Agenda - Council - 11/25/2003 - Laserfiche WebLink

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ALLOCATION AGREEMENT THIS ALLOCATION AGREEMENT (this "Agreement"), is made and entered into as of November __, 2003, by and between RAMSEY TOWN CENTER LLC, a Minnesota limited liability company ("Seller"), D.R. HORTON, INC.-MINNESOTA, a Delaware corporation, ("Purchaser"), and CITY OF RAMSEY, a Minnesota municipal corporation (the "City"). RECITALS A. Seller and the City have entered into that certain Master D~evelopment Agreement for Ramsey Town Center, dated September 17, 2003, recorded ,2003 as Document No. (Anoka County Abstract) and Document No. (Anoka County Torrens) (the "Master Development Agreement"). B. Seller and Purchaser have entered into that certain Option Contract, dated as of August 4, 2003 (the "Option Contract"), with respect to a portion of the real property governed by the Master Development Agreement. The property subject to the Option Contract is referred to herein as the "Property." C. Pursuant to the Option Contract, Purchaser intends to acquire finished residential lots from Seller, and accordingly, Seller shall be the Secondary Developer for the Property, although plans are not yet sufficiently developed to submit a development proposal to the City. D. Pursuant to Section 14.1(a) of the Master Development Agreement, Seller may convey the Property to Purchaser if the City joins in an agreement with Seller and Purchaser describing the allocation of fights and obligations under the Master Development Agreement. E. Seller and Purchaser desire that this Agreement serve as the agreement describing the allocation of rights and obligations under the Master Development Agreement. F. As part of the development of Final Plans for the Property, Seller and the _City shall enter into one or more Secondary Development Agreements that will implement the allocation of rights and obligations established hereby with respect to the Property.. NOW, THEREFORE, in consideration of the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follovcs: 1. Master Development Agreement. Purchaser acknowledges and agrees that the Property remains subject to the Master Development Agreement. Except to the extent expressly modified in this Agreement, Seller and Purchaser are both subject to all of the restrictions in the Master Development Agreement that relate to the Property, Seller remains liable for the performance of all of the Developer's obligations under the Master Development Agreement and the City remains liable to Seller for the performance of al! of the City's obligations under the Master Development Agreement. Except as expressly set forth in this Agreement, Purchaser is not liable to the City for the performance of the Developer's obligations under the Ma~ster Development Agreement and the City is not liable to Purchaser for the performance of the City's obligations under the Master Development Agreement. Except as expressly set forth in this 2408159v5 1