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pursuant to the terms of this Agreement. The Master Agreement is modified by adding a new <br />Section 15.3(e) which shall read as follows: <br /> <br /> Failure by the Developer to perform the Developer's obligations <br />under the Parkland Trail Plan Agreement for Ramsey Town Center <br />effective as of the __ day of ,2004. <br /> <br />ARTICLE 7 <br />MISCELLANEOUS <br /> <br /> 7.1 NO THIRD PARTY RECOURSE OR RIGHTS. Third parties shall have no <br />recourse or rights under this Agreement against the City or the Developer. <br /> <br /> 7.2 RECORDING. The Developer must record this Master Agreement or a <br />memorandum summary hereof with the County Recorder and/or Registrar of Titles, as <br />appropriate. The City shall execute any and all documents necessary to implement the recording. <br /> <br /> 7.3 BINDING AGREEMENT. The parties mutually recognize and agree that all <br />terms and conditions of this Agreement shall run with the Subject Property, and shall be binding <br />upon the successors and assigns of the Developer and the City. <br /> <br /> 7.4 WAIVER. Any party hereto may extend the time for the performance of any of <br />the obligations of another, waive compliance by another with any of the covenants contained in <br />this Agreement and performance of any obligations by the other under this Agreement. Any <br />agreement on the part of any party for any such extension or waiver must be in writing. No <br />waiver of any of the provisions of this Agreement shall be deemed, or shall constitute, a waiver <br />of any other provision, whether or not similar, nor shall any waiver constitute a continuing <br />waiver. <br /> <br /> 7.5 GOVERNING LAW. This Agreement shall be governed by and construed in <br />accordance with the laws of the State of Minnesota. <br /> <br /> 7.6 COUNTERPARTS. This Agreement may be executed in any number of <br />counterparts, each of which shall be deemed an original but all of which shall constitute one in <br />the same instrument. <br /> <br /> 7.7 HEADINGS. The subject heading of the Sections of this Agreement are included <br />for the purpose of convenience only, and shall not affect the construction or interpretation of any <br />of its provisions. <br /> <br />[remainder of page intentionally left blank; signature page follows] <br /> <br />1639311vl 4 <br /> <br /> <br />