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CITY OF RAMSEY <br />AMENDMENT NO. 2 TO DEVELOPMENT AGREEMENT FOR COR SAPPIHRE ADDITION <br />This Development Agreement Amendment No. 2 (hereinafter the "Amendment No. 2") is dated <br />as of this day of September, 2021 and is by and between the CITY OF RAMSEY, a Minnesota <br />municipal corporation (the "CITY") and SA►PPIIIRE APARTMENT, LLC, a limited liability <br />corporation under the laws of the State of Minnesota (the "PERMITTEE"). <br />Recitals <br />A. The PERMITTEE and CITY entered into a Development Agreement (the "Development <br />Agreement") for COR Sapphire Addition on October 7, 2019. <br />B. The PERMITEE and CITY entered into Development Agreement Amendment No. 1 on July <br />27, 2021, in which PERMITTER agreed to complete construction of the Center Street <br />Improvements no later than September 3, 2021, <br />C, As of September 3, 2021, PERMITTEE has not started construction of the Center Street <br />Improvements. <br />D. The CITY is willing to extend the deadline to complete the Improvements, subject to the <br />existing cost -sharing agreement. <br />Agreement <br />In consideration of the mutual promises set forth below, the parties agree as follows: <br />1. The recitals stated above are hereby incorporated into this Amendment No. 2. <br />2. Section 2 of the Development Agreement and section 2(b) of Amendment No. 1 are amended <br />as follows: PERMITEE shall complete construction of the Center Street Improvements no <br />later than October 29, 2021. <br />3, The terms and conditions of the Development Agreement and Amendment No. 1 shall remain <br />in effect except to the extent modified by this Amendment No. 2. To the extent there is a <br />conflict between this Amendment and the Development Agreement or Amendment No. 1, <br />this Amendment No, 2 shall govern. <br />[The remainder of this page is left blank intentionally] <br />THE FERM11 ECE: <br />Sapphire Apartment, LLC <br />...., Matt Kuker <br />Its: Manager <br />STATE OF MINNESOTA <br />COUNTY or�/1 <br />)ss. <br />The foregoing instn►ament was acknowledged ' " r' <br />g � before me on thr day of September, 2021, by Matt <br />Kuker, Chief Manager of Sapphire Apartment, LLC, a Minnesota Limited Liability Corporation, under <br />the laws of the State of Minnesota on behalf of the corporation. <br />