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The parties agree that EDINA at its expense will construct a temporary Class V street on <br />the 154th Lane easement within O.L.A. SUNFLOWER RIDGE and said construction will <br />eliminate the need for the cul-de-sac. <br /> <br />U.S. HOMES and/or any subsequent developer of O.L.A. SUNFLOWER RIDGE will be <br />required to improve the temporary 154""Lane to CITY standards including pe~rnanent <br />surface, curb and gutter before as a condition of any subdivision approval of O.L.A. <br />SUNFLOWER RIDGE. <br /> <br />IT IS AGREED: <br /> <br />That OAKWOOD and U.S. HOMES will grant a permanent easement for the <br />construction of 154th Lane within O.L.A. Sunflower Ridge to the CITY, the legal <br />description of said permanent easement as reflected in the legal description is set out in <br />attached Exhibit A (the "154th Lane Easement"). <br /> <br />ED1NA, at its expense, shall construct on the 154th Lane Easement for public use as a 16- <br />foot wide surface, Class V street without curb and gutter. (the "Temporary 154th <br />Lane").The Telnporary 154th Lane shall be constructed pursuant to City standards except <br />as modified in this paragraph 2. Upon written notification from Edina that the <br />construction has been completed, the City, within seven (7) days of said notification, will <br />inspect the construction to determine its cornpliance with City standards. <br /> <br />Upon development of O.L.A. SUNFLOWER RIDGE, U.S. HOMES shall be permitted to <br />retain for its use all construction materials used by EDINA in the installation of the <br />Temporary t 54tI' Lane. <br /> <br />EDINA shall deposit with the CITY a cash escrow in the amount of $15,000.00 as a <br />financial guarantee, to guarantee the construction of the Temporary 154th Lane <br />("Escrow"). Upon receipt of the Escrow, the CITY will permit EDINA to continue <br />construction of the townhomes at 5599, 5591, 5589, 5587, and 5581 - 154th Lane NW. <br />h~ the event the Temporary 154th Lane is not constructed by EDINA and accepted by the <br />CITY within 30 days of the date of this agreement, the CITY may, in its sole discretion, <br />construct the Temporary 154th Lane and use the Escrow to pay its expenses so incurred. <br />The CITY administration and legal expenses incurred in the negotiation and drafting of <br />this Agreement may also be paid from the Escrow. All escrow funds not used as above <br />pe~Tnitted shall be refunded to EDINA. <br /> <br /> IN WITNESS WHEREOF, the parties have entered into this Agreement on the above <br />written date.' <br /> <br />EDINA DEVELOPMENT, 1NC., a <br />Minnesota corporation <br /> <br />CITY OF RAMSEY, a <br />Minnesota municipal corporation <br /> <br />By: By: <br /> <br />Its: Its: Mayor <br /> <br />-214- <br /> <br /> <br />