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CITY OF RAMSEY <br />DEVELOPMENT AGREEMENT FOR TROTT BROOK CROSSING (FIRST PLAT) <br />This Development Agreement (hereinafter the "Agreement") is dated as of this 281h day of March, <br />2023 and is by and between the CITY OF RAMSEY, a Minnesota municipal corporation (the "CITY") <br />and TCLD Fund 1 Trott Brook LLC, a Minnesota limited liability company under the laws of Minnesota <br />(the "PERMITTEE"). <br />Recitals <br />A. The PERMITTEE is the owner of land legally described on the attached Exhibit A (the "Subject <br />Property") . <br />B. The PERMITTEE has received approval from the CITY to subdivide the Subject Property in <br />multiple phases and plat the same as Trott Brook Crossing First 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 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 Subj ect Property either through a <br />currently certified abstract, registered property abstract or title insurance <br />commitment or policy. <br />C. Proof of Authority. That the PERMITTEE provide proof that the respective <br />governing boards of the PERMITTEE have authorized the PERMITTEE' S <br />execution of this Agreement. This proof of authority may be satisfied by providing <br />