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CITY OF RAMSEY <br />DEVELOPMENT AGREEMENT FOR RIVERSTONE 5th ADDITION <br />This Agreement (hereinafter the "Agreement") is dated as of this day of , 2021 <br />and is by and between the CITY OF RAMSEY, a Minnesota municipal corporation (the "CITY") and <br />RIVERSTONE DEVELOPMENT, LLC., a Minnesota Corporation (the "PERMITTEE"). <br />Recitals <br />A. The PERMITTEE is the owner of land legally described on the attached Exhibit <br />A (the "Subject Property"). <br />B. The PERMITTEE has received approval from the CITY to subdivide the <br />Subject Property and plat the same as RIVERSTONE 51h ADDITION (the "Plat'). <br />Agreement <br />1. Recitals. Recitals incorporated. The recitals stated above are hereby incorporated into this <br />Agreement and are made part of this Agreement by reference. <br />2. Conditions of Approval. The CITY has approved the Plat subject to satisfaction of the <br />following conditions subsequent: <br />a. The PERMITTEE' S Execution of this A�_ reement. That the PERMITTEE enter <br />into this Agreement. <br />b. Marketable Title. That prior to recording the Plat, the PERMITTEE shall provide <br />the CITY with proof of marketable title to the Subject Property either through a <br />currently certified abstract, registered property abstract or title insurance <br />commitment or policy. <br />Proof of Authority. That the PERMITTEE provide proof that the respective <br />governing boards of the PERMITTEE have authorized the PERMITTEE' S <br />