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CITY OF RAMSEY <br />AMENDED AND RESTATED WATER MAIN AND SANITARY SEWER COST <br />CONTRIBUTION/REIMBURSEMENT AGREEMENT <br />BROOKFIELD ADDITION <br />This Agreement (hereinafter referred to as the "Amended Development Agreement") is <br />dated as of this day of , 2020 and is by and between the CITY OF RAMSEY, a <br />Minnesota municipal corporation (the "CITY") and 21 ST CENTURY BANK, a Corporation <br />(Domestic), under the laws of State of Minnesota (the "PERMITTEE"). <br />Recitals <br />A. The CITY and PERMITTEE are party to an amended and restated water main and <br />sanitary sewer cost contribution/reimbursement agreement dated December 30, 2009 <br />(the "2009 Amendment") related to an agreement by and between the CITY and <br />Oakwood Land Development dated March 22, 2006 (the "2006 Agreement"). <br />B. The 2009 Amendment assigned the 2006 Agreement to 21st Century Bank, clarified <br />reimbursement terms and extended the termination date to December 31, 2026. <br />C. The PERMITTEE desires to settle the 2009 Amendment prior to December 31, 2026 <br />for an amount of $70,000 (the "Settlement Amount"). <br />Agreement <br />1. Recitals incorporated. The recitals stated above are hereby incorporated into this <br />Agreement and are made part of this Agreement by reference. <br />2. Settlement Amount. The CITY agrees to a payment in the amount of $70,000.00 in <br />exchange for terminating the 2009 Amendment and 2006 Agreement upon said <br />payment prior to the original termination date of December 31, 2026. <br />3. Termination of Agreements. Upon receipt of Settlement Amount, the 2009 <br />Amendment and 2006 Agreement shall immediately terminate. <br />