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PARTIAL RELEASE OF DEVELOPMENT CONTRACT <br /> <br /> TItIS PARTIAL RELEASE OF DEVELOPMENT CONTRACT (this "Partial Release") <br />is made as of June __, 2005, between CITY OF RAMSEY, a Minnesota municipal corporation <br />("City") and RAMSEY TOWN CENTER, LLC, a Minnesota limited liability company <br />("Developer"). <br /> <br />BACKGROUND: <br /> <br /> A. City and Developer entered into that certain CITY OF RAMSEY <br />DEVELOPMENT CONTRACT FOR RAMSEY TOWN CENTER 2ND ADDITION dated <br />September 14, 2004 which was recorded in the office of the Anoka County Recorder on <br />October 1, 2004 as Document No. 1961589 (the "Development Contract"). <br /> <br /> B. City and Developer desire to partially release the property legally described on <br />Exhibit A attached hereto and made a part hereof (the "Release Property") from the <br />Development Contract. <br /> <br />AGP, J~EMENT: <br /> <br /> FOR VALUABLE CONSIDERATION, the receipt of which-is acknowledged by the. <br />parties hereto, the parties hereby agree as follows: <br /> <br /> 1. City and Developer hereby partially release the Release Property from the <br />Development Contract. The Release Parcel shall no longer be subject to the terms and <br />conditions of the Development Contract. <br /> <br /> 2. This instrument may be executed by the parties hereto in separate counterparts, <br />each of which when so executed and delivered shall be an original, but all such counterparts shall <br />together constitute but one and the same instrument. <br /> <br /> <br />