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ALLOCATION AGREEMENT <br /> <br /> THIS ALLOCATION AGREEMENT (this "Agreement"), is made and entered into as of <br />August ,2005, by and between RAMSEY TOWN CENTER LLC, a Minnesota limited <br />liability company ("Seller"), K. HOVNANIAN T&C HOMES AT MINNESOTA, L.L.C., a <br />Minnesota limited liability company ("Purchaser"), and CITY OF RAMSEY, a Minnesota <br />municipal corporation (the "City"). <br /> <br />RECITALS <br /> <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 ,2005 as Document No. (Anoka County Abstract) and <br />Document No. · (Anoka County Torrens) (collectively, the "Master Development <br />Agreement"). <br /> <br /> B. Seller and Purchaser have entered into that certain Purchase Agreement, dated as <br />o1' __, as amended (collectively, the "Purchase Agreement"), with respect to a <br />portion ol~ 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 legally described on <br />the attached Exhibit A and referred to herein as the "Property." <br /> <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 />lbr thc Property have not yet been approved by the City. <br /> <br /> D. 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 />dcscribing the allocation of rights and obligations under the Master Development Agreement. <br /> <br /> E. Seller and Purchaser desire that this Agreement serve as the agreement describing <br />allocation of rights and obligations under the Master Development Agreement. <br /> <br /> As part of the development of Final Plans for the Property, Seller and the City <br />sl~all enter into a Secondary Development Agreement that will implement the allocation of rights <br />and obligations established hereby with respect to the Property. <br /> <br /> NOW, THEREFORE, in consideration of the mutual agreements contained herein and <br />other good and valuable consideration, the receipt and sufficiency of which are hereby <br />acknowledged, the parties hereby agree as follows: <br /> <br />2,108159v3 1 <br /> <br />121114795vl 820716 6/13/05 <br /> <br /> <br />