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CITY OF RAMSEY <br />DEVELOPMENT CONTRACT FOR OAKWOOD ACRES <br />This contract (hereinafter the "Contract") is dated as of this day of <br />, 2013 and is by and between the CITY OF RAMSEY, a Minnesota municipal <br />corporation (the "CITY") and GREAT NORTHERN LAND CORPORATION, 660 River <br />Lane, Anoka, MN 55303 (the "PERMITTEE"). <br />WHEREAS, the PERMITTEE is the owner of land legally described on the attached <br />Exhibit A (the "Subject Property"). <br />WHEREAS, the PERMITTEE has received approval from the CITY to subdivide the <br />Subject Property and plat the same as OAKWOOD ACRES (the "Plat"). <br />WHEREAS, the Plat re -subdivides the Subject Property into Lots 1 and 2, Block 1, <br />OAKWOOD ACRES, Anoka County, Minnesota. <br />THEREFORE, THE CITY AND THE PERMITTEE AGREE AS FOLLOWS: <br />1. Conditions of Approval. The CITY has approved the Plat subject to satisfaction <br />of the following conditions subsequent: <br />a. The PERMITTEE'S Execution of this Contract. That the PERMITTEE <br />enter tro. this Contract. <br />1 <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 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 <br />successor in title to the PERMITTEE who acquires any right, title or <br />interest in or to all or any portion of the Subject Property in good faith and <br />for value may rely on the recording of the Plat as conclusive evidence that <br />this condition has been satisfied. <br />2. The Plans. The term "Plans" as used in this Contract means the Final Plat Plans <br />prepared by Anderson Passe Associates dated August 5, 2013, as revised <br />