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111111111111111111111111111111111111111111 <br />Record ID 1593643 <br />1977751.010 <br />1?—oaoG <br />ALLOCATION AGREEMENT <br />484805 <br />THIS AL OCATION AGREEMENT (this "Agreement"), is made and entered into as of <br />th day of a " 2005, by and between RAMSEY TOWN CENTER LLC, a <br />Minnesota limiteability company ("Seller"), K. HOVNANIAN T&C HOMES AT <br />MINNESOTA" L.L.C., a Minnesota limited liability company ("Purchaser"), and CITY OF <br />RAMSEY, a Minnesota municipal corporation (the "City").S 1 T WA RT TI' L F..J W <br />RECITALS U S t <br />A. Seller and the City have entered into that certain City of Ramsey Master <br />Development Agreement for Ramsey Town Center, dated September 17, 2003, recorded <br />September 24, 2003 as Document No. 1854364.0 (Anoka County Abstract) and Document No. <br />446333.0 (Anoka County Torrens), as amended by that certain First Amendment to City of <br />Ramsey Master Development Agreement for Ramsey Town Center, dated February 28, 2005, <br />recorded March 9, 2005 as Document No. 1973508.001 (Anoka County Abstract) and Document <br />No, 482049.001 (Anoka County Torrens) (collectively, the "Master Development Agreement"). <br />B, Seller and Purchaser have entered into that certain Purchase Agreement, dated as <br />of March 30, 2005, as amended (collectively, the "Purchase Agreement"), with respect to a <br />portion of the real property governed by the Master Development Agreement. The property <br />subject to the Purchase Agreement that is the subject of this Agreement is le x Ily described on <br />the attached Exhibit A and referred to herein as the "Property," <br />C. Pursuant to the Purchase Agreement, Seller is required to perform "Seller's <br />Work," which essentially requires Seller to deliver finished residential lots to Purchaser and <br />accordingly, Seller shall be the Secondary Developer for the Property, although the Final Plans <br />for the Property have not yet been approved by the City. <br />l7, Pursuant to Section 14.1(a) of the Master Development Agreement, Seller may <br />convey the Property to Purchaser if the City joins in an agreement with Seller and Purchaser <br />describing the allocation of rights and obligations under the Master Development Agreement. <br />E. Seller and Purchaser desire that this Agreement serve as the agreement describing <br />the allocation of rights and obligations under the Master Development Agreement. <br />1 <br />12!11a213vaa20716 <br />