />WHEREAS, Sophia- Ramsey, LLC, a Minnesota Limited Liability corporation ("Sophia - <br />Ramsey"), is the owner of land legally described on the attached Exhibit A -2 (the "Sophia - <br />Ramsey Property "). <br />WHEREAS, the PERMITTEE Property and the Sophia - Ramsey Property are referred <br />to herein, collectively, as the "Subject Property." <br />WHEREAS, the PERMITTEE has received approval from the CITY to subdivide the <br />Subject Property and plat the same as COR TWO (the "Plat "). <br />WHEREAS, the Plat re- subdivides the Subject Property into Lots 1 through 5, Block 1 <br />and Outlot A, COR TWO, Anoka County, Minnesota. <br />THEREFORE, THE CITY AND THE PERMITTEE AGREE AS FOLLOWS: <br />4988262v4 <br />CITY OF RAMSEY <br />DEVELOPMENT CONTRACT FOR COR TWO <br />1. Conditions of Approval. The CITY has approved the Plat subject to the <br />satisfaction 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 PERMITTEE provide proof that the <br />respective governing boards of the PERMITTEE and Sophia- Ramsey <br />have authorized the PERMITTEE'S and Sophia- Ramsey' s execution of <br />this Contract. This proof of authority may be satisfied by providing the <br />CITY with a certified copy of the minutes of the governing board of each <br />entity which grants such authority. A successor in title to the <br />1 <br />