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CITY OF RAMSEY <br /> DEVELOPMENT AGREEMENT FOR LYNWOOD ADDITION <br /> This Agreement(hereinafter the"Agreement") is dated as of this Click or tap here to enter <br /> text.day of Click or tap here to enter text., Click or tap here to enter text. and is by and between the CITY <br /> OF RAMSEY, a Minnesota municipal corporation(the"CITY") and U.S. Home Corporation dba <br /> Lennar, a Corporation under the laws of Delaware(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 LYNWOOD 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 Agreement. That the PERMITTEE <br /> enters 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 /> 1 <br />