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AGREEMENT <br /> FOR REIMBURSEMENT OF FEES AND <br /> REQUIREMENT OF SUBSEQUENT DEVELOPER(S) <br /> TO POST REQUIRED FEES <br /> This Agreement ("Agreement") is made and entered into this day of 20 <br /> ("Effective Date") by and between K Hovnanian Homes of Minnesota, L.L.C. (formerly <br /> known as K. Hovnanian T&C Homes at Minnesota, LLC) a Minnesota limited liability company <br /> having an office at 110 Fieldcrest Avenue, Edison, NJ 08837 ("K. Hovnanian") and the City of <br /> Ramsey, a Minnesota municipal corporation having an address of 7550 Sunwood Drive NW, <br /> Ramsey, MN 55303 ("City"). The City and K. Hovnanian are collectively referred to as the <br /> "Parties." <br /> RECITALS <br /> A. K. Hovnanian owns the property described in Attachment A hereto ("Property") that is <br /> located within the property known as the Ramsey Town Center 7th Addition. <br /> B. The City, K. Hovnanian and the Ramsey Town Center, LLC ("RTC") are parties to the <br /> August 24, 2005 agreement entitled "City of Ramsey Secondary Development Contract for <br /> Ramsey Town Center 7th Addition Symphony Town Center" which was recorded with the Anoka <br /> County Registrar of Titles on August 25, 2005 as Document No. 1977751.011 ("2005 Secondary <br /> Development Contract"). <br /> C. Pursuant to the terms of the 2005 Secondary Development Contract, K. Hovnanian posted <br /> inspection fees ("Inspection Fees") and a landscaping maintenance guaranty ("Landscaping <br /> Maintenance Guaranty") with the City and which the City is currently holding in escrow. <br /> D. The City, K. Hovnanian, RTC and Stewart Title of Minnesota, Inc. ("Title Company") are <br /> parties to the August 24, 2005 agreement entitled "Escrow Agreement" ("2005 Escrow <br /> Agreement"). <br /> E. The 2005 Escrow Agreement provides in part as follows: (1)RTC agreed to deposit funds into <br /> the Title Company's escrow account ("Escrow Account") to secure the completion of certain <br /> improvements and (2)if the required improvements were not installed by RTC and the City or K. <br /> Hovnanian installed the improvements, then the entity performing the improvements would be <br /> entitled to reimbursement from the funds in the Escrow Account for the work that was to be done <br /> by RTC. <br /> F. The Title Company has verified that as of the Effective Date there is $173,592.94 remaining <br /> in the Escrow Account. <br /> G. K. Hovnanian has completed the following work at the following costs (the"Work") that was <br /> to be done by RTC and for which K. Hovnanian is entitled to reimbursement under the Escrow <br /> Agreement: <br />