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4. The City authorizes and approves the release from the Escrow Account of$71,120.00 by the <br /> Title Company to K. Hovnanian. <br /> 5. Any subsequent developer ("Subsequent Developer") of the Property shall be required to <br /> satisfy all surety, guaranty and fee requirements existing at the time a development agreement is <br /> executed with the City. <br /> 6. Any notices sent to the Parties pursuant to this Agreement shall be in writing and shall either <br /> be hand delivered or mailed via overnight mail, certified mail or registered mail to the following <br /> addresses: <br /> John Semple <br /> VP & Chief Legal Counsel <br /> K. Hovnanian Homes <br /> 110 Fieldcrest Ave. <br /> Edison, NJ 08837 <br /> City Administrator <br /> City of Ramsey <br /> 7550 Sunwood Drive NW <br /> Ramsey, MN 55303 <br /> 7. This Agreement contains the entire agreement between the Parties as to the terms set forth <br /> herein and no amendment, modification or addendum to this Agreement shall be effective unless <br /> in writing dated subsequent to the date hereof and executed by the duly authorized officers of the <br /> respective Parties. <br /> 8. The Parties represent and warrant that their respective signatories are fully authorized to <br /> execute this Agreement and to legally bind the Party on whose behalf they are signing. <br /> 9. This Agreement may be executed in any number of counterparts, including counterparts <br /> delivered by facsimile or electronic mail, all of which together shall constitute a fully executed <br /> original Agreement. Facsimiles of signatures or signatures received by electronic mail shall <br /> constitute and be binding as though they were originals. <br /> 10. This Agreement shall be binding upon the Parties and their successors and assigns. <br /> [Remainder of page is blank and signatures on next page] <br />