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J• <br />plat, shall have adequate unrestricted access to a dedicated public street sufficient <br />to support Buyer's Intended Use of the Real Property. <br />Corporate Approvals. On or before closing date, Buyer shall have received all <br />necessary corporate approvals, approving Buyer's obligations under this <br />Agreement and the transactions contemplated hereby. <br />Legally Conveyable Parcels. On or before closing date, Buyer shall verify with <br />the Title Company as defined in Article 2(b), that Outlot A, 11 Addition Ramsey <br />Town Center and Outlot B, 11 Addition of Ramsey Town Center are legally <br />conveyable lots and acceptable to Buyer. The Buyer will assume the <br />responsibility of re- platting said lots in order to create buildable commercial lots <br />that suit the Buyer's needs. <br />k. Special Service District. The Seller, as the owner of the Property and as the <br />owner of other property in Ramsey Town Center Addition, will not file or join in <br />a petition under Minn. Stat. Section 428A.08 for the creation of a special service <br />district that would encompass the Property and, if other property owners file a <br />petition for the creation of a special service district that would encompass the <br />Property, the Seller will join with the Buyer in filing an objection to the adoption <br />of the special service district ordinance in accordance with Minn. Stat. 428A.09. <br />This Agreement will be documented in the form of a covenant that runs with title <br />to the property and binds the IAA's successors in title for a period of ten (10) <br />years following the date of this Agreement. If the Seller has created a special <br />service district which includes the Property, the Seller will take necessary steps <br />to remove the Property from the special service district prior to closing. <br />1. Right Of Way (ROW) & Public Street. The Buyer shall pay for the surveying, <br />grading, and construction of a public street to be constructed in the 60' ROW <br />between Outlot A, 11 Addition and Outlot B, 11 Addition at the location <br />shown in the attached Exhibit A. In addition, the Buyer shall pay for the <br />construction and installation of water mains, sanitary sewer mains, and storm <br />d sewer mains in the easement area adjacent to the street and serving the Property <br />q in the locations shown on the attached Exhibit A through Exhibit D. Said public <br />street that is to be constructed will be installed per the Seller's minimum public <br />street standards. Seller represents that no further action need be taken by it in <br />order for Buyer to construct the street other than by the City's engineers to <br />develop � the design of the roadway to be constructed. <br />Vcvr 7 r Otrera+:1P. <br />m. Development Agreement. On or before closing date, the Seller and Buyer shall <br />enter into a development agreement for Outlot A and Outlot B, RTC 11 <br />Addition. Prior to closing the Seller shall provide a zoning verification letter <br />indicating the proposed uses on said lots are allowed, specifically stating that <br />pitched roofs and detached garages that are planned to be incorporated in the <br />residential component are allowable, as well as, that a 3 -5 story hotel/motel <br />building would be also be deemed an acceptable use, <br />3 <br />