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<br />this Agreement in the manner required by the CITY, the CITY shall be entitled to recover, <br />from the DEVELOPER or the issuer of DEVELOPER'S fmancial guarantee, the full <br />amount of any and all financial guarantees. Breach of any of the terms of this Development <br />Agreement by the DEVELOPER shall also be grounds for denial of Building Permits for <br />buildings in the Plat. <br /> <br />28. Agreement Binding on Heirs, etc. The DEVELOPER agrees that this Development <br />Agreement shall be binding upon their successors and assigns. Breach of any of the terms <br />of this Development Agreement by The DEVELOPER shall be grounds for denial of <br />Building Permits for buildings in the Plat. <br /> <br />IN WITNESS WHEREOF, the parties have hereunto set their hands and seals this _ day of <br />, 1997. <br /> <br />G.M. HOMES, INC. <br /> <br />CITY OF RAMSEY: <br /> <br />By: Gene SheIlerud <br />As: President <br /> <br />By: Thomas G. Gamec <br />As: Mayor <br /> <br />ATTEST: <br /> <br />City Administrator <br /> <br />STATEOFMlNNESOTA ) <br />) SS. <br />COUNTY OF ) <br /> <br />The foregoing instrument was acknowledged before me this day of , <br />1997, by Gene Shellerud, the President of G .M. Homes, Inc., a Minnesota Corporation, on behalf <br />of the corporation. <br /> <br />Notary Public <br /> <br />7 <br /> <br />1'7 <br />