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20. <br /> <br />21. <br /> <br />22. <br /> <br />23. <br /> <br />24. <br /> <br /> Parking Improvements. DeVelOper ak, roes that Developer may not convey any. <br /> parcels within, the ~?ore Area. (.except to the City) or develop any parcels within <br /> the Core Area [mtil Developer.~the City and any Interested Parties with any right. <br /> title or. int. erest kn or tO any-Oor~ion of the real estate located within the Core Area <br /> exec.u[e the Park~ !mr~rOvernent Maintenance A~eement. <br /> <br />The Master Agre. ement is herebY amended by adding a new Section 5.5 which reads as <br />follows: <br /> <br /> 5.5 OPTION. contemporaneously with the .'execution o~ this First <br /> Amendment, the City :and the Developer· must execute the Option <br /> Agreement attached hereto'as Exhibit Q. <br /> <br />Subject to Section 26, Sections 7.t and 7.2 of the Master Development Agreement are <br />deleted in their entirety, and each 'is rePlaced with the following: INTENTIONALLY <br />OMITTED. <br /> <br />Subject to Section 26, Section 7.3 of the Master Development Agreement is hereby <br />amended to read as follows: <br /> <br /> 7.3 COMMENCEMENT: AND COMPLETION OF' THE CITY <br /> PHASE I ROADWAY :IMPROVEMENTS. The City substantially <br /> completed construction of the City Phase I Roadway Improvements on or <br /> before December 31, 2004 (the "City Phase I Roadway Improvements <br /> Substantial Completion Date"). iThe City must install the final lift of the <br /> City Phase I Roadway ImproVements on or before June 1, 2005..The City <br /> Phase I Roadway Improvements constitute public streets and will be <br /> maintained by the City as public streets. <br /> <br />Subject to Section 26, Section 7.5 of the Master Development A~eement is hereby <br />deleted in its entirety and replaced with the following: INTENTIONALLY OMITTED. <br /> <br />Subject to Section 26, Section 7.6 of the Master Development Agreement is hereby <br />amended to read as follows: <br /> <br /> 7.6 ASSESSMENT AGREEMENT FOR CITY PHASE I <br /> ROADWAY IMPROVEMENTS. Minnesota Statutes, Chapter 429, the <br /> City's Charter and the citY's Ordinances authoriZe the City to assess all or <br /> a portion of the cost of the CityPhase I ROadway Improvements against <br /> the property the City Phase I Roadway hnpro~,em'ents benefit. The City, <br /> the DeveloPer and the Interested Parties 'hereby agree the City Phase I <br /> Roadway ImprOvements .will benefit the Unsold Subject Property. The <br /> City will promptly commenCe and diligently pursue the actions necessary <br /> to specially asses~ $876,035.00 of the cost of the City Phase I Roadway <br /> hnprovements against the Unsold Subject Property pursuant to Mim~esota <br /> Statutes, Chapter 429. The special asses, sment will be allocated among the <br /> lots and outlots that constitute the Unsold Subject Property pursuant to the <br /> <br />I 7 10652v2 <br /> <br />7 <br /> <br /> <br />